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

Question 26:

• JAMB 1995

Which of the following statement is TRUE of the effect of changes in demand and supply on price?

A. A decrease in supply will lead to fall in price and a fall in the quantity bought and sold
B. An increase in demand will lead to a fall in price and quantity bought and sold
C. A decrease in demand will lead to a rise in price and in the quantity bought and sold
D. An increase in supply will lead to a fall price and a rise in the quantity bought and sold

Question 27:

• JAMB 1999

Use the diagram above to answer this question. Identity the three Important factors that can make S_o to become either S₁ or S₂

A. Technology, weather and population
B. Technology, price and tastes
C. Weather, price and technology
D. Population, weather and teastes

Question 28:

• JAMB 2000

The supply of commodity II increasing from S ₁ S ₁ to S ₂ S ₂

A. Moves the price below OP ₂
B. Leads to a fall in price from OP ₁ to OP ₂
C. Increases the price from OP ₂ to OP ₁
D. Moves the price to OP ₁

Question 29:

• JAMB 2000

Commodities I and II are

A. Competitive supply
B. Substitute supply
C. Joint supply
D. Derived supply

Question 30:

• JAMB 2001

For a supply curve, an increase in the price of a commodity will result in?

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