by Sunday | Oct 24 | Economics JAMB
A. rationality B. surplus C. sovereignty D. credit Correct Answer: Option B – surplus Explanation Surplus in economics refers to the difference between price consumers pay and what they would be willing to...
by Sunday | Oct 24 | Economics JAMB
A. total utility decreases as consumption increases B. marginal utility increases as consumption increases C. marginal utility decreases as consumption increase D. marginal utility decreases as consumption decreases Correct Answer: Option C – marginal utility...
by Sunday | Oct 24 | Economics JAMB
A. negative B. increasing C. zero D. decreasing Correct Answer: Option B – increasing Explanation When marginal utility diminishes but stays positive, then total utility increases at a decreasing rate as it is the summation of all marginal utilities. This is...
by Sunday | Oct 24 | Economics JAMB
A. elastic B. perfectly inelastic C. inelastic D. perfect elastic Correct Answer: Option C – inelastic Explanation If the demand elasticity coefficient is less than 1, that is (0.4, 0.5, etc) it means the demand is inelastic. This means that the change in price...
by Sunday | Oct 24 | Economics JAMB
A. 0.5 B. 1.2 C. 2.5 D. 4.0 Correct Answer: Option A = 0.5 Explanation Income elasticity of demand is the percentage change in quantity demanded divided by the percentage change in income. percent change in quantity demanded = 120 – 80 = 40 40/80 = 0.5 percent...
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