Jamb Economics 2020 Past Questions and Answers

Question 16:

• JAMB 2020

The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continously

A. Total utility must fall
B. Marginal utility must fall
C. Marginal utility may rise
D. Marginal utility may fall even though his total utility may be rising

Question 17:

• JAMB 2020

Which of the following rewards is associated with entrepreneurship

A. Salaries
B. Profits
C. Interest
D. Rent

Question 18:

• JAMB 2020

Which of the following is likely to be inflationary

A. Taxes increase
B. Increase in unemployment
C. Budget surplus
D. Wages increase

Question 19:

• JAMB 2020

The relationship between the tax rate and income which is relevant to progressive tax is shown by?

A. Curve X
B. Curve Y
C. Curve Z
D. Curve X and Z

Question 20:

• JAMB 2020

The relationship between tax rate and income which is relevant to a proportional tax is depicted by?

A. Curve Z and Y
B. Curve X
C. Curve Z
D. Curve Y