The Theory of Supply - Jamb Economics Past Questions and Answers

Question 56:

• JAMB 2008

If 100 units and units of commodity X are supplied at N80 at different times, it means that there is

A. A change in supply
B. A change in the quantity supplied
C. An increase in the quantity supplied
D. A increase in the quantity supplied

Question 57:

• JAMB 2008

An upward movement along the same supply curve results in

A. An increase in supply
B. A decrease in price
C. A decrease in quantity supplied
D. An increase in quantity supplied

Question 58:

• JAMB 2008

One of the factors affecting the supply of manufactured goods is

A. Weather
B. Technology
C. Consumer tastes
D. Availability of inputs

Question 59:

• JAMB 2009

A supply curve is positively sloped because

A. Supply always exceeds demand
B. Demand always exceeds supply
C. Price is an incentive to consumers
D. Price is an incentive to producers

Question 60:

• JAMB 2009

If the price of an item changes by 8% and quantity supplied changes from 600 units to 660 units, the price elasticity of supply is

A. 0.80
B. 1.25
C. 2.00
D. 10.00