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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
926

Which of the following is an example of derived demand?

  • A. Tax relief
  • B. Labour
  • C. Wage increase
  • D. Entertainment
View Answer & Discuss (5) JAMB 2000
927

Use the information below to answer the question that follows.

When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.

Determined the cross elasticity of demand?

  • A. 1.7
  • B. 0.6
  • C. -0.6
  • D. -1.7
View Answer & Discuss (26) JAMB 2000
928

Use the information below to answer questions.
When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.

The two commodities can be classified as?

  • A. Substitutes
  • B. durable and non-durable
  • C. intermediate and final
  • D. complements
View Answer & Discuss (8) JAMB 2000
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929
A central argument of cardinal utility is that utility is?
  • A. measurable
  • B. psychological
  • C. ranked
  • D. intangible
View Answer & Discuss (2) JAMB 2000
930
In a free market system, trading can only take place when the?
  • A. market is not working effectively
  • B. equilibrium price is attained
  • C. price of a commodity tends to attract consumers
  • D. consumers sovereignty is lacking
View Answer & Discuss (4) JAMB 2000
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