Jamb Economics Past Questions and Answers

Question 1756:

• JAMB 2006

An important determinant of price elasticity of demand is

A. The state of technology
B. The prices of other commodities
C. The ease of substitution
D. Government policy

Question 1757:

• JAMB 2006

The range of the data 14,13,15,18,20,35 and 13 is

A. 20
B. 22
C. 13
D. 18

Question 1758:

• JAMB 2006

If the marginal utility of good X exceeds that of good Y, this implies that

A. A rational consumer will buy less of X
B. Consuming more of X will increase total utility
C. Y is an inferior good
D. X will be cheaper than Y

Question 1759:

• JAMB 2006

A commodity will be demanded only if

A. Consumers income increases
B. It has no close substitutes
C. The price is low
D. It has utility

Question 1760:

• JAMB 2006

A commodity will be demanded only if

A. Consumers income increases
B. It has no close substitutes
C. The price is low
D. It has utility