The Theory of Demand - Jamb Economics Past Questions and Answers

Question 126:

• JAMB 2011

If demand increases without a change in supply, equilibrium price and quantity will

A. Remain unchanged
B. Shift inward
C. Fall
D. Rise

Question 127:

• JAMB 2012

If the quantity of rice bought decreases from 250 tonnes to 200 tonnes owing to a 2% rise in price, it shows that there is a change in

A. Consumers' income
B. Demand
C. Consumers' tastes
D. Quantity damanded

Question 128:

• JAMB 2012

A rise in income will, ceteris paribus, bring about

A. A movement along the demand curve
B. A leftward shift of the demand curve
C. A rightward shift of the demand curve
D. No effect on the demand curve

Question 129:

• JAMB 2012

If the price of an item increases by 8% while the quantity demanded falls from 1500 units to 1492 units, the demand is said to be

A. Perfectly elastic
B. Inelastic
C. Elastic
D. Perfectly inelastic

Question 130:

• JAMB 2012

From the above, calculate the price elasticity of demand

A. 5.0
B. 2.0
C. 1.0
D. 0.5