The Theory of Demand - Jamb Economics Past Questions and Answers

Question 91:

• JAMB 1998

Given that the elasticity of demand for a commodity is 2.5, the percentage change in the quantity demanded as a result of a 10 percent change in it price is?

A. 0.25
B. 0.40
C. 4.00
D. 25.00

Question 92:

• JAMB 1998

In the diagram above, D_oD_o is the original demand curve, S_oS_o is the original supply curve, D₁D₁ is the new demand curve. What is the new equilibrium quantity?

A. Q₁
B. Q₂
C. Q₃
D. Q₄

Question 93:

• JAMB 1999

In the table, the income elasticity of clothing is

A. 0.5
B. 2.0
C. 2.5
D. 5.0.l

Question 94:

• JAMB 1999

The graphs illustrate

A. Joint demand
B. Derived demand
C. Composite demand
D. Competitive demand

Question 95:

• JAMB 1999

Use the diagram above to answer this question. Points E₆ and E₅ are respectively equilibrium points for

A. D_o and S_o D _o and S₂
B. D₁ and S₂; D₂ and S_o
C. D₂ and S₁;D₂ and S₂
D. D₂ and S_oD_o and S₂