Economics Past Questions

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846

If an increase in the price of a commodity leads to increase in total revenue, then it means that the demand for this commodity is?

A. normal
B. elastic
C. inelastic
D. abnormal

View Answer & Discuss (3) JAMB 1998

847

Given that the elasticity of demand for a commodity is 2.5, the percentage change in the quantity demanded as a result of a 10 percent change in it price is?

A. 0.25
B. 0.40
C. 4.00
D. 25.00

View Answer & Discuss (1) JAMB 1998

848

The producer in a perfectly competitive market is faced with a demand curve whose elasticity is?

A. unitary
B. greater than one
C. infinite
D. less than one

View Answer & Discuss JAMB 1998

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849

Unlike the retailer, the wholesaler provides?

A. useful information to the manufacturer about consumers'taste
B. after-sales services to the consumers
C. useful information to the costumers on the benefits and uses of the product
D. useful information about market trends and finance to the manufacturer

View Answer & Discuss JAMB 1998

850

Liquidation of limited liability company implies that the?

A. company may not pay its debt
B. debts of the company can only be paid from its own assets
C. debts of the company are paid from both business and private funds of the owners
D. debts of the company musts be paid from public funds only

View Answer & Discuss (1) JAMB 1998

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