Diminishing Marginal Utility And The Law Of Demand - Economics Jamb 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 2017

The law of diminishing marginal utility states:

A. The supply curve slopes downward
B. Your utility grows at a slower and slower rate as you consume more and more unit of a good.
C. The elasticity of demand is infinite
D. None of the above

Question 3 :

• JAMB 2015

The law of variable proportions is also known as

A. Law of demand
B. Law of diminishing returns
C. Law of diminishing marginal utility
D. Law of returns to scale

Question 4 :

• JAMB 1978

Inferior goods are referred to in Economics as goods

A. Whose quality is low
B. Consumed by very poor people
C. Whose consumption falls when cunsumers' income rises
D. Which satisfy only the basic needs
E. None of the above

Question 5 :

• JAMB 1985

\(\begin{array}{c|c}
\text{Units of Quantity consumed} & \text{Total utility} & \text{Marginal utility} \\
0 & --- & --- \\
1 & 10 & 10 \\
2 & 15 & 5 \\
3 & 17 & 2 \\
4 & 18 & 1 \\
5 & 18 & 0 \\
\end{array}\)
The table above illustrates the law of?

A. Diminishing marginal utility
B. Diminishing marginal productivity
C. Diminishing returns
D. Increasing returns
E. Increasing total utility