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Economics Questions On Theory Of Demand 1

Economics Questions On Theory Of Demand 1; These questions are to help students prepare for examinations like JAMB, WAEC, NECO, GCE, and IJMB.

PRACTICE PAST QUESTIONS HERE (JAMB, WAEC, NECO, POST-UTME)

Economics Questions On Theory Of Demand 1

 

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#1. What is demand?

#2. Which of the following is not a determinant of demand?

#3. What is the law of demand?

#4. What is a demand curve?

#5. What is the difference between a change in quantity demanded and a change in demand?

#6. Which of the following is not a type of demand?

#7. What is composite demand?

#8. What is derived demand?

#9. What is competitive demand?

#10. What is joint demand?

#11. What is price elasticity of demand?

#12. What is income elasticity of demand?

#13. What is the formula for price elasticity of demand?

#14. If the price elasticity of demand for a good is greater than 1, the demand for the good is:

#15. If the price elasticity of demand for a good is less than 1, the demand for the good is:

#16. If the price elasticity of demand for a good is equal to 1, the demand for the good is:

#17. What is the midpoint formula for calculating price elasticity of demand?

#18. What is cross elasticity of demand?

#19. If the cross elasticity of demand for two goods is positive, the goods are:

#20. If the cross elasticity of demand for two goods is negative, the goods are:

#21. What is income elasticity of demand for normal goods?

#22. What is income elasticity of demand for inferior goods?

#23. What is the relationship between the price elasticity of demand and total revenue?

#24. How is elasticity of demand important to producers?

#25. How is elasticity of demand important to governments? a. It helps them determine

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