Types, Nature, And Determinants Of Elasticity And Their Measurement Jamb Economics Past Questions
Question 1
If the price of a commodity falls and the quantity purchased does not rise, the commodity can be described as________
- A. Scarce
- B. Normal
- C. Superior.
- D. Inferior
Question 2
If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of deman is_______
- A. Zero
- B. 10
- C. 2
- D. 1
Question 3
If the quantity demanded of a commodity increases from 20 units to 30 units when there is an increase in price from $4.00 to $5.00, the elasticity of demand is
- A. 0.50
- B. 0.65
- C. 2.00
- D. 2.50
Question 4
When elasticity is zero, the demand curve is_____________
- A. circular
- B. downward sloping
- C. perfectly inelastic
- D. concave
Question 5
If the price elasticity of demand for a good is 0.43, an increase in the price of the good will result in____________
- A. a decrease in profit by 43%
- B. an increase in profit by 43%
- C. a net loss
- D. a net gain
