Utility - Economics Jamb Past Questions and Answers

Question 31 :

• 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 32 :

• JAMB 2013

One of the assumptions of the cardinal approach is

A. Diminishing marginal rate of substitution
B. The consistency and transitivity of choice
C. That total utility depends on the quantity of the commodities consumed
D. Unstable marginal utility of money

Question 33 :

• JAMB 2013

Utility is the satisfaction derived from the

A. Distribution of goods and services
B. Use of goods and services
C. Demand of goods and services
D. Production of goods and services

Question 34 :

• JAMB 2020

Utility is the satisfaction derived from?

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

Question 35 :

• JAMB 2021

By utility we mean ____________

A. Uselessness
B. Power of satisfying a want
C. Beneficial
D. Consumable