Demand schedules and curves - Jamb Economics Past Questions and Answers

Question 21:

• JAMB 2003

When two variables are positively related, the graph of the relationship?

A. Is a downward-sloping curve
B. Has a negative intercept
C. Is a straight line
D. Is an upward-sloping curve

Question 22:

• JAMB 2008

If income rises from N2000 to N4000 and quantity demanded increase from 80 units to 120 units, find the income elasticity of demand

A. 0.5
B. 1.2
C. 2.5
D. 4.0

Question 23:

• JAMB 2009

The demand curve for a luxury goods is

A. Negatively sloped
B. Parallel to the price axis
C. Parallel to the quantity axis
D. Positively sloped