The Theory of Demand - Jamb Economics Past Questions and Answers

Question 36:

• JAMB 1980

If the price of a commodity falls and the quantity purchased of it does not rise, the commodity can be described as

A. Normal
B. Abnormal
C. Inferior
D. Superior
E. Scarce

Question 37:

• JAMB 1980

When we draw a market demand curve, we?

A. Ignore tastes, incomes and other prices
B. Assumes that tastes, income and prices do not matter
C. Assumes that taste, income and all other prices change in same direction as prices
D. Assume that tastes, incomes and all other prices remain constant
E. Both A and B above

Question 38:

• JAMB 1980

In a normal (typical) demand schedule, the quantity demand is?

A. Directly related to price
B. Inversely related to price
C. Independent of price
D. Proportional related to supply
E. Solely dependent on haggling skill

Question 39:

• JAMB 1981

Two goods, X and Y, are said to be complementary when?

A. A fall in the price of X raises the demand for Y
B. A fall in the price of X causes a fall in the demand for Y
C. A fall in the price of X does not affect the demand for Y
D. A rise in the price of X does not affect the demand for Y
E. The two goods are competitive.

Question 40:

• JAMB 1981

Elasticity of demand is given by

A. The prcentage change in quantity demanded divided by the corresponding percentage change in price
B. The percentage change in price divided by the corresponding percentage change in quantity demanded
C. The percentage change in quantity demanded divided by the corresponding price
D. The percentage change in price divided by the corresponding quantity demanded
E. None of the above