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

Question 21 :

• JAMB 1987

If a good is an inferior good, then?

A. It is also necessarily a Giffen good
B. The quality of the goods demanded varies inversely with its price
C. Its income elasticity of demand is negative
D. The poor buy the good only out of habit

Question 22 :

• 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 23 :

• 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

Question 24 :

• JAMB 1989

Which of the following factors is an important determinant of the magnitude of price elasticity of demand?

A. The production period
B. Cost of storage
C. Durability of the product
D. Availability of factors of production

Question 25 :

• JAMB 1990

If an increase in income induces a reduction in the demand for beans, beans can be referred to as?

A. A normal good
B. An inferior good
C. A substitute good
D. A giffen good