Utility - Jamb Economics Past Questions and Answers

Question 26:

• JAMB 2006

A commodity will be demanded only if

A. Consumers income increases
B. It has no close substitutes
C. The price is low
D. It has utility

Question 27:

• JAMB 2006

A movement from K to M will

A. Decrease the consumer's utility
B. Increase the price of the commodity
C. Increase the consumer's utility
D. Leave consumer's utility unchanged

Question 28:

• 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 29:

• JAMB 2010

One of the assumptions of ordinal utility theory is that

A. Choice is not consistent
B. Utility can be ranked
C. Total utility is a function of price
D. Satisfaction is measurable

Question 30:

• JAMB 2011

Ranking is the method use in measuring

A. Marginal utility
B. Ordinal utility
C. Cardinal utility
D. Total utility