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Economics 2005 JAMB Past Questions

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26
A buyer who haggles in the market is applying the principle of
  • A. choice
  • B. price mechanism
  • C. opportunity cost
  • D. utilty maximization
View Answer & Discuss (2) JAMB 2005
27
An inverse relationship between price and quantity demanded implies that
  • A. the two variables change in opposite directions
  • B. the two variables change in the same direction
  • C. only one variable changes
  • D. the two variables remain unchanged
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28
When the marginal utility of a commodity is zero the total utility is
  • A. at its minimum
  • B. upward-sloping
  • C. downward-sloping
  • D. at its maximum
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29
Economic freedom is a basic feature of economy
  • A. an industrialized economy
  • B. a planned economy
  • C. a developed economy
  • D. a market economy
View Answer & Discuss JAMB 2005
30
If elasticity of demand is greater than I and less than infinity, demand is said to be
  • A. elastic
  • B. perfectly inelastic
  • C. inelastic
  • D. perfectly elastic
View Answer & Discuss (1) JAMB 2005
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