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

Hello and Welcome to Economics Practice Test - Theory of Supply

  1. You are to attempt 5 random objectives questions ONLY.
  2. Supply Your Full Name and Location in the text box below and begin immediately.
  3. You can attempt as many times as possible


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


The supply of cocoa is influenced by _______ (JAMB 2012)

A. seasonal conditions
B. the efficacy of fertilizer used
C. the demand for beverage
D. the availability of close substitutes


A set of factors that can shift the supply curve are changes in _____ (JAMB 2010)

A. weather, price and technology
B. technology, price and taste
C. technology, weather and population
D. population, price and taste


What effect would a change in price of a commodity have on its supply? (JAMB 2016)

A. An increase in supply
B. No change in supply.
C. A decrease in supply
D. A change in the quantity supplied



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

 

 

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