Jamb Economics Past Questions and Answers

Question 2051:

• JAMB 2012

Comparison of interpersonal utility is impossible because

A. Utility is measured in utils
B. Marginal utility is not observable
C. Utility is subjectively determined
D. Individual income differ

Question 2052:

• JAMB 2012

When the slope of the total utility curve is declining, the marginal utility of a consumer will be increasing if he

A. Stops consuming more of the commodity
B. Reduces the quantity consumed
C. Increases the quantity consumed
D. Consumes more of another commodity

Question 2053:

• JAMB 2012

The supply of cocoa is influenced by

A. Seasonal conditions
B. The efficacy of fertilizer used
C. The demand for beverages
D. The availability of close substitutes

Question 2054:

• JAMB 2012

If quantity supplied is constant irrespective of price changes, the supply elasticity is

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

Question 2055:

• JAMB 2012

The cost elasticity of supply is a useful instrument for measuring

A. Profit
B. Productivity
C. National income
D. Price index