The Theory Of Demand Jamb Economics Past Questions
Question 1
The demand curve for goods of ostentation is usually
- A. negatively sloped
- B. positively sloped
- C. vertical
- D. horizontal
Question 2
A downward sloping demand curve means that
- A. total revenue declines as price is lowered
- B. demand falls as output increases
- C. demand falls as output falls
- D. price must be lowered to sell more
Question 3
Which of the following matters may account for changes in demand?
I - changes in consumer preferences
II - changes in real income
III - changes in distribution of incomes
IV - changes in levels of taxation
- A. I, II
- B. II, III
- C. I, III, IV
- D. I, II, III, IV
Question 4
Let the quantity demanded in units of a particular commodity be represented as Qd = 80 - 2P, find the quantity demanded when P = ₦3.
- A. 70
- B. 47
- C. 74
- D. 40
Question 5
Adam Smith's Theory of value stated that the value of a commodity depended on________
- A. The market price in a free market over a long period
- B. The over-all cost of production of the commodity
- C. The amount of labour expended on its production
- D. Its relative scarcity at any given time
