UTME/SSCE Economics Practice Tests – Concepts of Demand and Supply

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In a normal (typical) demand schedule, the quantity demanded is ______ (JAMB 1980) 

A. directly related to price
B. inversely related to price
C. independent of price
D. proportionally related to supply

When demand is elastic, it means that consumers _____ (JAMB 1983)

A. react more proportionately to price change
B. are not sensitive to price change
C. will stop buying when price increases
D. react less proportionately to price

One of the reasons why the conditions of supply of a commodity may change is ______ (JAMB 1979) 

A. a change in real income
B. changes in the technique of production
C. a change of fashion or taste
D. changes in the price of the commodity itself

A Nigerian household’s demand curve for semovita is downward sloping because _______ (JAMB 1983)

A. the demand for semovita is high
B. the local markets are flooded with semovita.
C. it is produced in Nigeria
D. higher prices attract lower quantities while lower prices attract larger quantities

In the above diagram, the supply curve SoSo shifts to a new position S1S1 to indicate ______ (JAMB 1984)

A. a drop in supply
B. a rise in supply
C. a supply-push inflation
D. a stable supply curve.

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