Economics Past Questions

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421

Given an original price of N3.50 per kilogram of rice and a change in price of 1.40, and given the quantity purchase at the old price as 10kg and a change in the quality as 5kg after the price change, the elasticity is equal to?

A. 10.20
B. 3.57
C. 1.25
D. 0.80

View Answer & Discuss (2) JAMB 1987

422

For normal goods the income elasticity of demand is?

A. positive
B. negative
C. zero
D. infinite

View Answer & Discuss (3) JAMB 1987

423

If a good is an inferior good, then?

A. it is also necessarily a Giffen good
B. the quality of the goods demanded varies inversely with its price
C. its income elasticity of demand is negative
D. the poor buy the good only out of habit

View Answer & Discuss JAMB 1987

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424

An increase in supply will lower price unless?

A. supply is perfectly inelastic
B. demand is perfectly inelastic
C. it is followed by an increase in demand
D. demand is highly inelastic

View Answer & Discuss JAMB 1987

425

Which of the following is compatible with a firm in a purely competitive market?

A. demand is inelastic
B. demand is infinitely inelastic
C. Marginal Cost is falling
D. Price is greater than Marginal Cost

View Answer & Discuss (1) JAMB 1987

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