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

Question 11:

• JAMB 2015

In the diagram, the consumer budget line shift from JK to GH. What can definitely be deduced from the diagram?

A. There has been an increase in the consumer’s money income
B. There has been a reduction in the price of both A and B
C. There has been no change in the price of A or B
D. There has been no change in the price of A relative to the price of B

Question 12:

• JAMB 2015

All the following are properties of an indifference curves except

A. It can intersect
B. It slopes downward from left to right like that of a normal demand curve
C. As it shift rightward it indicate higher and higher level of satisfaction
D. It does not intersect

Question 13:

• JAMB 2015

A line in commodity space which shows the constraints imposed by his budget, his money income and the price of goods purchased is

A. Supply curve
B. Liquidity preference
C. Budget line
D. Demand curve

Question 14:

• JAMB 2015

The ordinalist approach of utility postulated that utility can be

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

Question 15:

• 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