Consumer surplus and its applications - 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 2018

Consider the diagram below which shows a demand curve (d).

Total expenditure on a commodity is represented by the area TUVW. Consumer's surplus is represented by___________

A. The area VWX
B. The area XTUV
C. \(\frac {XW} {XT}\)
D. \(\frac {TU} {UV}\)

Question 3:

• JAMB 1987

In which of the diagrams above, is the consumer surplus correctly shaded?

A. I
B. II
C. III
D. IV

Question 4:

• JAMB 2008

The excess benefit derived from the purchase of goods over the amount paid for them is referred to as consumer

A. Rationality
B. Surplus
C. Sovereignty
D. Credit

Question 5:

• JAMB 2010

Consumer surplus tends to be higher when demand is

A. Inelastic
B. Perfectly elastic
C. Elastic
D. Unitarily elastic