Economics Past Questions

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806

The elasticity of demand for a firm's product is 2.
If the firm reduces its price by 20 percent, its sales revenue will increase by?

A. 10 per cent
B. 20 per cent
C. 30 per cent
D. 40 per cent

View Answer & Discuss JAMB 1997

807

If the percentage change in the income of the consumers of an industrial product is less than the resulting percentage change in the quantity demanded of the product, then the income elasticity of demand for the product is?

A. less than one
B. equal to one
C. greater than one
D. equal to zero

View Answer & Discuss (1) JAMB 1997

808

A market where there are many differentiated products is called?

A. monopoly
B. perfect competition
C. monopolistic competition
D. oligopoly

View Answer & Discuss JAMB 1997

809

The best channel of distribution of baked bread is through?

A. wholesalers to retailers then to consumers
B. direct sales to consumers
C. wholesalers to consumers
D. retailers to consumers

View Answer & Discuss (2) JAMB 1997

810

A form of business organization which is characterized by limited authority and liability of individual owners is the?

A. sole proprietorship
B. partnership
C. joint stock company
D. co-operative society

View Answer & Discuss JAMB 1997

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