Economics 1987 JAMB Past Questions

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A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?

A. price only
B. quantity only
C. quality only
D. price and quantity

View Answer & Discuss (2) JAMB 1987

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

For normal goods the income elasticity of demand is?

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

View Answer & Discuss (3) JAMB 1987

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

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

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Economics 1987 JAMB Past Questions

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