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JAMB Economics questions: Theory of supply

16 questions with answers and explanations. Tap an option to check yourself.

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All topicsAgriculture in Nigeria · 15Business organisations · 15Economic growth and development · 15Economic systems · 15Economics as a science · 15Factors of production · 13Financial institutions · 16Industry and industrialisation · 15International economic organisations · 13International trade · 16Market structures · 16Methods and tools of economic analysis · 15Money and inflation · 17National income · 18Natural resources and the Nigerian economy · 15Population · 15Public finance · 17The labour market · 16Theory of consumer behaviour · 15Theory of costs and revenue · 17Theory of demand · 22Theory of price determination · 16Theory of production · 15Theory of supply · 16

  1. Question 1· Theory of supply· JAMB

    A supply curve normally slopes upwards because

    Explanation and discussion

  2. Question 2· Theory of supply· JAMB

    An indirect tax imposed on a commodity shifts its supply curve

    Explanation and discussion

  3. Question 3· Theory of supply· JAMB

    The supply curve normally slopes

    Explanation and discussion

  4. Question 4· Theory of supply· JAMB

    When the price of a good rises by 10%, the quantity supplied rises by 25%. The price elasticity of supply is

    Explanation and discussion

  5. Question 5· Theory of supply· JAMB

    Beef and hides are an example of goods in

    Explanation and discussion

  6. Question 6· Theory of supply· JAMB

    Price rises from ₦50 to ₦60 and quantity supplied rises from 100 to 130 units. The price elasticity of supply is

    Explanation and discussion

  7. Question 7· Theory of supply· JAMB

    Composite supply refers to

    Explanation and discussion

  8. Question 8· Theory of supply· JAMB

    In the short run, the supply of agricultural produce is relatively inelastic because

    Explanation and discussion

  9. Question 9· Theory of supply· JAMB

    Supply is perfectly inelastic when

    Explanation and discussion

  10. Question 10· Theory of supply· JAMB

    A farmer can use a plot of land for either maize or cassava. Maize and cassava are in

    Explanation and discussion

  11. Question 11· Theory of supply· JAMB

    A rise in the price of a good leads to

    Explanation and discussion

  12. Question 12· Theory of supply· JAMB

    Which of the following will NOT shift the supply curve of maize?

    Explanation and discussion

  13. Question 13· Theory of supply· JAMB

    An increase in the cost of production will shift the supply curve

    Explanation and discussion

  14. Question 14· Theory of supply· JAMB

    A government subsidy to producers of a good shifts the supply curve

    Explanation and discussion

  15. Question 15· Theory of supply· JAMB

    Supply is perfectly elastic when the supply curve is

    Explanation and discussion

  16. Question 16· Theory of supply· JAMB

    Goods produced together such as petrol and kerosene from crude oil are in

    Explanation and discussion

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