Price elasticity of demand - Jamb Economics Past Questions and Answers

Question 6:

• JAMB 2019

If the price of a ball point pen falls from N1.00 to No.60 and the quantity demanded increases. from 200 to 300, the point elasticity of demand is equal to____________

A. 0.50
B. 0.40
C. 1.25
D. 0.80

Question 7:

• JAMB 2019

If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________

A. A decrease in profit by 43%
B. An increase in profit by 43%
C. A net loss
D. A net gain

Question 8:

• JAMB 2016

Which of the following is a major determinant of price elasticity of demand?

A. The price of the commodity
B. Availability of factors of production
C. The prices of factors of production
D. Income of the consumers

Question 9:

• JAMB 2014

If a 10% rise in price causes a 5% decrease in the quantity demanded of a commodity, the elasticity of demand is

A. Unitary elastic
B. Zero elastic
C. Elastic
D. Inelastic

Question 10:

• JAMB 1978

When elasticity is zero, the demand curve is

A. Perfectly elastic
B. Perfectly inelastic
C. Concave
D. Downward slopping
E. Circular