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

Question 1:

• JAMB 2019

If two commodities are unrelated, a change in the price of one will____________

A. Have effect on the quantity demanded of the other
B. Have no effect on the quantity demanded of the other
C. Increase the quantity demanded on the other
D. Decrease the quantity demanded on the other

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 2018

Let the quantity demanded in units of a particular commodity be represented as Qd = 80 - 2P, find the quantity demanded when P = ₦3.

A. 70
B. 47
C. 74
D. 40

Question 4:

• JAMB 2018

Effective demand for a commodity is desire for that commodity backed by_______

A. A wish for the lowest possible price
B. Ability and willingness to pay
C. Cash in one's pocket
D. A promise to make payment

Question 5:

• JAMB 2018

Which of the following matters may account for changes in demand?

I - changes in consumer preferences
II - changes in real income
III - changes in distribution of incomes
IV - changes in levels of taxation

A. I, II
B. II, III
C. I, III, IV
D. I, II, III, IV