JAMB Economics Past Questions & Answers - Page 263

A central argument of cardinal utility is that utility is

When commodity X is sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.

The two commodities can be classified as

Which of the following is an example of derived demand?

In a capitalist economy, the economic problem of what goods to produce is decided mainly by

i. What and how much will be produced?
ii. How will it be produced?
iii. For whom will it be produced?
iv. How much will be exported and consumed?

From the above, identify the combination of basic resource allocation questions in economic analysis.