Utility - 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

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 3:

• JAMB 2019

In other to enhance the utility of a particular commodity, it was moved from a place where it has little utility to another area where its utility is higher. This form of utility is referred to as?

A. Marginal utility
B. Form utility
C. Place utility
D. Total utility

Question 4:

• JAMB 2019

Utility is the satisfaction derived from____________

A. Production
B. Distribution
C. Consumption
D. Demand

Question 5:

• JAMB 2019

By utility we mean____________

A. Beneficial
B. Power of satisfying a want
C. Advantageous
D. Consumable