The Theory of Supply - Jamb Economics Past Questions and Answers

Question 36:

• JAMB 1999

The determinants of elasticity include?

A. Price, time and availability of alternatives
B. Technology and cost of production
C. Time and availability of alternatives
D. Price, time and technology changes

Question 37:

• 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 38:

• 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 39:

• JAMB 2000

Commodities I and II are

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

Question 40:

• 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