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

Question 41:

• JAMB 2008

One of the factors affecting the supply of manufactured goods is

A. Weather
B. Technology
C. Consumer tastes
D. Availability of inputs

Question 42:

• JAMB 2009

A supply curve is positively sloped because

A. Supply always exceeds demand
B. Demand always exceeds supply
C. Price is an incentive to consumers
D. Price is an incentive to producers

Question 43:

• JAMB 2009

A decrease in supply without a corresponding change in demand will lead to

A. An increase in equilibrium price and a decrease in equilibrium quantity
B. A decrease in equilibrium price and an increase in equilibrium qantity
C. A decrease in equilibrium price and equilibrium quantity
D. An increase in equilibrium price and quantity

Question 44:

• JAMB 2010

A set of factors that can shift the supply curve are changes in

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

Question 45:

• JAMB 2012

The supply of cocoa is influenced by

A. Seasonal conditions
B. The efficacy of fertilizer used
C. The demand for beverages
D. The availability of close substitutes