The Theory of Demand - Jamb Economics Past Questions and Answers

Question 131:

• JAMB 2013

An increase in demand without a corresponding change in supply will lead to

A. A decrease in equilirium price and increase in equilibrium quantity
B. An increase in equilibrium price and quantity
C. A decrease in equilibrium price and quantity
D. An increase in equilibrium price and a decrease in equilibrium quantity

Question 132:

• JAMB 2013

An increase in the price of a commodity will result in

A. A decrease in the quantity demanded
B. An increase in demand
C. An increase in quantity demanded
D. A decrease in demand

Question 133:

• JAMB 2013

If the price of a bicycle changes from N120 to N80 and quantity bought changes from 300 to 500 units, the elasticity of demand for bicycle is

A. 66.7
B. 0.5
C. 1.5
D. 2.0

Question 134:

• JAMB 2013

From the graph above, the price elasticity of demand is

A. Unitarily elastic
B. Perfectly elastic
C. Perfectly inelastic
D. Fairly inelastic

Question 135:

• JAMB 2021

If the quantity demanded of a commodity increase from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is ____________

A. Zero
B. 10
C. 2
D. 1