The Theory of Consumer Behaviour - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

A method of analysis that draws conclusions from data rather than general Principles already known is________

A. Deductive reasoning
B. Inductive reasoning
C. Normative reasoning
D. Positive reasoning

Question 2:

• JAMB 2019

In the case of highly or close complementary goods, the indifference curve is_______

A. A straight line
B. A right-angled
C. L - shaped
D. Curvature

Question 3:

• JAMB 2019

One of these is not an assumption of the cardinalist theory of utility?

A. The consumer is rational
B. Diminishing marginal utility
C. The concept of money utility
D. Consistency and transivity of choice

Question 4:

• JAMB 2019

As indifference curve shows equal level of satisfaction at all points, An isoquant shows equal level of_________

A. Input
B. Commodities
C. Output
D. Factors

Question 5:

• JAMB 2018

Consider the diagram below which shows a demand curve (d).

Total expenditure on a commodity is represented by the area TUVW. Consumer's surplus is represented by___________

A. The area VWX
B. The area XTUV
C. \(\frac {XW} {XT}\)
D. \(\frac {TU} {UV}\)