Economics 2011 Jamb Past Questions and Answers

Question 6 :

• JAMB 2011

A consumer surplus measures the

A. Benefits derived from consuming a cheap commodity
B. Excess of total expenditure over total uility
C. Difference between marginal utility and marginal cost
D. Excess of marginal utility over price

Question 7 :

• JAMB 2011

If the demand for one commodity excludes another, it is said to be

A. Complementary demand
B. Competitive demand
C. Composite demand
D. Derived demand

Question 8 :

• JAMB 2011

If demand increases without a change in supply, equilibrium price and quantity will

A. Remain unchanged
B. Shift inward
C. Fall
D. Rise

Question 9 :

• JAMB 2011

In the process of production, total output is at maximum when

A. MP=0
B. MP > 0
C. AP = 0
D. AP > 0

Question 10 :

• JAMB 2011

When a consumer is at equilibrium, the MRS_xy is equal to the

A. Sum of the prices
B. Product of the two prices
C. Ratio of the two prices
D. Difference of the two prices