Basic Concepts of Theory of Consumer Behaviour - Jamb Economics Past Questions and Answers

Question 6:

• JAMB 2019

By utility we mean____________

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

Question 7:

• JAMB 2017

Changing the structure of a commodity in order to increase its utility is called?

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

Question 8:

• JAMB 2016

The concept of marginal utility indicates the relationship between utility and _________?

A. Price
B. Satisfaction
C. Cost
D. Revenue

Question 9:

• JAMB 2016

All pairs of quantities from which a consumer derives equal satisfaction can be plotted on__________?

A. An indifference curve
B. An exceptional demand curve
C. A budget line
D. An isoquant map

Question 10:

• JAMB 2016

In the theory of the consumer behavior, a consumer is said to maximize utility when

A. Marginal utility of a commodity is equal to the price paid for it
B. Marginal utility of a commodity X is equal to the price of commodity Y
C. Average utility of a commodity is equal to the price paid for it
D. Total utility of a commodity is equal to the price paid for it