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

Question 41:

• 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 42:

• JAMB 2011

Ranking is the method use in measuring

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

Question 43:

• 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 44:

• 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 45:

• 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