Economics Questions and Answers
Economics questions and answers to help you prepare for JAMB, WAEC, NECO, Post UTME and job aptitude tests or interviews.
Economics questions and answers to help you prepare for JAMB, WAEC, NECO, Post UTME and job aptitude tests or interviews.
When market supply increases, the equilibrium price_________
Rises and quantity falls
Falls and quantity rises
And quantity increase
And quantity fall
Correct answer is B
No explanation has been provided for this answer.
Government can increase farmer's incomes by_________
Fixing maximum prices
Fixing minimum prices
Encouraging them to produce surplus output
Increasing taxes on inputs
Correct answer is B
No explanation has been provided for this answer.
Market supply may increase if there is an increase in the_______
Price of the product
Prices of factors of production
Tax paid on raw materials
Subsidies on raw materials
Correct answer is A
No explanation has been provided for this answer.
The leftward shift in the supply curve for a commodity indicates_________
An increase in quantity supplied
A decrease in supply
A reduction in quantity supplied
An increase in supply
Correct answer is B
A leftward or an inward shift in the supply curve means a decrease in supply. When the supply curve shifts to the left, it causes prices to rise and the quantity to decrease.
Unitary elastic
Perfectly inelastic
Fairly elastic
Inelastic
Correct answer is C
No explanation has been provided for this answer.