JAMB and WAEC Economics questions: Theory of supply

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

1. Question 21· Theory of supply· WAEC

   A subsidy to producers will

   • Areduce demand
   • Bdecrease supply
   • Cnot affect supply
   • Dincrease supply

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2. Question 22· Theory of supply· WAEC

   Good weather that increases the harvest of tomatoes will

   • Areduce supply
   • Bshift the demand curve to the left
   • Craise the price of tomatoes
   • Dshift the supply curve to the right

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3. Question 23· Theory of supply· WAEC

   Supply of agricultural products is inelastic in the short run because

   • Afarmers are rich
   • Bproduction takes time
   • Cdemand is low
   • Dprices are fixed by law

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4. Question 24· Theory of supply· JAMB

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

   • Abad weather
   • Ban improvement in farming technology
   • Ca rise in the cost of fertiliser
   • Da change in the price of maize

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5. Question 25· Theory of supply· WAEC

   An increase in the cost of production will cause the supply curve to

   • Astay the same
   • Bshift to the right
   • Cbecome vertical
   • Dshift to the left

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6. Question 26· Theory of supply· WAEC

   The supply of fresh tomatoes is fairly inelastic in the short run because

   • Aoutput cannot be increased quickly
   • Btomatoes are luxuries
   • Cdemand is high
   • Dtomatoes are imported

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7. Question 27· Theory of supply· JAMB

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

   • Ato the left
   • Bto the right
   • Calong the same curve
   • Dto become vertical

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8. Question 28· Theory of supply· WAEC

   Supply is defined as the quantity of a good that sellers are

   • Akeeping in stores
   • Bforced to sell
   • Cwilling and able to offer for sale at a given price and time
   • Dbuying

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9. Question 29· Theory of supply· JAMB

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

   • Anot at all
   • Bto the left
   • Cto become vertical
   • Dto the right

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10. Question 30· Theory of supply· JAMB

    Supply is perfectly elastic when the supply curve is

    • Avertical
    • Bhorizontal
    • Cupward sloping
    • Ddownward sloping

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11. Question 31· Theory of supply· WAEC

    Supply is said to be perfectly inelastic when

    • Aquantity supplied changes greatly with price
    • Bquantity supplied does not change as price changes
    • Cprice is fixed by government
    • Dsupply is zero

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12. Question 32· Theory of supply· JAMB

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

    • Aderived demand
    • Bcompetitive supply
    • Ccomposite demand
    • Djoint supply

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    Explanation and discussion