Jamb Economics 2012 Past Questions and Answers

Question 6:

• JAMB 2012

A rise in income will, ceteris paribus, bring about

A. A movement along the demand curve
B. A leftward shift of the demand curve
C. A rightward shift of the demand curve
D. No effect on the demand curve

Question 7:

• JAMB 2012

If the price of an item increases by 8% while the quantity demanded falls from 1500 units to 1492 units, the demand is said to be

A. Perfectly elastic
B. Inelastic
C. Elastic
D. Perfectly inelastic

Question 8:

• JAMB 2012

Comparison of interpersonal utility is impossible because

A. Utility is measured in utils
B. Marginal utility is not observable
C. Utility is subjectively determined
D. Individual income differ

Question 9:

• JAMB 2012

When the slope of the total utility curve is declining, the marginal utility of a consumer will be increasing if he

A. Stops consuming more of the commodity
B. Reduces the quantity consumed
C. Increases the quantity consumed
D. Consumes more of another commodity

Question 10:

• JAMB 2012

The supply of cocoa is influenced by

A. Seasonal conditions
B. The efficacy of fertilizer used
C. The demand for beverages
D. The availability of close substitutes