Types Of Supply Jamb Economics Past Questions
Question 6
Market for Garri: At a price of N5, the excess supply is`
- A. 30 tins per week
- B. 45 tins per week
- C. 15 tins per week
- D. 20 tins per week
- E. indeterminate
Question 7
One of the reason why the condition of supply of a commodity may change is
- A. a change in real income
- B. changes in the technique of production
- C. a change of fashion or taste
- D. change in population
Question 8
Which of the following is NOT a determinant of changes in supply?
- A. Changes in the cost of production
- B. Technical progress
- C. Weather
- D. Changes in the number of producers
- E. Changes in the number buyers
Question 9
Production possibilities(alternatives)
P Q R S T
Units of shelter 5 4 3 2 0
Units of food 0 5 9 12 15
Based on the above production possibilities table, the real cost of a unit of food when alternative R is selected is?
- A. one unit of shelter
- B. three units of shelter
- C. one third of a unit of shelter
- D. six units of shelter
- E. two units of shelter
