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



The supply curve above is _____ (JAMB 2016)

A. fairly inelastic
B. perfectly inelastic
C. unitary elastic
D. perfectly elastic


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


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

A. 30   B. 20   C. 15   D. 50

 

 

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