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Economics Jamb Past QuestionsQuestions and Answers on Types, nature and determinants of elasticity and their measurementQuestion 6 :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 :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 :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 :The income elasticity of demand of normal goods is A. Negative B. Positive C. Zero D. Fixed Question 10 :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 |
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