Utility - Jamb Economics Past Questions and Answers

Question 6:

• 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 7:

• JAMB 2016

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

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

Question 8:

• 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

Question 9:

• JAMB 2015

The ordinalist approach of utility postulated that utility can be

A. Rank
B. Measurable
C. Rise
D. Fall

Question 10:

• JAMB 2015

\(\begin{array}{c|c}
\text{Units of quantity} & \text{Total utility} & \text{Marginal utility} \\
\hline
0 & - & - \\
\hline
1 & 10 & 10 \\
\hline
2 & 15 & 5 \\
\hline
3 & 17 & 2 \\
\hline
4 & 18 & 1 \\
\hline
5 & 18 & 0 \\
\end{array}\)
The table illustrate the law of

A. Admonishing returns
B. Increasing returns
C. Diminishing marginal utility
D. Increasing marginal utility