Economics Practice Test – Concepts of Demand and Supply

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Given an original price of N 3.50 per kilogram of rice and a change in price of N 1.40, and given the quantity purchased at the old price as 10kg and a change in quantity as 5kg after the price change, the elasticity is equal to ______

A. 10.20     B. 3.57    C. 1.25   D. 0.80

Demand for a commodity by a consumer is the quantity of that commodity that the consumer _______ (JAMB 1984)

A. demands at a given price at a point in time
B. demands at a given price
C. actually digests
D. produces, given its price

For normal goods the income elasticity of demand is ______

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

Demand for a factor of production is ______ (JAMB 1983)

A. a composite demand
B. a joint demand
C. a derived demand
D. an elasticity of demand

In the above diagram, supply and demand conditions of sugar in a Nigerian market are given. An indirect tax of 10 kobo per kg is imposed. It will be paid ______ (JAMB 1980) 

A. wholly by the supplier
B. wholly by the consumer
C. partly by the supplier and partly by the consumer
D. wholly by the middlemen

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