NECO SSCE - Economics - 2007 (Objective)

Question 1 Report

If the Income flow of a country exceeds the expenditure flow in international transactions, the balance of payment is

balanced

deficit

restricted

surplus Correct answer

Answer Details

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

Read lesson note on Economic Development And Planning (WAEC)

International Trade And Balance Of Payments

Economic Development And Planning

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Question 2 Report

In a solo proprietorship, decisions are made by the

board of directors

government

management

owner Correct answer

shareholders

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Business Organizations (WAEC)

Read lesson note on Theory Of Costs (JAMB)

Read lesson note on The Theory Of Consumer Behaviour (JAMB)

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

The Theory Of Supply

Business Organizations

Theory Of Costs

The Theory Of Consumer Behaviour

Types And Basic Features Of Economic Systems

View Answer

Question 3 Report

The following countries are members of ECOWAS EXCEPT

Angola Correct answer

Ghana

Ivory coast

Liberia

Niger Republic

Answer Details

Read lesson note on Economic Integration (WAEC)

Read lesson note on Financial Institutions (WAEC)

Economic Integration

Financial Institutions

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Question 4 Report

The creation of physical and concrete goods that can be seen and handled Is

diminishing returns

division of labour

Industrialization

production Correct answer

specialization

Answer Details

Read lesson note on Industrialization (WAEC)

Read lesson note on Agriculture (WAEC)

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Business Organizations (JAMB)

Read lesson note on Theory Of Production (WAEC)

Industrialization

Agriculture

The Theory Of Production

Business Organizations

Theory Of Production

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Question 5 Report

The following are bye-products of crude oil EXCEPT

bitumen

kerosene

paraffin wax

perfume Correct answer

petrol

Answer Details

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

Petroleum And The Nigerian Economy

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Question 6 Report

Which of the following Is NOT a function of Merchant Bank

Helps public companies to issue new shares

Provision of medium and long-term loans

They accept bills of exchange

They guarantee the buying of shares Correct answer

They implement government monetary policies

Answer Details

Read lesson note on Banking (JAMB)

Banking

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Question 7 Report

Which of the following is a condition necessary

Few sellers and buyers Correct answer

Free entry and exist

Homogeneous goods

Lack of preferential treatment

Many callers and buyers

Answer Details

Read lesson note on Theory Of Consumer Behaviour (WAEC)

Read lesson note on Market Structure (JAMB)

Theory Of Consumer Behaviour

Market Structure

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Question 8 Report

Economics is regarded as a social science because It

helps people to be acceptable In the society

Is associated with social dubs

is used by sociologist

studies human behavior Correct answer

uses controlled experiment

Answer Details

Read lesson note on Definition And Scope Of Economics (WAEC)

Read lesson note on Economics As A Science (JAMB)

Definition And Scope Of Economics

Economics As A Science

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Question 9 Report

Which of the following is NOT an advantage of localization of industry?

Availability of social amenities

Development of subsidiary industries

Highly organized markets

supply of skilled labour

traffic De-congestion Correct answer

Answer Details

Read lesson note on Business Organizations (WAEC)

Read lesson note on Distributive Trade (WAEC)

Read lesson note on Industry And Industrialization (JAMB)

Business Organizations

Distributive Trade

Industry And Industrialization

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Question 10 Report

A change in National Income brought about by a given change in investment Is

APC

APS

MPC

MPS

The multiplier Correct answer

Answer Details

Read lesson note on National Income (WAEC)

National Income

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Question 11 Report

The following methods are used in calculation of National Income EXCEPT

depreciation Correct answer

Expenditure

Income

Output

value added

Answer Details

Read lesson note on Industrialization (WAEC)

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

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

Read lesson note on National Income (WAEC)

Industrialization

Methods And Tools Of Economic Analysis

Factors Of Production And Their Theories

National Income

View Answer

Question 12 Report

Which of the following is an advantage of free enterprise economy?

Allocates resources better

Avoids extreme Inequality of income

Full employment

It is very competent In providing vital social services Correct answer

No need of employing a host of officials to allocate resources

Answer Details

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Question 13 Report

A tax system in which the rich pay a higher percentage of income as tax than the poor is known as

capital gains tax

progressive taxation Correct answer

proportional taxation

regressive taxation

sales tax

Answer Details

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

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Question 14 Report

A deliberate government policy to exclude foreign participation in certain economic activity is known as

commercialization

indigenization Correct answer

liberalization

localization

privatization

Answer Details

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Question 15 Report

Plantation farming can best be defined as cultivation of

crops using hoes and cutlasses for farming

food crops for personal consumption

food for use by the family

large scale farms of cash crops Correct answer

livestock for commercial purposes

Answer Details

Read lesson note on Money And Inflation (JAMB)

Money And Inflation

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Question 16 Report

Which of these is NOT a bottle neck In the distribution of goods In Nigeria?

Adequate transportation network Correct answer

Inadequate credit facilities

Inadequate storage facilities

poor processing and packaging

Unnecessary hoarding

Answer Details

Read lesson note on Distributive Trade (WAEC)

Distributive Trade

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Question 17 Report

Goods that are useful, scarce and can command price are called …………. goods.

capital

consumer

economic Correct answer

free

scarce

Answer Details

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Economics As A Science

Economic Systems

View Answer

Question 18 Report

which of the following measures can be used to control inflation?

decrease in bank rate

Decrease in taxation

deficit budget

Export drive Correct answer

Increase in government expenditure

Answer Details

Read lesson note on Money And Inflation (WAEC)

Read lesson note on Public Finance (WAEC)

Read lesson note on Public Finance (JAMB)

Money And Inflation

Public Finance

View Answer

Question 19 Report

The first oil refinery in Nigeria was established at

Alesa Eleme

Araromi

Kaduna

Oloibiri Correct answer

Warri

Answer Details

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

Petroleum And The Nigerian Economy

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Question 20 Report

The following are types of monopolies EXCEPT

cartels

holding companies

syndicates

thrifts Correct answer

trusts

Answer Details

Read lesson note on Market Structure (JAMB)

Market Structure

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Question 21 Report

The theory of absolute advantage was propounded by

Adam Smith Correct answer

David Ricardo

Irving Fisher

JB Kynes

Thomas Malthus

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 22 Report

The solution to problem of how to produce in a capitalist economy is solved by

combining aid labour means of production

the producers involves Correct answer

using capital Intensive method of production

using labour intensive method of production

using the method of production with the least cost

Answer Details

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

Read lesson note on Economic Systems (JAMB)

Factors Of Production And Their Theories

Economic Systems

View Answer

Question 23 Report

Which of the following is NOT a feature of land?

Free gift of nature

Fixed in supply

Geographically immobile

Returns on land is wages Correct answer

Subject to law of diminishing returns

Answer Details

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

Factors Of Production And Their Theories

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Question 24 Report

Branding and packaging of goods Is the function of

brokers

consumers

manufactures Correct answer

retailers

wholesalers

Answer Details

Read lesson note on Business Organizations (JAMB)

Read lesson note on Distributive Trade (WAEC)

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

Business Organizations

Distributive Trade

Types And Basic Features Of Economic Systems

View Answer

Question 25 Report

A comprehensive statement of Income and expenditure on international accounts for one financial year is called

balance of payments Correct answer

balance of trade

budget

Index of trade

terms of trade

Answer Details

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

International Trade And Balance Of Payments

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Question 26 Report

Which of the following goods are NOT examples of joint supply?

Beef and hides

fuel and kerosene

Palm oil and kernel

Tea and coffee Correct answer

Wool and Mutton

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Economic Systems (JAMB)

The Theory Of Supply

Economic Systems

View Answer

Question 27 Report

If total Income is N15m and total consumption Is N3m. then the average propensity to consume is

0.2 Correct answer

0.6

0.7

Answer Details

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Money And Inflation (JAMB)

Economics As A Science

Money And Inflation

View Answer

Question 28 Report

The following are advantages of standard deviation EXCEPT that it

has greater practical utility In sampling Correct answer

is a good measure of dispersion since all the values are used in its calculation

is important and useful in the analysis of T- Test

is not a sound mathematical index

is the most popular measure of dispersion in distribution

Answer Details

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

Read lesson note on The Theory Of Demand (JAMB)

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

Methods And Tools Of Economic Analysis

The Theory Of Demand

The Theory Of Price Determination

View Answer

Question 29 Report

Standard deviation can be determined by the square root of the

mean

mean deviation

mode

variance Correct answer

variance divided by the mean

Answer Details

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

Methods And Tools Of Economic Analysis

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Question 30 Report

Population density refers to

total population

the total population divided by the total area of land Correct answer

the total area of land divided by the total population

the population ratio of male and female

optimum Population level

Answer Details

View Answer

Question 31 Report

At the point where total utility begins to decline MU is

constant

decreasing

increasing

negative Correct answer

zero

Answer Details

Read lesson note on The Theory Of Consumer Behaviour (JAMB)

Read lesson note on Economics As A Science (JAMB)

The Theory Of Consumer Behaviour

Economics As A Science

View Answer

Question 32 Report

The difference between bar charts and histograms is that the former

are difference between bars adjoined to each other while the latter are separate bars divided Into sections

are line graphs while the latter are rectangular bars

are separate bars divided Into sections while the latter are line graphs

has bars adjoined to each other while the latter has separate bars

has bars separate from each other while the latter has bars adjoined to each other Correct answer

Answer Details

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

Basic Tools Of Economic Analysis

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Question 33 Report

The function muv/muz = py/pz represents

consumer’s average utility level

diminishing marginal utility

increasing marginal utility

marginal theory of price

utility maximization Correct answer

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 34 Report

The equation MV PT is known as

demand and supply equation

equilibrium equation

equation of exchange

money supply equation Correct answer

price index numbers

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

View Answer

Question 35 Report

Which of the following is NOT a contribution of agriculture to industrial development?

provision of food for the industrial sector

Provision of funds for industrial development

Provision of raw materials

Supply of labour to the industrial sector

supply of machinery to the industrial sector Correct answer

Answer Details

Read lesson note on Agriculture (WAEC)

Agriculture

View Answer

Question 36 Report

A tax system in which the income earner pays a fixed percentage of his income annually is known as …………. tax.

direct

indirect

progressive

proportional Correct answer

regressive

Answer Details

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

View Answer

Question 37 Report

The following measures used to check deflation EXCEPT

deficit financing

improving distribution system

increasing wages and salaries

raising the bank rate Correct answer

reducing taxation

Answer Details

Read lesson note on Public Finance (JAMB)

Read lesson note on Economic Systems (JAMB)

Public Finance

Economic Systems

View Answer

Question 38 Report

The following are the objectives of economic planning EXCEPT

achieving balanced growth

diversification of the economy

creation of more employment opportunities

equitable allocation of resources

rapid population growth Correct answer

Answer Details

Read lesson note on Economic Development And Planning (WAEC)

Economic Development And Planning

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Question 39 Report

Which of the following is a disadvantage of sole proprietorship?

Does not enjoy limited liability Correct answer

Decisions are easily made and implemented

Easy to set up

Enjoys secrecy

Maintains dose relationship with workers and customers

Answer Details

Read lesson note on Agriculture (WAEC)

Read lesson note on Business Organizations (JAMB)

Read lesson note on Definition And Scope Of Economics (WAEC)

Agriculture

Business Organizations

Definition And Scope Of Economics

View Answer

Question 40 Report

The African Development Bank was set up in 1964 and has its headquarters in

Burkina Faso

Ivory Coast Correct answer

Liberia

Niger Republic

Senegal

Answer Details

Read lesson note on International Economic Organizations (JAMB)

International Economic Organizations

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Question 41 Report

The difference between Gross National Income and Gross Domestic Product is known as

capital consumption

debt repayments

Investment abroad

net income from abroad Correct answer

net saving

Answer Details

Read lesson note on National Income (WAEC)

National Income

View Answer

Question 42 Report

Agricultural production in Nigeria could be improved through

control of plant diseases Correct answer

Land Fragmentation

Payment of excise duty

the introduction of low yielding crops

the use of traditional implements

Answer Details

Read lesson note on Money And Inflation (JAMB)

Read lesson note on Agriculture In Nigeria (JAMB)

Money And Inflation

Agriculture In Nigeria

View Answer

Question 43 Report

The Industrial strategy of producing locally those goods that could have been imported is known as

balance growth

export promotion

import substitution Correct answer

Industrialization

urbanization

Answer Details

Read lesson note on Industry And Industrialization (JAMB)

Industry And Industrialization

View Answer

Question 44 Report

If the price Index of export is 140% and import is 200%, what is

70 Correct answer

100

140

280

Answer Details

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Economics As A Science

Economic Systems

View Answer

Question 45 Report

Find the arithmetic mean of the following set of scores 12, 4, 2, 8, and 14

8 Correct answer

Answer Details

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

Methods And Tools Of Economic Analysis

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Question 46 Report

Unemployment resulting from physical or mental deficiency is known as……………unemployment.

cyclical

disguised

Frictional

residual Correct answer

Voluntary

Answer Details

Read lesson note on Agriculture (WAEC)

Read lesson note on Population And Labour Market (WAEC)

Agriculture

Population And Labour Market

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