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


Which of the following commodities has a negative substitution effect? (JAMB 2015)

A. Honey
B. Medicated Soap
C. Maggi
D. Rice


One of the factors responsible for the downward sloping of the demand curve from the left to the right is _______ (JAMB 2015)

A. increasing marginal utility
B. the price of other commodities
C. marginal rate of substitution
D. diminishing marginal utility



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


An increase in the price of a commodity will result in ______ (JAMB 2013)

A. a decrease in the quantity demanded
B. an increase in demand
C. an increase in quantity demanded
D. a decrease in demand


One of the factors affecting change in demand for a commodity is the _______ (JAMB 2016)

A. supply of the commodity
B. availability of substitute
C. price of the commodity
D. technical know-how


 



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