Jamb Economics Past Questions and Answers

Question 1901:

• JAMB 2009

A movement along the same demand curve is caused by the

A. Price of the product
B. Price of other products
C. Income of the consumer
D. Taste of the consumer

Question 1902:

• JAMB 2009

The demand curve for a luxury goods is

A. Negatively sloped
B. Parallel to the price axis
C. Parallel to the quantity axis
D. Positively sloped

Question 1903:

• JAMB 2009

A major assumption in cardinal utility theory is that

A. Utility is measureable
B. Utility is not measurable
C. Total utility equals marginal utility
D. Total utility is constant

Question 1904:

• JAMB 2009

A supply curve is positively sloped because

A. Supply always exceeds demand
B. Demand always exceeds supply
C. Price is an incentive to consumers
D. Price is an incentive to producers

Question 1905:

• JAMB 2009

The short-run supply curve for medical doctors is more likely to be

A. Perfectly elastic
B. Perfectly inelastic
C. Fairly inelastic
D. Fairly elastic