Demand and Supply

 The quantity supplied of a book per week is represented by the function: Qs + 70 + 1/2 P, At a price of N8.00, the quantity supplied is

A 70

B 74

C 76

D 86

The movement along the same curve is a

A change in demand

B change in quantity demanded

C shift in demand

D market demand

The income elasticity of a normal good is

A positive

B negative

C zero

D fixed

The demand for a commodity that serves two or more purposes is

A competitive demand

B complementary demand

C composite demand

D derived demand

A tax on a commodity whose demand is perfectly inelastic will fall heavily on the

A consumer

B manufacturer

C wholesaler

D retailer

Which of the following will occur when the market is unstable?

A Price will fluctuate

B Demand will remain static

C Unemployment will surely fall

D Price will remain static

Consumer buy more of a commodity at a lower price than at a higher price because

A productions like to produce more

B in a given situation people like to buy more

C consumers like to show off

D with the same amount of money they will be able to buy more

The demand for a commodity not directly for immediate consumption but for the production of another commodity is

A competitive demand

B derived demand

C composite demand

D joint demand

Which of the following is a luxury item?

A Petrol

B Textbook

C Pencil

D Gold

If the quantity demanded of a particular commodity is represented by the function Qd = 30 - 2p, what is the quantity demanded at a price of twelve Naira?

A 6 units

B 8 units

C 10 units

D 12 units

The responsiveness of demand to a change in income is the measurement of

A foreign exchange rate

B cross elasticity of demand

C income elasticity of demand

D price index elasticity

The upward slope of the supply curve indicates that

A more will be supplied as price rises

B less will be supplied as price rises

C supply is not a function of price

D supply is static and demand is dynamic

A greater burden of tax on a product with high price elasticity of demand rests mainly on the

A producer

B teacher

C civil servant

D middlemen