2006 - JAMB Economics Past Questions and Answers - page 5
41
If the marginal utility of good X exceeds that of good Y, this implies that
A
a rational consumer will buy less of X
B
consuming more of X will increase total utility
C
Y is an inferior good
D
X will be cheaper than Y
correct option: b
Users' Answers & Comments42
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
correct option: d
Users' Answers & Comments43
Derived demand is normally used with reference to
A
superior goods
B
inferior goods
C
the cost of production
D
the factors of production
correct option: d
Users' Answers & Comments44
A straight line indifference curve indicates that the two products are
A
normal goods
B
inferior goods
C
perfect substitutes
D
close substitutes
correct option: c
Users' Answers & Comments45
Given that demand and price remain unchanged an outward shift of the supply curve will lead to
A
hoarding
B
excess supply
C
excess demand
D
a blank market
correct option: b
Users' Answers & Comments46
A distribution is said to be positively skewed if it
A
has a long tail to the left
B
has a long tail to the right
C
is bimodal
D
is bell-shaped
correct option: b
Users' Answers & Comments47
A decision on input combination solves the economic problem of
A
how to produce
B
for whom to produce
C
when to produce
D
what to produce
correct option: d
Users' Answers & Comments48
Choice involves opportunity cost because
A
goods give different utilities
B
available resources are inadequate
C
there are many goods to select from
D
not all goods have the same price
correct option: b
Users' Answers & Comments49
A characteristic common to partnership and sole proprietorship is
A
limited liability
B
accessibility to loan
C
transferability of shares
D
unlimited laibility
correct option: d
Users' Answers & Comments50
Nigeria's exports usually comprise
A
consumer goods
B
capital goods
C
intermediate goods
D
primary goods
correct option: d
Users' Answers & Comments