The Theory of Supply - Jamb Economics Past Questions and Answers

Question 46:

• JAMB 2003

When two variables are positively related, the graph of the relationship?

A. Is a downward-sloping curve
B. Has a negative intercept
C. Is a straight line
D. Is an upward-sloping curve

Question 47:

• JAMB 2003

A normal supply curve is usually positively sloped because the relationship between

A. Price and supply is positive
B. Demand and price is positive
C. Supply and price is negative
D. Price and demand is negative

Question 48:

• JAMB 2003

Price elasticity of supply is a ratio of the change in

A. Original quantity to a change in new quantity
B. Quantity supplied to the change in price
C. Price to the change in quantity supplied
D. Quantity supplied to the change in demand

Question 49:

• JAMB 2004

If an increase in the price of good X leads to an increase in the supply of good Y, X and Y are said to be

A. Jointly supplied
B. Competitive
C. Composite
D. Jointly demanded

Question 50:

• JAMB 2004

When there is a change from T to N, it implies that

A. Supply has increased
B. Quantity supplied has increased
C. Quantity demanded has increased
D. Price has fallen