Jamb Economics Past Questions For Year 2009
Question 6
A typical feature of a market economy is that
- A. all producers make profit
- B. full employment exists
- C. consumer sovereignty exists
- D. there is equality of economic agents
Question 7
Musa has a choice of buying a shirt, a book and a bag. What is the opportunity cost of buying a book?
- A. A bag only
- B. A book and a bag
- C. A shirit and a bag
- D. A shirit only
Question 8
A supply curve is positively sloped because
- A. supply always exceeds demand
- B. demand always exceeds supply
- C. price is an incentive to consumers
- D. price is an incentive to producers
Question 9
A major assumption in cardinal utility theory is that
- A. utility is measureable
- B. utility is not measurable
- C. total utility equals marginal utility
- D. total utility is constant
Question 10
The demand curve for a luxury good is
- A. negatively sloped
- B. parallel to the price axis
- C. parallel to the quantity axis
- D. positively sloped
