Meaning and determinants of demand - Jamb Economics Past Questions and Answers

Question 6:

• JAMB 2018

A commodity is defined as normal when its demand changes in the same direction as______

A. Income
B. Price
C. Taste
D. Preferences

Question 7:

• JAMB 2019

If a demand curve that intersects a perfectly inelastic supply curve shift is rightward, then____________

A. Only the quantity will increase
B. The prices will remain constant
C. The equilibrium price and quantity will increase
D. Only the price will increase

Question 8:

• JAMB 2019

A major determinant of the demand for a luxury good is____________?

A. The price of other goods
B. The price of the good
C. Tastes and fashion
D. The income of consumers

Question 9:

• JAMB 2016

One of the factors affecting change in demand for a commodity is the _______?

A. Supply of the commodity
B. Availability of the substitutes
C. Price of the commodity
D. Technical know-how

Question 10:

• JAMB 2015

When elasticity is zero, demand curve is

A. Perfectly elastic
B. Perfectly inelastic
C. Down-ward sloping
D. Upward sloping