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Economics 2010 JAMB Past Questions

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6

If the demand for a good is more elastic than its supply, the tax burden is borne

  • A. equally by consumers and producers
  • B. more by producers
  • C. more by consumers
  • D. more by retailers and producers
View Answer & Discuss (2) JAMB 2010
7

If the price of a commodity with elastic demand increases, the revenue accruing to the producer will

  • A. double
  • B. increase
  • C. be constant
  • D. decrease
View Answer & Discuss (7) JAMB 2010
8
Consumer surplus tends to be higher when demand is
  • A. inelastic
  • B. perfectly elastic
  • C. elastic
  • D. unitarily elastic
View Answer & Discuss (9) JAMB 2010
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9

One of the assumptions of ordinal utility theory is that

  • A. choice is not consistent
  • B. utility can be ranked
  • C. total utility is a function of price
  • D. satisfaction is measurable
View Answer & Discuss (5) JAMB 2010
10

The law of diminishing marginal utility explains why

  • A. the slope of a normal demand curve is negative
  • B. an abnormal demand curve slopes upwards
  • C. the slope of a normal demand curve is positive
  • D. the consumption of inferior goods increases with income
View Answer & Discuss JAMB 2010
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