Meaning and determinants of supply - Jamb Economics Past Questions and Answers

Question 11:

• JAMB 2015

If the quantity supplied of a commodity increases from 20 to 30 units when there is an increase in price from N4 to N5, the elasticity of supply is

A. 4
B. 1
C. 2
D. 5

Question 12:

• JAMB 2015

All the following are factors that would bring about a change in supply except

A. Level of technology
B. Government policy
C. Entry of new firms
D. Price of the commodity

Question 13:

• JAMB 2014

Given the supply function P = 1/4(Qs+10) when P = N10, what is Qs?

A. 20
B. 15
C. 50
D. 30

Question 14:

• JAMB 1979

One of the reason why the condition of supply of a commodity may change is

A. A change in real income
B. Changes in the technique of production
C. A change of fashion or taste
D. Change in population

Question 15:

• JAMB 1979

The quantity supplied of a commodity increases best when

A. Production increases
B. Demand increases
C. Price of the commodity increases
D. Population of the country increases
E. More commodities are imported