Types Nature And Determinants Of Elasticity And Their Measurement - Economics Jamb Past Questions and Answers

Question 11 :

• JAMB 1978

When elasticity is zero, the demand curve is

A. Perfectly elastic
B. Perfectly inelastic
C. Concave
D. Downward slopping
E. Circular

Question 12 :

• 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 13 :

• 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 14 :

• JAMB 1981

Elasticity of demand is given by

A. The prcentage change in quantity demanded divided by the corresponding percentage change in price
B. The percentage change in price divided by the corresponding percentage change in quantity demanded
C. The percentage change in quantity demanded divided by the corresponding price
D. The percentage change in price divided by the corresponding quantity demanded
E. None of the above

Question 15 :

• JAMB 1981

If a commodity has many substitutes, it is most likely that?

A. The demand curve is fairly inelastic
B. The demand curve is fairly elastic
C. The demand curve is paraell to the quantity axis
D. The demand curve is positively sloped
E. The price of the commodity is too high