The Theory of Demand - Jamb Economics Past Questions and Answers

Question 6:

• JAMB 2018

If the demand for a commodity is perfectly elastic, the incidence of a tax on that commodity will be, other things being equal, entirely on the_______

A. Buyer
B. Seller
C. Government
D. Local authority

Question 7:

• JAMB 2018

Let the quantity demanded in units of a particular commodity be represented as Qd = 80 - 2P, find the quantity demanded when P = ₦3.

A. 70
B. 47
C. 74
D. 40

Question 8:

• JAMB 2018

Effective demand for a commodity is desire for that commodity backed by_______

A. A wish for the lowest possible price
B. Ability and willingness to pay
C. Cash in one's pocket
D. A promise to make payment

Question 9:

• JAMB 2018

Which of the following matters may account for changes in demand?

I - changes in consumer preferences
II - changes in real income
III - changes in distribution of incomes
IV - changes in levels of taxation

A. I, II
B. II, III
C. I, III, IV
D. I, II, III, IV

Question 10:

• 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