Budget Line Jamb Economics Past Questions
Question 1
A line in commodity space which shows the constraints imposed by his budget, his money income and the price of goods purchased is
- A. supply curve
- B. liquidity preference
- C. Budget line
- D. demand curve
Question 2
If the marginal utility of the last unit of commodity X at N2 is 16 and that of commodity Y at N 4 is 24, the consumer will be at equilibrium when
- A. the price-quantity ratios are equal
- B. equal amounts of X and Y are consumed
- C. less of Y and more of X are consumed
- D. less of X and more of Y are consumed
Question 3
The effect of the demand for product A caused by a change in the price of a product B is called?
- A. cross-elasticity of demand
- B. elasticity of supply
- C. competitive demand
- D. composite demand
- E. joint demand
Question 4
A rational consumer will adjust his spending pattern so that
- A. He buys only the one item that gives him most total satisfaction
- B. The marginal utility he gets from the last unit of item is the same
- C. The marginal utility he gets from the last naira spent on each item is the same
- D. The total utility he gets from each item is the same
- E. The total amount of money he spends on each item is the same
