NECO SSCE - Economics - 2004 (Objective)

The assumptions of the principles of comparative cost advantage is based on

I. Absence of Trade Restrictions
II. No transport costs
III. Constant technology

Which of the following is true about average cost?

A business organization set up for the mutual benefits of member with similar interest is known as

Individuals who buy new shares in anticipation of reselling at higher prices in the stock exchange market are called

In Economics, want means…………aspiration

The main differences between money market and capital market is that money markets

Which of the following is NOT a problem of population census in Nigeria?

The types of unemployment that evolved the use of machines to replaces human labour is known as

A development planning which takes a long range view of the economy and covers a period of 10-20 years is regarded as

Arrangement of wants in order of importance is brought about by

In international trade, when payments of a country are higher than the receipts, then the balance of payment is

The indices used to measure the cost of living is

All the following are the objectives of economic planning EXCEPT to

Points outside the production possibility curves shows

The excess profit made by a firm in a competitive market situation in the short-term is known as

When a change in the demand for commodity A leads to a change in demand for commodity B in the same direction, demand for A & B is

Which of the following is NOT a function of the wholesaler in the distributive channel?

To an individual, the term cost will include expenditure on the following EXCEPT

An inflation which occurs as a result of increase in production cost is known as

The basic economics problem of what to produce arises as a result of

The introduction of money into the economy has helped to resolve the following problems EXCEPT

The main industrial cities in Nigeria are

Which of the following will NOT be a barrier to international trade?

The desire to hold cash balances in order to meet expenditures which arises due to unforeseen circumstances is

The most generally accepted definition of Economics was given by

Excise duties are taxes levied on

Which of the following is NOT a factor to be considered in siting an industry in a particular area?

The following are the main problems of distribution of essential commodities in Nigeria EXCEPT

When Elasticity of Demand is greater than one, the demand is

A negative effect of the discovery of petroleum on the Nigerian economy is

A one-man business is controlled by

When total utility is at maximum, then marginal utility is

The unit of satisfaction dived from the consumption of an additional unit of a commodity is known as

Which of the following factors will NOT affect supply of maize in Nigeria?

Demand for labour depends on the following factors EXCEPT

The decision of whether to use labour or capital intensive techniques in production process is a problem of

The amount of money required for the day-to-day running of a business is known as

A firm with a total of 54 employees produced 108 tonnes of toilet tissues in 3months. What is the average production per employee?

In a socialist economic system, decisions relating to the fundamental economic problems are taken by