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

Question 11:

• JAMB 2016

Consumers allocate their resources based on the ______?

A. Law of diminishing marginal utility
B. Value in use and value in exchange principle
C. Law of returns to scale
D. Diamond and water paradox

Question 12:

• JAMB 2016

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

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

Question 13:

• 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 14:

• 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 15:

• 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