Jamb Economics Past Questions and Answers

Question 1856:

• JAMB 2008

Diminishing marginal utility implies that

A. Total utility decreases as consumption increases
B. Marginal utility increases as consumption increases
C. Marginal utility deceases as consumption increase
D. Marginal utility decreases as consumption decreases

Question 1857:

• JAMB 2008

The excess benefit derived from the purchase of goods over the amount paid for them is referred to as consumer

A. Rationality
B. Surplus
C. Sovereignty
D. Credit

Question 1858:

• JAMB 2008

An upward movement along the same supply curve results in

A. An increase in supply
B. A decrease in price
C. A decrease in quantity supplied
D. An increase in quantity supplied

Question 1859:

• JAMB 2008

To protect farmers during a bumper harvest,. the government usually

A. Set a mximum price
B. Release products from the buffer stock
C. Sell the excess to consumers
D. Set a minimum price

Question 1860:

• JAMB 2008

The use of modern weaving machines in the production of local fabric will result in

A. An increase in the demand for labour
B. A decrease in the demand for labour
C. An increase in wages
D. A decrease in wages