The Theory of Supply - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2:

• JAMB 2019

Supply is________

A. A stock
B. A Flow
C. Constant
D. A table

Question 3:

• JAMB 2019

A rise in the supply of a commodity cause__________

A. An increase in the equilibrium price and decrease in the equilibrium quantity bought and sold
B. An increase in both equilibrium
C. A decrease in the equilibrium price and an increase in the equilibrium quantity bought and sold
D. A decrease in both equilibrium

Question 4:

• JAMB 2018

When of the following matters may account for changes in supply?

I - technological advances in an industry
II - changes in labour costs
III - changes in source of supply
IV - changes in levels of taxation

A. I, II
B. I, III
C. II, III, IV
D. I, II, III, IV

Question 5:

• JAMB 2018

A supply curve slopes upwards from the left to the right indicating__________

A. A negative slope
B. A positive slope
C. A backward sloping supply curve
D. Short-run supply curve