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Question 1 Economics 2012 | JAMB/UTME (2012)
A
corruption is rampant 
B
consumer's sovereignty is lost 
C
income inequality is entrenched 
D
there is high level of unemployment 
Explanation.
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Correct Option:
A
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Question 2 Economics 2012 | JAMB/UTME (2012)
A
normative reasoning 
B
inductive reasoning 
C
deductive reasoning 
D
positive reasoning 
Explanation.
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Correct Option:
B
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Question 3 Economics 2012 | JAMB/UTME (2012)
A
shows whether a good is normal or inferior 
B
shows the relationship between variables 
C
reveals the magnitude of the change between variables 
D
helps to determine the unit of measurement of variables 
Explanation.
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Correct Option:
D
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Question 4 Economics 2012 | JAMB/UTME (2012)
A
consumers' income 
B
demand 
C
consumers' tastes 
D
quantity damanded 
Explanation.
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Correct Option:
D
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Question 5 Economics 2012 | JAMB/UTME (2012)
A
a movement along the demand curve 
B
a leftward shift of the demand curve 
C
a rightward shift of the demand curve 
D
no effect on the demand curve 
Explanation.
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Correct Option:
B
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Question 6 Economics 2012 | JAMB/UTME (2012)
A
perfectly elastic 
B
inelastic 
C
elastic 
D
perfectly inelastic 
Explanation.
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Correct Option:
B
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Question 7 Economics 2012 | JAMB/UTME (2012)
A
utility is measured in utils 
B
marginal utility is not observable 
C
utility is subjectively determined 
D
individual income differ 
Explanation.
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Correct Option:
A
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Question 8 Economics 2012 | JAMB/UTME (2012)
A
stops consuming more of the commodity 
B
reduces the quantity consumed 
C
increases the quantity consumed 
D
consumes more of another commodity 
Explanation.
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Correct Option:
C
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Question 9 Economics 2012 | JAMB/UTME (2012)
A
seasonal conditions 
B
the efficacy of fertilizer used 
C
the demand for beverages 
D
the availability of close substitutes 
Explanation.
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Correct Option:
B
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Question 10 Economics 2012 | JAMB/UTME (2012)
A
unitary 
B
infinity 
C
fairly elastic 
D
perfectly inelastic 
Explanation.
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Correct Option:
D
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