Economics Practice Test – Theory of Supply (Questions with Answers and Explanations)

The graph above illustrates ______ (JAMB 2015)

A. an inelastic supply curve
B. a unitary elastic curve
C. a perfectly inelastic supply curve
D. an elastic supply curve

One of the major factors that bring about changes in supply is _____ (JAMB 2013)

A. market discrimination
B. availability of storage facilities
C. the cost of storage
D. incentives granted to workers

The most important determinant in the supply of agricultural products is _____ (JAMB 2018)

A. favourable weather condition
B. Large number of youths
C. Government funding
D. Mix number of youths and olds

The graph above illustrates _____ (JAMB 2015)

A. a change in supply
B. a change in demand
C. a decrease in the quantity supplied
D. an increase in the quantity supplied

The cost elasticity of supply is a useful instrument for measuring ______ (JAMB 2012)

A. profit
B. productivity
C. national income
D. price index