JAMB Exam  >  JAMB Tests  >  Economics for JAMB  >  Test: The Theory of Supply - 1 - JAMB MCQ

Test: The Theory of Supply - 1 - JAMB MCQ


Test Description

10 Questions MCQ Test Economics for JAMB - Test: The Theory of Supply - 1

Test: The Theory of Supply - 1 for JAMB 2024 is part of Economics for JAMB preparation. The Test: The Theory of Supply - 1 questions and answers have been prepared according to the JAMB exam syllabus.The Test: The Theory of Supply - 1 MCQs are made for JAMB 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: The Theory of Supply - 1 below.
Solutions of Test: The Theory of Supply - 1 questions in English are available as part of our Economics for JAMB for JAMB & Test: The Theory of Supply - 1 solutions in Hindi for Economics for JAMB course. Download more important topics, notes, lectures and mock test series for JAMB Exam by signing up for free. Attempt Test: The Theory of Supply - 1 | 10 questions in 8 minutes | Mock test for JAMB preparation | Free important questions MCQ to study Economics for JAMB for JAMB Exam | Download free PDF with solutions
1 Crore+ students have signed up on EduRev. Have you? Download the App
Test: The Theory of Supply - 1 - Question 1

Which of the following best defines supply?

Detailed Solution for Test: The Theory of Supply - 1 - Question 1

Supply refers to the quantity of goods and services that producers are willing and able to sell at a given price.

Test: The Theory of Supply - 1 - Question 2

Which of the following is not a determinant of supply?

Detailed Solution for Test: The Theory of Supply - 1 - Question 2

Consumer preferences are not determinants of supply. The determinants of supply include production costs, technology, and government regulations.

Test: The Theory of Supply - 1 - Question 3

Supply schedules illustrate the relationship between:

Detailed Solution for Test: The Theory of Supply - 1 - Question 3

Supply schedules illustrate the relationship between price and quantity supplied.

Test: The Theory of Supply - 1 - Question 4

The upward-sloping supply curve shows that:

Detailed Solution for Test: The Theory of Supply - 1 - Question 4

The upward-sloping supply curve shows that as price increases, quantity supplied increases.

Test: The Theory of Supply - 1 - Question 5

Which of the following represents a change in quantity supplied?

Detailed Solution for Test: The Theory of Supply - 1 - Question 5

A change in quantity supplied refers to a movement along the supply curve due to a change in price.

Test: The Theory of Supply - 1 - Question 6

A decrease in supply can be caused by:

Detailed Solution for Test: The Theory of Supply - 1 - Question 6

A decrease in supply can be caused by an increase in taxes or regulations.

Test: The Theory of Supply - 1 - Question 7

If the supply curve shifts to the left, it indicates:

Detailed Solution for Test: The Theory of Supply - 1 - Question 7

If the supply curve shifts to the left, it indicates a decrease in supply.

Test: The Theory of Supply - 1 - Question 8

Which of the following factors can cause a change in supply?

Detailed Solution for Test: The Theory of Supply - 1 - Question 8

Factors such as changes in production costs can cause a change in supply.

Test: The Theory of Supply - 1 - Question 9

A supply schedule shows that as the price of a good increases:

Detailed Solution for Test: The Theory of Supply - 1 - Question 9

A supply schedule shows that as the price of a good increases, producers are willing to supply more of the good.

Test: The Theory of Supply - 1 - Question 10

Which of the following is an example of a non-price determinant of supply?

Detailed Solution for Test: The Theory of Supply - 1 - Question 10

Consumer income is an example of a non-price determinant of demand, not supply.

162 videos|102 docs|66 tests
Information about Test: The Theory of Supply - 1 Page
In this test you can find the Exam questions for Test: The Theory of Supply - 1 solved & explained in the simplest way possible. Besides giving Questions and answers for Test: The Theory of Supply - 1, EduRev gives you an ample number of Online tests for practice

Up next

162 videos|102 docs|66 tests
Download as PDF

Up next

Download the FREE EduRev App
Track your progress, build streaks, highlight & save important lessons and more!