Demand schedules and curves - Jamb Economics Past Questions and Answers

Question 6:

• JAMB 1983

A downward sloping demand curve intersect a fixed supply curve, A shift of this demand curve to the right implies that?

A. Both price and quantity will increased
B. Only price increases
C. Only quantity increases
D. The price remains constant
E. The price falls

Question 7:

• JAMB 1983

A Nigerian household's demand curve for semovita is downward because?

A. The demand for semovita is high
B. The loal markets are flooded with semovita
C. It is produced in Nigeria
D. Every household can afford to buy semovita
E. Higher prices attract lower quantities while lower prices attract larger quantities

Question 8:

• JAMB 1984

A demand curve slopes downwards because of ?

A. An increase inthe money income of the consumer
B. A decrease inthe money income of the consumer
C. The substitution effect and the rise in real income of the consumer
D. The rise in demand for the complementary goods
E. The increase in the demand for factors and production

Question 9:

• JAMB 1986

In drawing an individual's demand curve for a commodity, which of the following is not kept constant? The

A. Individual's money income
B. Price of subtitutes
C. Price of complementary goods
D. Price of the commodity under consideration

Question 10:

• JAMB 1986

Use the table below to answer question 17 and 18.
Market Demand Schedule for Commodity X. \(\begin{array}{c|c}
\text{ Price N} & \text{Quantity(Million units)} \\ 60 & 100 \\
50 & 140 \\
40 & 220 \\
30 & 260 \\
20 & 300 \\
10 & 340 \\
\end{array}\)
If the price of commodity X falls from N40.00 to N30.00 what is the price elasticity of demand?

A. 0.62
B. 0.73
C. 1.00
D. 1,50