NECO SSCE - Economics - 2002 (Objective)

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?

0.5

0.8 Richtige Antwort

1.5

1.8

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

Lies die Unterrichtsnotiz zu The Theory Of Price Determination (JAMB)

The Theory Of Demand

The Theory Of Price Determination

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Frage 7 Bericht

The following are type of business organization EXCEPT

co-operative society

Entrepreneurship Richtige Antwort

partnership

public corporation

Sole proprietorship

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Lies die Unterrichtsnotiz zu Business Organizations (WAEC)

Business Organizations

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Frage 8 Bericht

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

employment generation

fuel provision

infrastructural development

revenue generation Richtige Antwort

technical know-how

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Lies die Unterrichtsnotiz zu Petroleum And The Nigerian Economy (JAMB)

Petroleum And The Nigerian Economy

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Frage 9 Bericht

A market situation with few sellers and many buyers is called

monopoly

duopoly

oligopoly Richtige Antwort

perfect competition

monopsony

Antwortdetails

Lies die Unterrichtsnotiz zu Factors Of Production And Their Theories (JAMB)

Lies die Unterrichtsnotiz zu Market Structures (WAEC)

Lies die Unterrichtsnotiz zu Market Structure (JAMB)

Factors Of Production And Their Theories

Market Structures

Market Structure

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Frage 10 Bericht

The main disadvantages of deflationary policies is

full employment in the country

increasing cost of living

improved standard of living

unemployment in the country Richtige Antwort

under employment in the country

Antwortdetails

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Lies die Unterrichtsnotiz zu Economic Systems (JAMB)

Economics As A Science

Economic Systems

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Frage 11 Bericht

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

encouraging growth of the economy

projecting images of government

re-allocation of resources Richtige Antwort

redistribution of income and wealth

stabilization of the economy

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Lies die Unterrichtsnotiz zu National Income (WAEC)

Lies die Unterrichtsnotiz zu Public Finance (JAMB)

National Income

Public Finance

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Frage 12 Bericht

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

14 Richtige Antwort

Antwortdetails

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Frage 13 Bericht

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

all factor inputs are not being used

all factor inputs are variable Richtige Antwort

all factor inputs are fixed

only few factor inputs are variable

firms are not producing at all

Antwortdetails

Lies die Unterrichtsnotiz zu Factors Of Production And Their Theories (JAMB)

Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

Lies die Unterrichtsnotiz zu Factors Of Production (WAEC)

Factors Of Production And Their Theories

The Theory Of Production

Factors Of Production

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Frage 14 Bericht

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

carry out feasibility study for projects in less developed countries

increase impact of developed countries over less developed countries

increase share of less developed countries in world trade Richtige Antwort

make goods available in developed countries

transfer technology from developed to less developed countries

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Lies die Unterrichtsnotiz zu Major Natural Resources (WAEC)

Lies die Unterrichtsnotiz zu International Economic Organizations (WAEC)

Major Natural Resources

International Economic Organizations

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Frage 15 Bericht

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

gross domestic product

gross National incomes

Net disposable income

Net National income

per capita income Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu National Income (WAEC)

Lies die Unterrichtsnotiz zu National Income (JAMB)

National Income

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Frage 16 Bericht

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

agriculture Richtige Antwort

mono culture

forestry

aqua-science

horticulture

Antwortdetails

Lies die Unterrichtsnotiz zu Agriculture (WAEC)

Lies die Unterrichtsnotiz zu International Economic Organizations (JAMB)

Lies die Unterrichtsnotiz zu Petroleum And The Nigerian Economy (JAMB)

Lies die Unterrichtsnotiz zu Agriculture In Nigeria (JAMB)

Agriculture

International Economic Organizations

Petroleum And The Nigerian Economy

Agriculture In Nigeria

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Frage 17 Bericht

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

capitalism Richtige Antwort

communism

Socialism

traditionalism

welfarism

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Lies die Unterrichtsnotiz zu Economic Systems (JAMB)

Economic Systems

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Frage 18 Bericht

The demand for labour in an economy is a depiction of

competitive demand

Composite demand

Complementary demand

Deductive demand

derived demand Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

The Theory Of Demand

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Frage 19 Bericht

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

borrow from abroad

devalue its currency

increase its foreign reserve Richtige Antwort

promote imports into the country

sell out its foreign assets

Antwortdetails

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Frage 20 Bericht

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

consumption + investment Richtige Antwort

consumption + investment + tax

consumption + investment + expenditure

consumption + exports + imports

saving + investment

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Lies die Unterrichtsnotiz zu Public Finance (JAMB)

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

Public Finance

The Theory Of Demand

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Frage 21 Bericht

Disposable income in national income accounting is an income which

cannot be used again

is available for consumption and saving Richtige Antwort

is a available to disabled people

must be wasted once and for all

pensioners receive from the treasury board

Antwortdetails

Lies die Unterrichtsnotiz zu National Income (WAEC)

National Income

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Frage 22 Bericht

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

elastic demand

inelastic demand Richtige Antwort

negative demand

positive demand

unitary demand

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

The Theory Of Demand

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Frage 23 Bericht

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?

decrease in demand for commodity B Richtige Antwort

decrease in price of commodity B

demand for commodity B remain constant

increase in demand for commodity B

increase in the price of commodity B

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

Lies die Unterrichtsnotiz zu Demand (WAEC)

The Theory Of Demand

Demand

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Frage 24 Bericht

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

bargaining

lack of specialization

market trade unions

natural barriers Richtige Antwort

large number of middlemen

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Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Lies die Unterrichtsnotiz zu Economic Systems (JAMB)

Economics As A Science

Economic Systems

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Frage 25 Bericht

Which of the folowing NOT among the objectives of OPEC?

to stabilize the revenue from oil to producing countries

to stabilize the price of iol in the world market Richtige Antwort

to make sure that oil flows to all the consuming countries

to estabilished petroleum refineries in all member state

to co-ordinate and harmonize the oil policies of member countries

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Lies die Unterrichtsnotiz zu International Economic Organizations (JAMB)

International Economic Organizations

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Frage 26 Bericht

The 1962-1968 development plan in nigerian failed because of

absence of indigenous bank

higher exchange rate

non availability of finance house

movement of colonial masters

over dependency on foreign capital Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Public Finance (JAMB)

Lies die Unterrichtsnotiz zu Banking (JAMB)

Public Finance

Banking

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Frage 27 Bericht

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

capitalism Richtige Antwort

communism

freedomism

socialism

welfarism

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Lies die Unterrichtsnotiz zu Economic Systems (JAMB)

Economic Systems

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Frage 28 Bericht

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

Y=C + I + X - M –G

Y= C + X – M – I + G

Y = C + I + G + X – M Richtige Antwort

Y = C – I + X – M + G

Y = C + G – X + M – I

Antwortdetails

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Frage 29 Bericht

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

African bank for commerce and industry

African development bank Richtige Antwort

economic bank for African

recovery fund bank for Africa

Africa currency board bank

Antwortdetails

Lies die Unterrichtsnotiz zu Economic Development And Planning (WAEC)

Economic Development And Planning

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Frage 30 Bericht

Transcationary motive implies, holding money

for future investment

for day to day expenses Richtige Antwort

for unforeseen contingencies

to settle previous debts

to buy share in the stock exchange market

Antwortdetails

Lies die Unterrichtsnotiz zu Money And Inflation (WAEC)

Lies die Unterrichtsnotiz zu National Income (WAEC)

Lies die Unterrichtsnotiz zu International Trade (JAMB)

Lies die Unterrichtsnotiz zu Public Finance (JAMB)

Money And Inflation

National Income

International Trade

Public Finance

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Frage 31 Bericht

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

increase in personal income tax

increase in bank rate and interest

increase in government capital expenditure Richtige Antwort

reduction in money supply

reduction in government recurrent expenditure

Antwortdetails

Lies die Unterrichtsnotiz zu Money And Inflation (WAEC)

Lies die Unterrichtsnotiz zu Public Finance (WAEC)

Money And Inflation

Public Finance

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Frage 32 Bericht

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

fees

commission

time-rates Richtige Antwort

salary

wages

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

The Theory Of Demand

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Frage 33 Bericht

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

double coincidence of wants Richtige Antwort

double exchange rate

durability of goods

divisibility of commodities

homogeneity of goods

Antwortdetails

Lies die Unterrichtsnotiz zu Demand (WAEC)

Demand

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Frage 34 Bericht

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

a change in real income

government policy Richtige Antwort

increase in population

the price of the good or service

taste and fashion

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

The Theory Of Demand

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Frage 35 Bericht

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

equation

mean

Median Richtige Antwort

mode

Variance

Antwortdetails

Lies die Unterrichtsnotiz zu Theory Of Price Determination (WAEC)

Lies die Unterrichtsnotiz zu Theory Of Costs (JAMB)

Lies die Unterrichtsnotiz zu The Theory Of Price Determination (JAMB)

Theory Of Price Determination

Theory Of Costs

The Theory Of Price Determination

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Frage 36 Bericht

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

duopoly

monopolist Richtige Antwort

monopsonist

oligopoly

perfect competitor

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

Lies die Unterrichtsnotiz zu Theory Of Price Determination (WAEC)

Lies die Unterrichtsnotiz zu The Theory Of Price Determination (JAMB)

The Theory Of Production

Theory Of Price Determination

The Theory Of Price Determination

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Frage 37 Bericht

One of the fundamental economic problem of every society is

allocation of scarce resource Richtige Antwort

availability of market

consumption pattern of inhabitant

presence of middle man

inadequate labour force

Antwortdetails

Lies die Unterrichtsnotiz zu Definition And Scope Of Economics (WAEC)

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Definition And Scope Of Economics

Economics As A Science

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Frage 38 Bericht

The Nigerian indigenization decree process involves

5 phases

6 phases

4 phases

3 phases Richtige Antwort

2 phases

Antwortdetails

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Frage 39 Bericht

Which of the following is NOT a feature of capitalism ?

detailed economics planning Richtige Antwort

Free enterprise

competition

private ownership of property

Entrepreneurs and the pursuit of profit

Antwortdetails

Lies die Unterrichtsnotiz zu Economic Systems (JAMB)

Economic Systems

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Frage 40 Bericht

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

demand

desire

effective demand Richtige Antwort

utility

want

Antwortdetails

Lies die Unterrichtsnotiz zu Demand (WAEC)

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Demand

Economics As A Science

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Frage 41 Bericht

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

budgeting and planning based on expectations Richtige Antwort

expansion in employment

discovering and exploration of new resources

introduction of improved production techniques

skill improvement through education and training

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

Lies die Unterrichtsnotiz zu Factors Of Production (WAEC)

The Theory Of Production

Factors Of Production

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Frage 42 Bericht

In production, total cost comprises of

averages cost and marginal cost

variable cost and averages cost

variable cost and fixed cost Richtige Antwort

marginal cost and variable cost

fixed cost and averages cost

Antwortdetails

Lies die Unterrichtsnotiz zu Theory Of Costs (JAMB)

Lies die Unterrichtsnotiz zu Theory Of Production (WAEC)

Theory Of Costs

Theory Of Production

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Frage 43 Bericht

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

demand curve

indifference curve Richtige Antwort

opportunity curve

utility curve

supply curve

Antwortdetails

Lies die Unterrichtsnotiz zu Market Structures (WAEC)

Market Structures

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Frage 44 Bericht

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

balanced budget

deficit budget Richtige Antwort

favorable budget

surplus budget

unfavorable budget

Antwortdetails

Lies die Unterrichtsnotiz zu Public Finance (WAEC)

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Public Finance

Economics As A Science

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