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

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


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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

Which of the following is NOT a determinant of changes in supply? (JAMB 1980) 

A. Changes in the cost of production
B. Technical progress
C. Weather
D. Changes in the number of buyers

If the income of a consumer rises and his demand for good X falls, good X can, be described as ______ (JAMB 1981)

A. a normal good
B. an abnormal good
C. a good with inelastic demand
D. none of the above.

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

The supply of and demand for goods and services are influenced by the _____ (JAMB 1982) 

A. supermarkets.    
B. price mechanism    
C. mechanism of the laws  
D. mechanism of equilibrium.

If a commodity has many substitutes, it is most likely that ______ (JAMB 1981) 

A. the demand curve is fairly inelastic
B. the demand curve is fairly elastic
C. the demand curve is parallel to the quantity axis
D. the demand curve is positively sloped

If the demand for a product with a perfectly elastic supply increases, there will be _______ (JAMB 1978)

A. an increase in price and quantity offered
B. an increase in quantity offered but price will remain the same
C. a reduction in price and quantity offered
D. an increase in price but a reduction in quantity offered for sale

The effects on the demand for product A caused by a change in the price of product B is called ______ (JAMB 1978)

A. cross-elasticity of demand     
B. elasticity of supply   
C. competitive demand
D. composite demand

The quantity supplied of a commodity increases when ______ (JAMB 1979) 

A. production increases
B. demand increases
C. price of the commodity increases
D. population of the country increases

Given that beef and fish are substitutes, a rise in the price of beef relative to that of fish will ______ (JAMB 1986)

A. induce greater demand for beef
B. induce greater demand for fish
C. induce lower demand for fish
D. equate demands for beef and fish

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