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JAMB UTME Economics 2018 past questions and answers

This 2018 JAMB UTME Economics set has 40 practice questions. Try these 5 free sample questions, tap a question to reveal the answer and explanation. Then practise the whole 2018 set with instant marking.

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Sample JAMB UTME Economics 2018 questions

1. Holding other influences constant, a fall in the price of a normal good will cause
  1. an extension of demand along the demand curve
  2. a rightward shift of the demand curve
  3. a contraction of demand along the demand curve
  4. a leftward shift of the demand curve

Answer: A. an extension of demand along the demand curve

A change in the good's own price changes quantity demanded along the existing demand curve.

2. A consumer allocating income between goods X and Y is in equilibrium when
  1. the total utility of X equals the total utility of Y
  2. the marginal utilities per unit of price are equal for X and Y
  3. the prices of X and Y are equal
  4. the consumer spends all income on the good with the higher price

Answer: B. the marginal utilities per unit of price are equal for X and Y

Utility is maximized when the marginal utility obtained per unit of expenditure is equal across goods.

3. If the cross elasticity of demand between two goods is positive, the goods are most likely
  1. joint products
  2. unrelated goods
  3. substitutes
  4. complements

Answer: C. substitutes

A positive cross elasticity means demand for one good rises when the price of the other rises, as with substitutes.

4. The supply of a manufactured good is generally more price-elastic in the long run because producers have more time to
  1. make consumers accept a fixed quantity
  2. prevent rival firms from entering
  3. make demand independent of price
  4. adjust production capacity and obtain inputs

Answer: D. adjust production capacity and obtain inputs

Over a longer period, producers can change capacity and input use in response to price changes.

5. The law of diminishing marginal utility states that, other things being equal, as a consumer uses more units of a commodity, the
  1. additional satisfaction from each successive unit tends to fall
  2. total satisfaction must immediately become negative
  3. price of each unit must fall
  4. consumer's income must increase

Answer: A. additional satisfaction from each successive unit tends to fall

The law concerns declining extra satisfaction from successive units consumed.

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