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

Question 71:

• 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

Question 72:

• JAMB 2011

Ranking is the method use in measuring

A. Marginal utility
B. Ordinal utility
C. Cardinal utility
D. Total utility

Question 73:

• 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 74:

• 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 75:

• JAMB 2012

The consumer is at equilibrium at point

A. N
B. P
C. M
D. K