The Theory of Demand - Jamb Economics Past Questions and Answers

Question 26:

• JAMB 2014

A change in demand for a normal goods implies that, there is a

A. Change in the quantity demanded as price changes
B. Shift in the demand curve
C. Movement along a given demand curve
D. Change in the price elasticity of demand

Question 27:

• JAMB 2014

If a 10% rise in price causes a 5% decrease in the quantity demanded of a commodity, the elasticity of demand is

A. Unitary elastic
B. Zero elastic
C. Elastic
D. Inelastic

Question 28:

• JAMB 1978

When elasticity is zero, the demand curve is

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

Question 29:

• JAMB 1978

The effect of the demand for product A caused by a change in the price of a product B is called?

A. Cross-elasticity of demand
B. Elasticity of supply
C. Competitive demand
D. Composite demand
E. Joint demand

Question 30:

• JAMB 1978

If the demand of a product with perfectly elastic supply increases, there will be

A. An increase in price and quantity offered
B. An increase in quantity offered but price will remain the same
C. A reduction in price and quantity offered
D. An increase in price but a reduction in quantity offered for sale
E. An increase in quantity offered but a reduction in price