Economics Practice Test – Theory of Demand

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Economics Practice Test – Theory of Demand


Hello and Welcome to Economics Practice Test – Theory of Demand

  1. You are to attempt 5 random objectives questions ONLY.
  2. Supply Your Full Name and Location in the text box below and begin immediately.
  3. You can attempt as many times as possible
1. 



In the diagram above, there is an excess ______ (JAMB 2008)

A. demand for 30 units
B. supply of 40 units
C. demand for 20 units
D. supply of 20 units

2. 


The demand curve faced by a monopolist is ______ (JAMB 2016)

A. positive sloped
B. vertical
C. horizontal
D. negative sloped

3. 


A major determinant of the demand for a luxury good is ______ (JAMB 2008)

A. the price of the good
B. the price of other goods
C. the income of consumers
D. tastes and fashion.

4. 


A commodity is described as inferior when the ______ (JAMB 2007)

A. substitution effect is positive
B. income effect is negative
C. income effect is positive
D. substitution effect is negative

5. 


The elasticity of demand for essential commodities is ______ (JAMB 2019)

A. Perfectly elastic
B. Fairly inelastic
C. Infinitely elastic
D. Zero


 



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