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316
One theory of population contends that population tends to increase much faster than the supply of food, and that if the growth in population is not checked , it will be checked by natural forces like misery disasters and food shortages. This theory was propounded by?
  • A. Prof. Paul Samuelson
  • B. Adam Smith
  • C. David Ricardo
  • D. Rev. Thomas Malthus
  • E. Prof. Ojetuuji Aboyade
View Answer & Discuss (1) JAMB 1985
317
\(\begin{array}{c|c}
\text{Units of Quantity consumed} & \text{Total utility} & \text{Marginal utility} \\
0 & --- & --- \\
1 & 10 & 10 \\
2 & 15 & 5 \\
3 & 17 & 2 \\
4 & 18 & 1 \\
5 & 18 & 0 \\
\end{array}\)

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
View Answer & Discuss JAMB 1985
318
If in the short-run commodity X and commodity Y are supplied jointly, which of the following is correct?
  • A. An increase in demand for X will increase the supply of Y
  • B. An increase in demand for X will shift the supply of Y
  • C. An increase in demand for Y will raise the price of X
  • D. An increase in demand for X will cause less of Y to be produced
  • E. A probable tax on Y will cause more of X to be supplied
View Answer & Discuss JAMB 1985
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319
In market economies, resources are allocated through the?
  • A. government authorities
  • B. price system
  • C. banking system
  • D. central planning bureau
  • E. revenue allocation formula
View Answer & Discuss JAMB 1985
320
At every point on a indifference curve, the
  • A. total utility is decreasing
  • B. prices of all goods are constant
  • C. consumer is satiated
  • D. level of utility is constant
  • E. level of utility is increasing
View Answer & Discuss JAMB 1985
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