Consumer equilibrium using the indifference curve and marginal analyses - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2:

• JAMB 2019

In the case of highly or close complementary goods, the indifference curve is_______

A. A straight line
B. A right-angled
C. L - shaped
D. Curvature

Question 3:

• JAMB 2016

Consumers allocate their resources based on the ______?

A. Law of diminishing marginal utility
B. Value in use and value in exchange principle
C. Law of returns to scale
D. Diamond and water paradox

Question 4:

• JAMB 2015

In a situation where Mux represent the marginal utility of product X while Px represent the price respectively. Utility can be maximized when

A. MUX = MUA
B. MUX = PX
C. PX = X
D. PX = PY

Question 5:

• JAMB 2014

From the graph above, the consumer will attain equilibrium at point

A. J
B. K
C. L
D. M