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 Correct answer

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 14 Report

Which of the following is NOT an internal dis-economy of scales?

Easy management and less administrative cost Correct answer

large firm suffers from bureaucracy or red tapism

less personal relationship between management and employees

Motivation may be lacking in the large firm

slow response to changes

Answer Details

Read lesson note on Theory Of Costs (JAMB)

Read lesson note on Market Structure (JAMB)

Theory Of Costs

Market Structure

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Question 15 Report

Which of the following is NOT a sources of national income statistics?

Foreign trade figure

pay-rolls of various establishment

income tax return

Economic surveys

level of infrastructural development Correct answer

Answer Details

Read lesson note on National Income (WAEC)

Read lesson note on Financial Institutions (WAEC)

National Income

Financial Institutions

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Question 16 Report

Which of the following is NOT a function of taxation?

make few people rich in the country

raise revenue for the government

redistribution of income

reduces production and consumption of harmful goods Correct answer

used as anti-inflationary device

Answer Details

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Question 17 Report

Which of the following is NOT a cause of inflation?

excessive bank lending

excessive deficit financing

increase in domestics productivity Correct answer

increase in wages and salaries of workers

increase in government expenditure

Answer Details

Read lesson note on Money And Inflation (WAEC)

Read lesson note on International Trade And Balance Of Payments (WAEC)

Read lesson note on Financial Institutions (WAEC)

Money And Inflation

International Trade And Balance Of Payments

Financial Institutions

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Question 18 Report

To finance a deficit balance of payment, a country may decide to

borrow from abroad

increase its foreign investment

privatizes its economy Correct answer

reduce domestic consumption

secure more factor of production

Answer Details

Read lesson note on Public Finance (JAMB)

Read lesson note on Factors Of Production (WAEC)

Read lesson note on Market Structures (WAEC)

Read lesson note on International Trade And Balance Of Payments (WAEC)

Public Finance

Factors Of Production

Market Structures

International Trade And Balance Of Payments

View Answer

Question 19 Report

In a free market economy, wages are determined by

the employees

the employers

trade unions

interaction of demand and supply forces Correct answer

the government

Answer Details

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

Read lesson note on Economics As A Science (JAMB)

Methods And Tools Of Economic Analysis

Economics As A Science

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Question 20 Report

Which of the following is NOT a factor determining supply?

cost of production

climatic condition or weather

income of the producers Correct answer

number of producers

technological development

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Economic Development And Planning (WAEC)

The Theory Of Supply

Economic Development And Planning

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Question 21 Report

Total revenue can be obtained by multiplying

price by quantity sold Correct answer

averages revenue by the demand

marginal revenue by marginal cost

average revenue plus marginal revenue

average cost by variable cost

Answer Details

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

View Answer

Question 22 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 Correct answer

returns on viable public corporation

Answer Details

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Question 23 Report

ECOWAS Visa lasts for

14 days

30 days

60 days

90 days Correct answer

100 days

Answer Details

Read lesson note on Economic Integration (WAEC)

Economic Integration

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Question 24 Report

The per capita income is calculated as

GNP- working age population

GNP- real national income

GNP- total capital expenditure

GNP- dependency ratio

GNP- population Correct answer

Answer Details

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

Read lesson note on National Income (WAEC)

Read lesson note on Money And Inflation (JAMB)

Factors Of Production And Their Theories

National Income

Money And Inflation

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Question 25 Report

The theory of income determination is traced to

Rev Thomas Mathus

Lord John Mynard Keynes Correct answer

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

View Answer

Question 26 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 Correct answer

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 27 Report

Which of the following is true of a perfect market situation?

price = AR=MC=AC Correct answer

price = DD = MC = AC

price = AC = MC = AR

price = AR = MR = DD

price = MR but MR < AR

Answer Details

Read lesson note on Market Structures (WAEC)

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

Market Structures

The Theory Of Price Determination

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Question 28 Report

Which of the following is NOT a component of agriculture?

crop farming

drilling Correct answer

fishing

forestry

livestock farming

Answer Details

Read lesson note on Agriculture (WAEC)

Read lesson note on Money And Inflation (JAMB)

Agriculture

Money And Inflation

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Question 29 Report

Averages cost (AC) equal to

AC_TC

TC_AC

TC_AVC

TC_MC Correct answer

TC_Q

Answer Details

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

View Answer

Question 30 Report

Of what importance is a wholesaler in the chain of distribution?

creation of artificial scarcity

bulk breaking Correct answer

formation of trade unionism

hoarding of goods

making prompt payment to producers

Answer Details

Read lesson note on Distributive Trade (WAEC)

Distributive Trade

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Question 31 Report

The central point of the Malthusian theory is that

everybody should become a farmer Correct answer

government should provide enough accommodation and food

increasing population will get enough food

population increase in geometric progression while food arithmetic progression

wages has nothing to do with cost of living

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

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Question 32 Report

Minimum price control is aimed at

increasing the size of the market

minimizing the profit level Correct answer

punishing the consumers

protecting the consumer

reducing the size of the market

Answer Details

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Economics As A Science

Economic Systems

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Question 33 Report

A tax system which takes lesser percentage of a tax payers income as his income increase is known as

direct tax

indirect tax

progressive tax Correct answer

proportional tax

regressive tax

Answer Details

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

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Question 34 Report

The demand for a commodity for the sake of what it will yield is

competitive demand Correct answer

composite demand

effective demand

joint demand

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

The Theory Of Demand

Demand

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Question 35 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 Correct answer

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 36 Report

The best way of presenting data in tabular form is in

bars and columns

charts and lines

maps and rows Correct answer

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 37 Report

Using functional relationship in economics QX = f (px, po, y, T); po stand for

level of income of the consumer

price of x

price of other commodities Correct answer

production function of x

price index

Answer Details

Read lesson note on Banking (JAMB)

Read lesson note on Theory Of Production (WAEC)

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Agriculture In Nigeria (JAMB)

Banking

Theory Of Production

Economics As A Science

Agriculture In Nigeria

View Answer

Question 38 Report

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

absolute cost advantages

absolute cost disadvantages

comparative cost advantages Correct answer

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

View Answer

Question 39 Report

Which of the following is a characteristic of private enterprises?

business risks are borne by the buyers

capital is provided by the public

control and management of the business is in the hands of customer

the business is owned and run by government

The main aim of setting up the business is to maximize profit Correct answer

Answer Details

Read lesson note on Business Organizations (JAMB)

Business Organizations

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Question 40 Report

The first commercial oil well in Nigeria was discovered in

1938

1951

1956 Correct answer

1958

1961

Answer Details

Read lesson note on Petroleum And The Nigerian Economy (JAMB)

Petroleum And The Nigerian Economy

View Answer

Question 41 Report

An economy is described as spend-rift if it

does not concern itself with savings and investment Correct answer

has a great ability to generate foreign exchange from investment

has greater opportunity to receive large income from investment

invests in income generating industries

has trade connection with other countries

Answer Details

Read lesson note on Distributive Trade (WAEC)

Read lesson note on Economics As A Science (JAMB)

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

Distributive Trade

Economics As A Science

Types And Basic Features Of Economic Systems

View Answer

Question 42 Report

Which of the following is a motive for holding money?

celebration

daily purchases Correct answer

election campaign

payment of taxes

Answer Details

Read lesson note on Money And Inflation (JAMB)

Money And Inflation

View Answer

Question 43 Report

Equilibrium prices is

a price which equates demand with supply Correct answer

a price where there is excess demand

where consumers gain much

where producers gain much

where supply is more than demand

Answer Details

View Answer

Question 44 Report

Central bank of Nigerian started operation

1958

1959 Correct answer

1960

1963

1973

Answer Details

Read lesson note on Banking (JAMB)

Banking

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Question 45 Report

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

capital structure

development induces

development projects

infrastructural facilities Correct answer

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

View Answer

Question 46 Report

Which of the following is NOT a reason for the absence of an industry in the rural areas?

Absence of financial institution

restricted market

inadequate power and water supply

inadequate transportation

presence of external economies Correct answer

Answer Details

Read lesson note on Agriculture (WAEC)

Read lesson note on Banking (JAMB)

Agriculture

Banking

View Answer

Question 47 Report

Data presented in a circular chart is known as

circular chart

component chart

histogram

pictograph

pie chart Correct answer

Answer Details

Read lesson note on Market Structure (JAMB)

Market Structure

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Question 48 Report

In the equation MV = PT; V stand for

velocity of circulation of money

velocity of price change Correct answer

volume of goods produced

volume of money

volume of transaction

Answer Details

Read lesson note on Money And Inflation (WAEC)

Money And Inflation

View Answer

Question 49 Report

A problem of price control is

development of black-market

increased earning and higher profit

increase in employment Correct answer

increase investment

redistribution of income

Answer Details

View Answer

Question 50 Report

For a monopolist, the demand curve is

inelastic

perfectly elastic

perfectly inelastic Correct answer

elastic

unitary elastic

Answer Details

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Demand (WAEC)

The Theory Of Production

Demand

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