Demand schedules and curves - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2:

• JAMB 2018

Given two substitute goods (X and Y) with demand and supply function;
Qd = 7p - 12
Qs = 4p + 9
Find the magnitude of excess demand when p = ₦18

A. 303
B. 30
C. 114
D. 33

Question 3:

• JAMB 2015

When elasticity is zero, demand curve is

A. Perfectly elastic
B. Perfectly inelastic
C. Down-ward sloping
D. Upward sloping

Question 4:

• 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 5:

• 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