NECO SSCE - Economics - 2003 (Objective)

Abdul is faced with a choice between buying a new NOTE book and a pen with N10. Since the N10 can NOT give him both items he decide to buy NOTE book. The money cost to him is

N10

N20

N30

N40

N50

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on The Theory Of Price Determination (JAMB)

Read lesson note on Supply (WAEC)

The Theory Of Supply

Theory Of Price Determination

The Theory Of Demand

The Theory Of Price Determination

Supply

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Question 38 Report

In economics, electricity, water supply, communication networks, road, etc are known as

capital structure

development induces

development projects

infrastructural facilities

project growth

Answer Details

Read lesson note on Market Structure (JAMB)

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Market Structure

Economics As A Science

Economic Systems

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Question 39 Report

What is meant by utility?

amount of money derived by a manufacture

A number of things a consumer will enjoy at a time

amount of satisfaction derive from the consumption of a commodity at a particular time

amount of satisfaction giving to a producer

total profit producers will get at a particular time

Answer Details

Read lesson note on Factors Of Production And Their Theories (JAMB)

Read lesson note on Market Structures (WAEC)

Read lesson note on Demand (WAEC)

Factors Of Production And Their Theories

Market Structures

Demand

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Question 40 Report

Equilibrium prices is

a price which equates demand with supply

a price where there is excess demand

where consumers gain much

where producers gain much

where supply is more than demand

Answer Details

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Question 41 Report

In the equation MV = PT; V stand for

velocity of circulation of money

velocity of price change

volume of goods produced

volume of money

volume of transaction

Answer Details

Read lesson note on Money And Inflation (WAEC)

Money And Inflation

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Question 42 Report

According to the theory of comparative advantages, countries are to specialize based on their

absolute cost advantages

absolute cost disadvantages

comparative cost advantages

comparative cost disadvantages

the availability of labour

Answer Details

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Types And Basic Features Of Economic Systems (WAEC)

Economics As A Science

Types And Basic Features Of Economic Systems

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Question 43 Report

The aim of indigenization policy was to

build more industries in the economy

increase the drain in foreign exchange

increase foreign domination of the economy

increase the participation of Nigerians in commerce and industry

send all the foreigners away from Nigeria

Answer Details

Read lesson note on Industry And Industrialization (JAMB)

Industry And Industrialization

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Question 44 Report

The theory of income determination is traced to

Rev Thomas Mathus

Lord John Mynard Keynes

Prof Adam Smith

R G Lipsey

Prof Umar SI

Answer Details

Read lesson note on National Income (WAEC)

Read lesson note on The Theory Of Price Determination (JAMB)

National Income

The Theory Of Price Determination

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Question 45 Report

The best way of presenting data in tabular form is in

bars and columns

charts and lines

maps and rows

pictographs and histogram

rows and columns

Answer Details

Read lesson note on Methods And Tools Of Economic Analysis (JAMB)

Read lesson note on Basic Tools Of Economic Analysis (WAEC)

Methods And Tools Of Economic Analysis

Basic Tools Of Economic Analysis

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Question 46 Report

Which of the following is a motive for holding money?

celebration

daily purchases

election campaign

payment of taxes

Answer Details

Read lesson note on Money And Inflation (JAMB)

Money And Inflation

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Question 47 Report

An economic system where both the public and individuals own and control means of production is known as ……… system

capitalism

communist

mixed

socialist

welfarist

Answer Details

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Question 48 Report

One of the following is NOT a reason for increase in public expenditure

decrease arising from public debt and its servicing

increase in capital expenditure to provide social services

increase financial commitment for defence and security

increase in recurrent expenditure with regard to wages and salary paid to public servant

returns on viable public corporation

Answer Details

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Question 49 Report

The law of variable proportion state that if the quantities of variable factor of production are used with fixed factor, after a certain point,

each successive unit of the variable factor brings about a decreasing marginal product

each successive unit of the variable factor bring about equal increase in marginal product

each successive unit of the variable factor bring about an increasing marginal product

each successive unit of the variable factor bring about four time increase in marginal product

each successive unit of the variable factor bring about more than equal increase in marginal product

Answer Details

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

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Question 50 Report

Data presented in a circular chart is known as

circular chart

component chart

histogram

pictograph

pie chart

Answer Details

Read lesson note on Market Structure (JAMB)

Market Structure

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