Price elasticity of demand - Jamb Economics Past Questions and Answers

Question 11:

• JAMB 1978

The numerical measure of elasticity is

A. \(\frac{\text{%change in Q}}{\text{%change in P}}\)
B. \(\frac{\text{change in Q}}{\text{change in P}}\)
C. \(\frac{\text{%change in P}}{\text{%change in Q}}\)
D. \(\frac{\text{change in P plus change in Q}}{\text{change in P}}\)

Question 12:

• JAMB 1979

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

A. Zero
B. 1
C. 2
D. 5
E. 10

Question 13:

• JAMB 1983

When demand is elastic, it means that consumers

A. React more proportionately to price change
B. Are not sensitive to price changed
C. Will stop buying when price increases
D. React less proportionately to price change
E. React equally to price change

Question 14:

• JAMB 1989

If a 10k per kg, 1000kg of yam were purchased and at 5k per kg, 1,500kg were purchased, the resultant point elasticity of demand is?

A. 0.33
B. 0.0001
C. 1
D. 10,000

Question 15:

• JAMB 1989

If, as the price of a commodity rises, the quantity demanded of the commodity remains the same, then the demand for the commodity is?

A. Static
B. Infinitely elastic
C. Externally determined
D. Perfectly inelastic