The Theory of Demand - Jamb Economics Past Questions and Answers

Question 16:

• JAMB 2019

If a demand curve that intersects a perfectly inelastic supply curve shift is rightward, then____________

A. Only the quantity will increase
B. The prices will remain constant
C. The equilibrium price and quantity will increase
D. Only the price will increase

Question 17:

• JAMB 2019

A major determinant of the demand for a luxury good is____________?

A. The price of other goods
B. The price of the good
C. Tastes and fashion
D. The income of consumers

Question 18:

• JAMB 2016

The demand for two or more commodities to satisfy a particular want is _____?

A. Derived
B. Composite
C. Competitive
D. Joint

Question 19:

• JAMB 2016

One of the factors affecting change in demand for a commodity is the _______?

A. Supply of the commodity
B. Availability of the substitutes
C. Price of the commodity
D. Technical know-how

Question 20:

• JAMB 2016

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