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

Given the supply function: P = ¼ (Q_s + 10) when P = N 10, what is Q_s? (JAMB 2019)

A. 30   B. 20   C. 15   D. 50

The supply of Kolanuts is influenced by ______ (JAMB 2015)

A. rate of interest on agricultural loans
B. weather conditions
C. population size
D. taste of the consumers

If price of yams decreases from N 15.00 per tuber to N 13.50 and the quantity supplied decreases by 20%, what is the elasticity of supply? (JAMB 2016)

A. 2.00    B. 0.50   C. 1.50   D. 1.00