The Theory of Supply - Jamb Economics Past Questions and Answers

Question 11:

• JAMB 2016

\(\begin{array}{c|c}
Price (N) & 20 & 16 \\
\hline
\text{Quantity demanded} & 100 & 58
\end{array}\)
From the table above, the elasticity of supply is_____?

A. Inelastic supply
B. Perfectly elastic
C. Elastic supply
D. Unitary elastic

Question 12:

• JAMB 2016

The supply curve above is

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

Question 13:

• JAMB 2016

If price of yams decreases from N15.00 per tuber to N13.50 and the quantity supplied decreases by 20%. What is the elasticity of supply?

A. 2.00
B. 0.50
C. 1.50
D. 1.00

Question 14:

• JAMB 2016

The price elasticity of supply of perishable goods is_________?

A. Elastic
B. Unitary
C. Inelastic
D. Zero

Question 15:

• JAMB 2016

What effect would a change in price of a commodity have on its supply?

A. An increase in supply
B. No change in supply
C. A decrease in supply
D. A change in the quantity supplied