The Theory of Supply - Jamb Economics Past Questions and Answers

Question 66:

• JAMB 2011

From that table above, the price elasticity of supply is

A. 4
B. 25
C. 1
D. 2

Question 67:

• JAMB 2012

The supply of cocoa is influenced by

A. Seasonal conditions
B. The efficacy of fertilizer used
C. The demand for beverages
D. The availability of close substitutes

Question 68:

• JAMB 2012

If quantity supplied is constant irrespective of price changes, the supply elasticity is

A. Unitary
B. Infinity
C. Fairly elastic
D. Perfectly inelastic

Question 69:

• JAMB 2012

The cost elasticity of supply is a useful instrument for measuring

A. Profit
B. Productivity
C. National income
D. Price index

Question 70:

• JAMB 2012

Fixing price above equilibrium will cause

A. Demand and supply to remain constant
B. An increase in quantity supplied
C. An increase in supply
D. A decrease in quantity supplied