JAMB Economics Past Questions, Answers & Explanations - Economics

Jamb Economics Questions

Question 1:

With a given level of money income, a consumer maximizes satisfaction from the consumption of goods and services when the?

A Total utility derived from each goods and services is increasing at an increasing rate
B Marginal utility derived from each good or service is increasing at the same rate
C Marginal utility derived per naira spent is the same for all the goods and services
D Total utility derived from all the goods and services is large

Question 2:

With a given level of money income, a consumer maximizes satisfaction from the consumption of goods and services when the?

A Total utility derived from each goods and services is increasing at an increasing rate
B Marginal utility derived from each good or service is increasing at the same rate
C Marginal utility derived per naira spent is the same for all the goods and services
D Total utility derived from all the goods and services is large

Question 3:

Ike's scale of preference reveals that he prefers bananas to pawpaw, pawpaw to oranges and oranges to bananas. Ike's preferences are therefore?

Question 4:

One of the features of a free market economy is that?

Question 5:

One of the fundamental differences between a capitalist and a socialist economy is that while?

A The former is characterized by complete government ownership of resources, the latter characterized by complete private ownership
B In the former, prices act as signals in the allocation of resources, it is central authority that performs this function in the letter
C Taxes are levied in a capitalist economy, there is no taxation in a capitalist economy
D Income and wealth are equally distributed in the socialist economy, this is not so in a capitalist economy