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JAMB and WAEC Economics questions: Theory of supply

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

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All topicsAgriculture in Nigeria · 30Business organisations · 29Economic growth and development · 30Economic systems · 28Economics as a science · 30Factors of production · 28Financial institutions · 30Industry and industrialisation · 30International economic organisations · 29International trade · 32Market structures · 31Methods and tools of economic analysis · 29Money and inflation · 34National income · 36Natural resources and the Nigerian economy · 30Population · 30Public finance · 31The labour market · 31Theory of consumer behaviour · 30Theory of costs and revenue · 33Theory of demand · 43Theory of price determination · 30Theory of production · 29Theory of supply · 32

  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· WAEC

    Which pair shows joint supply?

    Explanation and discussion

  4. Question 4· Theory of supply· WAEC

    An increase in the cost of fertiliser will shift the supply curve of maize

    Explanation and discussion

  5. Question 5· Theory of supply· JAMB

    The supply curve normally slopes

    Explanation and discussion

  6. Question 6· Theory of supply· WAEC

    The law of supply states that, other things being equal,

    Explanation and discussion

  7. Question 7· 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

  8. Question 8· Theory of supply· JAMB

    Beef and hides are an example of goods in

    Explanation and discussion

  9. Question 9· 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

  10. Question 10· Theory of supply· JAMB

    Composite supply refers to

    Explanation and discussion

  11. Question 11· Theory of supply· JAMB

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

    Explanation and discussion

  12. Question 12· Theory of supply· JAMB

    Supply is perfectly inelastic when

    Explanation and discussion

  13. Question 13· Theory of supply· WAEC

    When more cattle are slaughtered for beef, more hides become available. Beef and hides are in

    Explanation and discussion

  14. Question 14· Theory of supply· WAEC

    Supply of agricultural products is often inelastic in the short run because

    Explanation and discussion

  15. Question 15· Theory of supply· WAEC

    A movement along a supply curve is caused by a change in

    Explanation and discussion

  16. Question 16· 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

  17. Question 17· Theory of supply· WAEC

    An increase in the cost of raw materials will cause the supply curve of a product to

    Explanation and discussion

  18. Question 18· Theory of supply· WAEC

    An increase in the price of fertiliser will

    Explanation and discussion

  19. Question 19· Theory of supply· JAMB

    A rise in the price of a good leads to

    Explanation and discussion

  20. Question 20· Theory of supply· WAEC

    Joint supply occurs when

    Explanation and discussion

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