Jamb Economics Past Questions and Answers

Question 1721:

• JAMB 2005

A buyer who haggles in the market is applying the principle of

A. Choice
B. Price mechanism
C. Opportunity cost
D. Utilty maximization

Question 1722:

• JAMB 2005

An inverse relationship between price and quantity demanded implies that

A. The two variables change in opposite directions
B. The two variables change in the same direction
C. Only one variable changes
D. The two variables remain unchanged

Question 1723:

• JAMB 2005

When the marginal utility of a commodity is zero the total utility is

A. At its minimum
B. Upward-sloping
C. Downward-sloping
D. At its maximum

Question 1724:

• JAMB 2005

Economic freedom is a basic feature of economy

A. An industrialized economy
B. A planned economy
C. A developed economy
D. A market economy

Question 1725:

• JAMB 2005

If elasticity of demand is greater than I and less than infinity, demand is said to be

A. Elastic
B. Perfectly inelastic
C. Inelastic
D. Perfectly elastic