Meaning and determinants of demand - Jamb Economics Past Questions and Answers

Question 26:

• JAMB 1984

Demand for a commodity by a consumer is the quantity of that commodity that the consumer

A. Demands at a given price at a point in time
B. Demand at a given price
C. Actually digests
D. Produces, given its price
E. Can store away during bnad weather

Question 27:

• JAMB 1984

A demand curve slopes downwards because of ?

A. An increase inthe money income of the consumer
B. A decrease inthe money income of the consumer
C. The substitution effect and the rise in real income of the consumer
D. The rise in demand for the complementary goods
E. The increase in the demand for factors and production

Question 28:

• JAMB 1986

In drawing an individual's demand curve for a commodity, which of the following is not kept constant? The

A. Individual's money income
B. Price of subtitutes
C. Price of complementary goods
D. Price of the commodity under consideration

Question 29:

• JAMB 1986

Given that beef and fish are substitutes, a rise in the price of beef relative to that of fish will?

A. Induce greater demand for beef
B. Induce greater demand for fish
C. Induce lower demand for fish
D. Equate demands for beef and fish

Question 30:

• JAMB 1986

Use the table below to answer question 17 and 18.
Market Demand Schedule for Commodity X. \(\begin{array}{c|c}
\text{ Price N} & \text{Quantity(Million units)} \\ 60 & 100 \\
50 & 140 \\
40 & 220 \\
30 & 260 \\
20 & 300 \\
10 & 340 \\
\end{array}\)
If the price of commodity X falls from N40.00 to N30.00 what is the price elasticity of demand?

A. 0.62
B. 0.73
C. 1.00
D. 1,50