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

Question 31:

• JAMB 2001

A change in supply is best described as a?

A. Movement along the supply curve
B. Shift of the supply curve to the left or to the right
C. Shift of the supply curve to the left
D. Shift of the supply curve to the left

Question 32:

• JAMB 2001

A vertical supply curve indicates that?

A. The quantity supplied is responsive to price
B. The same fixed quantity will be supplied no matter the price
C. An increase in price will result in an increase in the quantity supplied
D. There is a fixed price for the commodity below which no supply will be made

Question 33:

• JAMB 2002

A shift in supply curve indicates that a different quantity will be supplied at each possible price because?

A. Consumers are willing to pay higher prices
B. Supply is facing competition
C. Other factors than price have changed
D. Price has changed

Question 34:

• JAMB 2003

When two variables are positively related, the graph of the relationship?

A. Is a downward-sloping curve
B. Has a negative intercept
C. Is a straight line
D. Is an upward-sloping curve

Question 35:

• JAMB 2003

A normal supply curve is usually positively sloped because the relationship between

A. Price and supply is positive
B. Demand and price is positive
C. Supply and price is negative
D. Price and demand is negative