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

Question 16:

• JAMB 1979

The quantity supplied of a commodity increases while

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

Question 17:

• JAMB 1980

Which of the following is NOT a determinant of changes in supply?

A. Changes in the cost of production
B. Technical progress
C. Weather
D. Changes in the number of producers
E. Changes in the number buyers

Question 18:

• JAMB 1981

Prohibiting the sale of lace materials in Nigeria would probably lead to?

A. Increase supply of lace material in Nigeria
B. Production of better quality lace abroad
C. Lower price of lace material in Nigeria
D. Higher price of lace material in Nigeria
E. Increase income to all dealers of lace materials in Nigeria

Question 19:

• JAMB 1981

In this diagram, So So is the original supply curve while S₁ S₁ represent?

A. A movement along a give supply curve
B. An increase in supply
C. Decrease in supply
D. A perfect elastic supply curve
E. An abnormal supply curve

Question 20:

• JAMB 1983

In the diagram P₁ S is a supply curve for a manufactured. it is shows that

A. When price is OP₁ quantity supplied is infinitely elastic
B. The higher the price the greater the quantity supplied
C. The higher the price the lower the quantity supplied
D. When price is zero quantity supplied becomes infinite
E. When price is infinite quantity supplied becomes zero