NECO SSCE - Economics - 2002

An economic system in which the decision on what and how to produce is determined by the individual is called

If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, what is the price elasticity of demand for the commodity?

The demand for labour in an economy is a depiction of

In income determination theory, acceleration principles shows that

In production, total cost comprises of

One of the fundamental economic problem of every society is

If the consumer demand for product X increases, as the demand for product, Y increases then the goods X and Y are

Which of the following is NOT a factor that brings about changes in demand?

The main function of retailer in the distribution channel is

Which of the following factors will NOT account for an outward shift of production possibility curve?

The act of cultivating land and rearing of animal for man’s use is

Which of the folowing NOT among the objectives of OPEC?

An economic system in which individual control the productive resources is known as

The 1962-1968 development plan in nigerian failed because of

Remuneration of labour based on number of hours worked is known as

When combination of two goods which a consumer derive equal satisfaction is plotted on a graph, the graph is known as

Transcationary motive implies, holding money

If commodities A & B are jointly demanded, what will be the effect of an increase in the price of A on the demand for commodity B?

The bank established to finances project aimed at promoting economic and social development within the African continent is

A producer who can only influence the price of his product but canNOT determine the quantity to be sold is referred to as

Which of the following measure will NOT serves as a control during inflation period?

Which of these is NOT associated with the problem of internal trade?

In a two-sector economy, income is a function of

What is the median term in the distribution below ;14, 13 29 ,15 ,13,17 ,12,

The following are type of business organization EXCEPT

The following are reward for factors of production EXCEPT

The main disadvantages of deflationary policies is

Which of these is a necessary condition for trade by barter?

Government expenditure on universal basic education and subsidy on agriculture are aimed at

The Nigerian indigenization decree process involves

The contribution of petroleum to the economy of nigerian is most prominent in the area of

A market situation with few sellers and many buyers is called

One of the function of united nation conference on trade and development (UNTAD) is to

Which of the following is NOT a feature of capitalism ?

Disposable income in national income accounting is an income which

The willingness of an individual backed up with purchasing power at a given time is

Long-run in economic mean a period of time in which

When an economy is having a balance of payment surplus the best alternative opened to it is to

To discourage the consumption of harmful commodities, government should tax such commodities if they have

The middle value of an array figure arranged in descending order is referred to as the

The comparison of the standard of living between Nigeria and Ghana is best down through the use of

If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

The formular used by the Expenditure approach to calculate National income is

Tc/Q =