Basic Concepts of Theory of Consumer Behaviour - Jamb Economics Past Questions and Answers

Question 26:

• JAMB 1997

With a given level of money income, a consumer maximizes satisfaction from the consumption of goods and services when the?

A. Total utility derived from each goods and services is increasing at an increasing rate
B. Marginal utility derived from each good or service is increasing at the same rate
C. Marginal utility derived per naira spent is the same for all the goods and services
D. Total utility derived from all the goods and services is large

Question 27:

• JAMB 1998

From the table above, the total utility for the individual who consumes 3 units of commodity X is

A. 50 units
B. 150 units
C. 230 units
D. 250 units

Question 28:

• JAMB 1998

The shaded triangle in the diagram above is known as

A. Excess supply
B. Consumer surplus
C. Excess consumption
D. Producer surplus

Question 29:

• JAMB 1999

A utility maximizing household will allocate its expenditure so that?

A. More naira is spent on commodities with the highest utility
B. Less naira is spent on commodities with the lowest utility
C. The utility of the last naira spent on each commodity is equal
D. The amount spent on each commodity is equal

Question 30:

• JAMB 2000

A central argument of cardinal utility is that utility is?

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