The Theory of Consumer Behaviour - Jamb Economics Past Questions and Answers

Question 21:

• JAMB 2015

The law of variable proportions is also known as

A. Law of demand
B. Law of diminishing returns
C. Law of diminishing marginal utility
D. Law of returns to scale

Question 22:

• JAMB 2015

The combination of two commodities each yielding the same level of satisfaction to the consumer is

A. Consumer surplus
B. Indifference curve
C. Budget constant
D. Goods of necessity

Question 23:

• JAMB 2014

From the graph above, the consumer will attain equilibrium at point

A. J
B. K
C. L
D. M

Question 24:

• JAMB 2014

A rightward shift of the budget line is caused by a

A. Fall in consumer income
B. Change in consumer taste
C. Fall in the commodity relative price
D. Rise in the consumer income

Question 25:

• JAMB 1978

Inferior goods are referred to in Economics as goods

A. Whose quality is low
B. Consumed by very poor people
C. Whose consumption falls when cunsumers' income rises
D. Which satisfy only the basic needs
E. None of the above