Utility - Jamb Economics Past Questions and Answers

Question 21:

• JAMB 2000

A central argument of cardinal utility is that utility is?

A. Measurable
B. Psychological
C. Ranked
D. Intangible

Question 22:

• JAMB 2001

The diagram shows the total utility curve. At the point M, marginal utility

A. Increases
B. Is unity
C. Diminishes
D. Is zero

Question 23:

• JAMB 2003

Utility is the satisfaction derived from?

A. Demand
B. Production
C. Distribution
D. Consumption

Question 24:

• JAMB 2003

In the table above, the price of commodity y is N2 and that of x is N1 while the individual has an income of N12. Determine the combination of the two commodities the individual should consume to maximize his utility

A. 3y and 3x
B. 6y and 4x
C. 3y and 6x
D. 5y and 5x

Question 25:

• JAMB 2004

One of the assumptions of ordinal utility in consumer behaviour is that

A. Consumers are irrational
B. Marginal utility rises continuously
C. Utility is measurable
D. Utility can only be ranked