NECO SSCE - Economics - 2007 (Objective)

Frage 1 Bericht

The first oil refinery in Nigeria was established at

Alesa Eleme

Araromi

Kaduna

Oloibiri Richtige Antwort

Warri

Antwortdetails

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

Petroleum And The Nigerian Economy

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Frage 2 Bericht

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

balance of payments Richtige Antwort

balance of trade

budget

Index of trade

terms of trade

Antwortdetails

Lies die Unterrichtsnotiz zu International Trade And Balance Of Payments (WAEC)

International Trade And Balance Of Payments

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Frage 3 Bericht

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

Burkina Faso

Ivory Coast Richtige Antwort

Liberia

Niger Republic

Senegal

Antwortdetails

Lies die Unterrichtsnotiz zu International Economic Organizations (JAMB)

International Economic Organizations

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Frage 4 Bericht

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

Adequate transportation network Richtige Antwort

Inadequate credit facilities

Inadequate storage facilities

poor processing and packaging

Unnecessary hoarding

Antwortdetails

Lies die Unterrichtsnotiz zu Distributive Trade (WAEC)

Distributive Trade

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Frage 5 Bericht

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

combining aid labour means of production

the producers involves Richtige Antwort

using capital Intensive method of production

using labour intensive method of production

using the method of production with the least cost

Antwortdetails

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

Lies die Unterrichtsnotiz zu Economic Systems (JAMB)

Factors Of Production And Their Theories

Economic Systems

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Frage 6 Bericht

The following methods are used in calculation of National Income EXCEPT

depreciation Richtige Antwort

Expenditure

Income

Output

value added

Antwortdetails

Lies die Unterrichtsnotiz zu Industrialization (WAEC)

Lies die Unterrichtsnotiz zu Methods And Tools Of Economic Analysis (JAMB)

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

Lies die Unterrichtsnotiz zu National Income (WAEC)

Industrialization

Methods And Tools Of Economic Analysis

Factors Of Production And Their Theories

National Income

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Frage 7 Bericht

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 Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Business Organizations (WAEC)

Lies die Unterrichtsnotiz zu Distributive Trade (WAEC)

Lies die Unterrichtsnotiz zu Industry And Industrialization (JAMB)

Business Organizations

Distributive Trade

Industry And Industrialization

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Frage 8 Bericht

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

balanced

deficit

restricted

surplus Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu International Trade And Balance Of Payments (WAEC)

Lies die Unterrichtsnotiz zu Economic Development And Planning (WAEC)

International Trade And Balance Of Payments

Economic Development And Planning

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Frage 9 Bericht

Which of the following is a disadvantage of sole proprietorship?

Does not enjoy limited liability Richtige Antwort

Decisions are easily made and implemented

Easy to set up

Enjoys secrecy

Maintains dose relationship with workers and customers

Antwortdetails

Lies die Unterrichtsnotiz zu Agriculture (WAEC)

Lies die Unterrichtsnotiz zu Business Organizations (JAMB)

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

Agriculture

Business Organizations

Definition And Scope Of Economics

Antwort anzeigen

Frage 10 Bericht

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 Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Economic Development And Planning (WAEC)

Economic Development And Planning

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Frage 11 Bericht

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

0.2 Richtige Antwort

0.6

0.7

Antwortdetails

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Lies die Unterrichtsnotiz zu Money And Inflation (JAMB)

Economics As A Science

Money And Inflation

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Frage 12 Bericht

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

balance growth

export promotion

import substitution Richtige Antwort

Industrialization

urbanization

Antwortdetails

Lies die Unterrichtsnotiz zu Industry And Industrialization (JAMB)

Industry And Industrialization

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Frage 13 Bericht

At the point where total utility begins to decline MU is

constant

decreasing

increasing

negative Richtige Antwort

zero

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Consumer Behaviour (JAMB)

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

The Theory Of Consumer Behaviour

Economics As A Science

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Frage 14 Bericht

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

8 Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Methods And Tools Of Economic Analysis (JAMB)

Methods And Tools Of Economic Analysis

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Frage 15 Bericht

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

decrease in bank rate

Decrease in taxation

deficit budget

Export drive Richtige Antwort

Increase in government expenditure

Antwortdetails

Lies die Unterrichtsnotiz zu Money And Inflation (WAEC)

Lies die Unterrichtsnotiz zu Public Finance (WAEC)

Lies die Unterrichtsnotiz zu Public Finance (JAMB)

Money And Inflation

Public Finance

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Frage 16 Bericht

In a solo proprietorship, decisions are made by the

board of directors

government

management

owner Richtige Antwort

shareholders

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Supply (JAMB)

Lies die Unterrichtsnotiz zu Business Organizations (WAEC)

Lies die Unterrichtsnotiz zu Theory Of Costs (JAMB)

Lies die Unterrichtsnotiz zu The Theory Of Consumer Behaviour (JAMB)

Lies die Unterrichtsnotiz zu 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

Antwort anzeigen

Frage 17 Bericht

The equation MV PT is known as

demand and supply equation

equilibrium equation

equation of exchange

money supply equation Richtige Antwort

price index numbers

Antwortdetails

Lies die Unterrichtsnotiz zu Methods And Tools Of Economic Analysis (JAMB)

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Methods And Tools Of Economic Analysis

Economics As A Science

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Frage 18 Bericht

Which of the following is NOT a feature of land?

Free gift of nature

Fixed in supply

Geographically immobile

Returns on land is wages Richtige Antwort

Subject to law of diminishing returns

Antwortdetails

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

Factors Of Production And Their Theories

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Frage 19 Bericht

The following are bye-products of crude oil EXCEPT

bitumen

kerosene

paraffin wax

perfume Richtige Antwort

petrol

Antwortdetails

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

Petroleum And The Nigerian Economy

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Frage 20 Bericht

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 Richtige Antwort

No need of employing a host of officials to allocate resources

Antwortdetails

Lies die Unterrichtsnotiz zu Economic Systems (JAMB)

Economic Systems

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Frage 21 Bericht

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 Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Basic Tools Of Economic Analysis (WAEC)

Basic Tools Of Economic Analysis

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Frage 22 Bericht

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

70 Richtige Antwort

100

140

280

Antwortdetails

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Lies die Unterrichtsnotiz zu Economic Systems (JAMB)

Economics As A Science

Economic Systems

Antwort anzeigen

Frage 23 Bericht

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 Richtige Antwort

uses controlled experiment

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 24 Bericht

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

cyclical

disguised

Frictional

residual Richtige Antwort

Voluntary

Antwortdetails

Lies die Unterrichtsnotiz zu Agriculture (WAEC)

Lies die Unterrichtsnotiz zu Population And Labour Market (WAEC)

Agriculture

Population And Labour Market

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Frage 25 Bericht

The theory of absolute advantage was propounded by

Adam Smith Richtige Antwort

David Ricardo

Irving Fisher

JB Kynes

Thomas Malthus

Antwortdetails

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Lies die Unterrichtsnotiz zu Economic Systems (JAMB)

Economics As A Science

Economic Systems

Antwort anzeigen

Frage 26 Bericht

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 Richtige Antwort

livestock for commercial purposes

Antwortdetails

Lies die Unterrichtsnotiz zu Money And Inflation (JAMB)

Money And Inflation

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Frage 27 Bericht

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

direct

indirect

progressive

proportional Richtige Antwort

regressive

Antwortdetails

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Economics As A Science

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Frage 28 Bericht

The following measures used to check deflation EXCEPT

deficit financing

improving distribution system

increasing wages and salaries

raising the bank rate Richtige Antwort

reducing taxation

Antwortdetails

Lies die Unterrichtsnotiz zu Public Finance (JAMB)

Lies die Unterrichtsnotiz zu Economic Systems (JAMB)

Public Finance

Economic Systems

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Frage 29 Bericht

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

capital

consumer

economic Richtige Antwort

free

scarce

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 30 Bericht

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

diminishing returns

division of labour

Industrialization

production Richtige Antwort

specialization

Antwortdetails

Lies die Unterrichtsnotiz zu Industrialization (WAEC)

Lies die Unterrichtsnotiz zu Agriculture (WAEC)

Lies die Unterrichtsnotiz zu The Theory Of Production (JAMB)

Lies die Unterrichtsnotiz zu Business Organizations (JAMB)

Lies die Unterrichtsnotiz zu Theory Of Production (WAEC)

Industrialization

Agriculture

The Theory Of Production

Business Organizations

Theory Of Production

Antwort anzeigen

Frage 31 Bericht

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 Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Agriculture (WAEC)

Agriculture

Antwort anzeigen

Frage 32 Bericht

Agricultural production in Nigeria could be improved through

control of plant diseases Richtige Antwort

Land Fragmentation

Payment of excise duty

the introduction of low yielding crops

the use of traditional implements

Antwortdetails

Lies die Unterrichtsnotiz zu Money And Inflation (JAMB)

Lies die Unterrichtsnotiz zu Agriculture In Nigeria (JAMB)

Money And Inflation

Agriculture In Nigeria

Antwort anzeigen

Frage 33 Bericht

The following are advantages of standard deviation EXCEPT that it

has greater practical utility In sampling Richtige Antwort

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

Antwortdetails

Lies die Unterrichtsnotiz zu Methods And Tools Of Economic Analysis (JAMB)

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

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

Methods And Tools Of Economic Analysis

The Theory Of Demand

The Theory Of Price Determination

Antwort anzeigen

Frage 34 Bericht

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

capital consumption

debt repayments

Investment abroad

net income from abroad Richtige Antwort

net saving

Antwortdetails

Lies die Unterrichtsnotiz zu National Income (WAEC)

National Income

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Frage 35 Bericht

Standard deviation can be determined by the square root of the

mean

mean deviation

mode

variance Richtige Antwort

variance divided by the mean

Antwortdetails

Lies die Unterrichtsnotiz zu Methods And Tools Of Economic Analysis (JAMB)

Methods And Tools Of Economic Analysis

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Frage 36 Bericht

The following countries are members of ECOWAS EXCEPT

Angola Richtige Antwort

Ghana

Ivory coast

Liberia

Niger Republic

Antwortdetails

Lies die Unterrichtsnotiz zu Economic Integration (WAEC)

Lies die Unterrichtsnotiz zu Financial Institutions (WAEC)

Economic Integration

Financial Institutions

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Frage 37 Bericht

The function muv/muz = py/pz represents

consumer’s average utility level

diminishing marginal utility

increasing marginal utility

marginal theory of price

utility maximization Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Theory Of Price Determination (WAEC)

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

Antwort anzeigen

Frage 38 Bericht

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 Richtige Antwort

They implement government monetary policies

Antwortdetails

Lies die Unterrichtsnotiz zu Banking (JAMB)

Banking

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Frage 39 Bericht

The following are types of monopolies EXCEPT

cartels

holding companies

syndicates

thrifts Richtige Antwort

trusts

Antwortdetails

Lies die Unterrichtsnotiz zu Market Structure (JAMB)

Market Structure

Antwort anzeigen

Frage 40 Bericht

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 Richtige Antwort

proportional taxation

regressive taxation

sales tax

Antwortdetails

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Economics As A Science

Antwort anzeigen

Frage 41 Bericht

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

Beef and hides

fuel and kerosene

Palm oil and kernel

Tea and coffee Richtige Antwort

Wool and Mutton

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Supply (JAMB)

Lies die Unterrichtsnotiz zu Economic Systems (JAMB)

The Theory Of Supply

Economic Systems

Antwort anzeigen

Frage 42 Bericht

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

commercialization

indigenization Richtige Antwort

liberalization

localization

privatization

Antwortdetails

Lies die Unterrichtsnotiz zu Economic Systems (JAMB)

Economic Systems

Antwort anzeigen

Frage 43 Bericht

Population density refers to

total population

the total population divided by the total area of land Richtige Antwort

the total area of land divided by the total population

the population ratio of male and female

optimum Population level

Antwortdetails

Antwort anzeigen

Frage 44 Bericht

Which of the following is a condition necessary

Few sellers and buyers Richtige Antwort

Free entry and exist

Homogeneous goods

Lack of preferential treatment

Many callers and buyers

Antwortdetails

Lies die Unterrichtsnotiz zu Theory Of Consumer Behaviour (WAEC)

Lies die Unterrichtsnotiz zu Market Structure (JAMB)

Theory Of Consumer Behaviour

Market Structure

Antwort anzeigen

Frage 45 Bericht

Branding and packaging of goods Is the function of

brokers

consumers

manufactures Richtige Antwort

retailers

wholesalers

Antwortdetails

Lies die Unterrichtsnotiz zu Business Organizations (JAMB)

Lies die Unterrichtsnotiz zu Distributive Trade (WAEC)

Lies die Unterrichtsnotiz zu Types And Basic Features Of Economic Systems (WAEC)

Business Organizations

Distributive Trade

Types And Basic Features Of Economic Systems

Antwort anzeigen

Frage 46 Bericht

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

APC

APS

MPC

MPS

The multiplier Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu National Income (WAEC)

National Income

Antwort anzeigen






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