The Theory of Demand - Jamb Economics Past Questions and Answers

Question 41:

• JAMB 1981

If a commodity has many substitutes, it is most likely that?

A. The demand curve is fairly inelastic
B. The demand curve is fairly elastic
C. The demand curve is paraell to the quantity axis
D. The demand curve is positively sloped
E. The price of the commodity is too high

Question 42:

• JAMB 1981

An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are?

A. Substitute goods
B. Complementary goods
C. Elastic goods
D. Inelastic goods
E. Inferior goods

Question 43:

• JAMB 1981

If the income of a consumer rises and his demand for good X falls, good X can be described as

A. A normal good
B. An adnoral good
C. A good with inelastic demand
D. A good with unitary elastic demand
E. None of the above

Question 44:

• JAMB 1981

A movement along a given demand curve for a good is caused by a change in

A. A consumer income
B. The price of the good
C. Taste
D. The prices of other goods
E. Population

Question 45:

• JAMB 1982

The sloping downward of the demand curve implies that?

A. An increase in price leads to an increase in quantity demanded
B. An increase in price leaves the quantity demanded unchanged
C. A decrease in price leads to a decreased in quantity demanded
D. A decrease in price leads to an increase in quantity demanded
E. Supplies respond by offering less commodities for sale