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

Question 36:

• 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 37:

• 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 38:

• 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 39:

• JAMB 2007

A commodity is described as inferior when the

A. Income effect is negative
B. Income effect is positive
C. Substitution effect is negative
D. Substitution effect is positive

Question 40:

• 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