Jamb Economics 2010 Past Questions and Answers

Question 11:

• JAMB 2010

The law of diminishing marginal utility explains why

A. The slope of a normal demand curve is negative
B. An abnormal demand curve slopes upwards
C. The slope of a normal demand curve is positive
D. The consumption of inferior goods increases with income

Question 12:

• JAMB 2010

If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is

A. N1.50
B. N0.40
C. N1.00
D. N2.00

Question 13:

• JAMB 2010

A set of factors that can shift the supply curve are changes in

A. Weather, price and technology
B. Technology, weather and population
C. Technology, price and taste
D. Population, price and taste

Question 14:

• JAMB 2010

If the coefficient of price elasticity of supply is greater than one, the supply is said to be

A. Perfectly elastic
B. Fairly inelastic
C. Infinitely inelastic
D. Fairly elastic

Question 15:

• JAMB 2010

If commodity X is a by-product of commodity Y , this implies that both commodities are

A. In competitive supply
B. In composite supply
C. Jointly supplied
D. In excess supply