JAMB and WAEC Economics questions

745 questions with answers and explanations. Tap an option to check yourself.

All JAMB WAEC

Question 561· Theory of consumer behaviour· WAEC
A consumer is in equilibrium when
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Answer: D. the ratio of marginal utility to price is equal for all goods
Explanation and discussion
Question 562· Theory of consumer behaviour· WAEC
Utility in economics means
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Answer: A. the satisfaction derived from consuming a good
Explanation and discussion
Question 563· Theory of consumer behaviour· JAMB
When marginal utility is negative, total utility
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Answer: C. falls
Explanation and discussion
Question 564· Theory of consumer behaviour· JAMB
The paradox of value (water and diamonds) is explained by
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Answer: B. marginal utility
Explanation and discussion
Question 565· Theory of consumer behaviour· WAEC
The law of diminishing marginal utility states that as more units of a commodity are consumed, the
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Answer: D. additional satisfaction from each extra unit falls
Explanation and discussion
Question 566· Theory of consumer behaviour· JAMB
An indifference curve is convex to the origin because of
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Answer: D. a diminishing marginal rate of substitution
Explanation and discussion
Question 567· Theory of consumer behaviour· WAEC
The total satisfaction from 3 loaves is 30 units and from 4 loaves is 36 units. The marginal utility of the 4th loaf is
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Answer: C. 6 units
Explanation and discussion
Question 568· Theory of consumer behaviour· JAMB
A consumer is in equilibrium on an indifference map where
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Answer: A. the budget line is tangent to the highest attainable indifference curve
Explanation and discussion
Question 569· Theory of consumer behaviour· JAMB
A consumer spends all his income on X and Y. MUx = 20, Px = ₦4, MUy = 30 and Py = ₦6. The consumer is
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Answer: A. in equilibrium
Explanation and discussion
Question 570· Theory of consumer behaviour· WAEC
Consumer sovereignty means that
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Answer: D. consumers determine what is produced through their spending
Explanation and discussion
Question 571· Theory of consumer behaviour· JAMB
A budget line shows
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Answer: A. combinations of goods a consumer can afford with given income and prices
Explanation and discussion
Question 572· Theory of consumer behaviour· WAEC
A consumer buying several goods is in equilibrium when
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Answer: C. marginal utility divided by price is the same for every good
Explanation and discussion
Question 573· Theory of consumer behaviour· WAEC
A thirsty boy enjoys his first bottle of water more than his third. This illustrates the law of
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Answer: D. diminishing marginal utility
Explanation and discussion
Question 574· Theory of consumer behaviour· JAMB
The budget (price) line shows
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Answer: D. combinations of two goods a consumer can buy with a given income
Explanation and discussion
Question 575· Theory of consumer behaviour· JAMB
The law of diminishing marginal utility states that
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Answer: C. each additional unit consumed gives less extra satisfaction
Explanation and discussion
Question 576· Theory of consumer behaviour· WAEC
Total utility from 1, 2 and 3 oranges is 20, 35 and 45 utils. Find the marginal utility of the third orange.
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Answer: D. 10
Explanation and discussion
Question 577· Theory of consumer behaviour· WAEC
If total utility from 3 oranges is 30 and from 4 oranges is 36, the marginal utility of the 4th orange is
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Answer: C. 6
Explanation and discussion
Question 578· Theory of consumer behaviour· WAEC
Total utility is at its maximum when marginal utility is
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Answer: A. zero
Explanation and discussion
Question 579· Theory of costs and revenue· JAMB
A firm earns normal profit when
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Answer: A. total revenue equals total cost including opportunity cost
Explanation and discussion
Question 580· Theory of costs and revenue· WAEC
A bakery has fixed costs of ₦50,000 and a variable cost of ₦200 per loaf. What is the total cost of 300 loaves?
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Answer: A. ₦110,000
Explanation and discussion

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JAMB and WAEC Economics questions

A consumer is in equilibrium when

Utility in economics means

When marginal utility is negative, total utility

The paradox of value (water and diamonds) is explained by

The law of diminishing marginal utility states that as more units of a commodity are consumed, the

An indifference curve is convex to the origin because of

The total satisfaction from 3 loaves is 30 units and from 4 loaves is 36 units. The marginal utility of the 4th loaf is

A consumer is in equilibrium on an indifference map where

A consumer spends all his income on X and Y. MUx = 20, Px = ₦4, MUy = 30 and Py = ₦6. The consumer is

Consumer sovereignty means that

A budget line shows

A consumer buying several goods is in equilibrium when

A thirsty boy enjoys his first bottle of water more than his third. This illustrates the law of

The budget (price) line shows

The law of diminishing marginal utility states that

Total utility from 1, 2 and 3 oranges is 20, 35 and 45 utils. Find the marginal utility of the third orange.

If total utility from 3 oranges is 30 and from 4 oranges is 36, the marginal utility of the 4th orange is

Total utility is at its maximum when marginal utility is

A firm earns normal profit when

A bakery has fixed costs of ₦50,000 and a variable cost of ₦200 per loaf. What is the total cost of 300 loaves?