NECO SSCE - Economics - 2009 (Objective)

Frage 1 Bericht

Oil was first discovered in commercial quantity in ……….. State.

Amasoma, Bayelsa

Bonny, Rivers

Oloibiri, Rivers Richtige Antwort

Igbokoda, Ondo

Warri, Delta

Antwortdetails

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

Petroleum And The Nigerian Economy

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Frage 2 Bericht

Through membership of the Economic Community of West African States (ECOWAS) countries have achieved

a large market for their products Richtige Antwort

emancipation of Africa

full employment of resources

higher transportation cost of goods within the region

military superiority over other African countries

Antwortdetails

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Frage 3 Bericht

A monopolist is a

duopolist

group of producers of related goods

partnership business that produces a commodity with high demand

single producer or seller of a commodity at cheap rate

single producer or seller of a commodity that has no close substitute Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Theory Of Price Determination (WAEC)

Lies die Unterrichtsnotiz zu Market Structure (JAMB)

Theory Of Price Determination

Market Structure

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Frage 4 Bericht

In a given set of data, if the variance is 25, what is the standard deviation?

5 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 5 Bericht

The demand curve of a perfect competitive market is infinitely elastic indicating that the firm can

refuse to sell any quantity

sell any quantity of output at the prevailing price Richtige Antwort

sell fixed quantity of output at the prevailing market price

sell less quantity

sell more quantity at a higher price

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 6 Bericht

When the demand for foreign exchange exceeds its supply, the value of the domestic currency

appreciates

depreciates Richtige Antwort

expands

Increases

inflates

Antwortdetails

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

Lies die Unterrichtsnotiz zu Supply (WAEC)

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

Definition And Scope Of Economics

Supply

Economics As A Science

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Frage 7 Bericht

The concept of choice in Economics refers to

a decision between one thing and another

ranking of wants in an ascending order

selection of most pressing wants out of a range of alternatives Richtige Antwort

ranking of wants on a table of preference

separating defective commodities from non-defective ones

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

Lies die Unterrichtsnotiz zu Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

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Frage 8 Bericht

The value of money is affected by

consumer’s income

effective demand

effective supply

equilibrium price

general price level Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Banking (JAMB)

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

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

Lies die Unterrichtsnotiz zu Money And Inflation (JAMB)

Banking

The Theory Of Demand

The Theory Of Price Determination

Money And Inflation

Antwort anzeigen

Frage 9 Bericht

Which of the following is a function of the central bank?

Accepting deposits from the public

Agent of payment for individuals

Discounting bills of exchange

Issuing of currency Richtige Antwort

Provision of short term housing loans

Antwortdetails

Lies die Unterrichtsnotiz zu Public Finance (JAMB)

Lies die Unterrichtsnotiz zu Banking (JAMB)

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

Public Finance

Banking

The Theory Of Price Determination

Antwort anzeigen

Frage 10 Bericht

Price elasticity of supply measures the responsiveness of quantity supplied to

a change in the demand for the product V

a change in the price of the commodity Richtige Antwort

changes in consumers

changes in prices of other commodities

changes in suppliers income

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Supply (JAMB)

Lies die Unterrichtsnotiz zu Theory Of Price Determination (WAEC)

The Theory Of Supply

Theory Of Price Determination

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Frage 11 Bericht

The mean of the following scores

30, 32, 34, 36, 38, 40 and 42

What is the mean deviation?

4.21

3.24

3.42 Richtige Antwort

4.54

Antwortdetails

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

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

Methods And Tools Of Economic Analysis

Basic Tools Of Economic Analysis

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Frage 12 Bericht

Which of these factors causes a change in the quantity demanded of a commodity?

Income

Population

Price of other commodities

Price of the commodity concerned Richtige Antwort

Taste and fashion

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 13 Bericht

Entrepreneur is associated more with

capital management

production of beverage

profit making

profit sharing

risk bearing Richtige Antwort

Antwortdetails

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

Lies die Unterrichtsnotiz zu Business Organizations (JAMB)

Factors Of Production And Their Theories

Business Organizations

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Frage 14 Bericht

These are the objectives of industrial strategies in Nigeria EXCEPT

industrial financing

maximization of local value added Richtige Antwort

promotion of export oriented industries

promotion of import oriented industries

provision of economic and social infrastructures

Antwortdetails

Lies die Unterrichtsnotiz zu Public Finance (JAMB)

Lies die Unterrichtsnotiz zu Distributive Trade (WAEC)

Lies die Unterrichtsnotiz zu Industry And Industrialization (JAMB)

Public Finance

Distributive Trade

Industry And Industrialization

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Frage 15 Bericht

The unit for measuring changes in prices and output is called ………………. index

capital

expenditure

income

money

price Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Theory Of Price Determination (WAEC)

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

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

Theory Of Price Determination

The Theory Of Consumer Behaviour

The Theory Of Price Determination

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Frage 16 Bericht

A major feature of capitalism is

collective ownership of means of production

competition Richtige Antwort

equality or egalitarianism

redistribution of income

socialization and welfare

Antwortdetails

Lies die Unterrichtsnotiz zu Market Structure (JAMB)

Lies die Unterrichtsnotiz zu Economic Systems (JAMB)

Market Structure

Economic Systems

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Frage 17 Bericht

The additional satisfaction derived from the consumption of one more unit of a good is called

marginal cost

marginal product

marginal revenue

marginal utility Richtige Antwort

total Utility

Antwortdetails

Lies die Unterrichtsnotiz zu Theory Of Consumer Behaviour (WAEC)

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

Theory Of Consumer Behaviour

The Theory Of Demand

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Frage 18 Bericht

Data presented in tables are usually arranged in ………… and …………

charts, tables

, graphs, rows

pictograms, columns

rows, columns Richtige Antwort

Antwortdetails

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

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

Methods And Tools Of Economic Analysis

Basic Tools Of Economic Analysis

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Frage 19 Bericht

Disguised unemployment is the same thing as

residual unemployment

seasonal unemployment

structural unemployment

under-employment Richtige Antwort

voluntary unemployment

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 20 Bericht

Economic growth can be defined as

a rapid and sustained rise in real output per head

A rise in real income per head Richtige Antwort

an increase in technology only

insufficiency in food production

over population in a country

Antwortdetails

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Frage 21 Bericht

The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by the

ECOWAS

IMF

OPEC Richtige Antwort

NNPC

none

Antwortdetails

Lies die Unterrichtsnotiz zu International Trade (JAMB)

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

International Trade

Petroleum And The Nigerian Economy

Antwort anzeigen

Frage 22 Bericht

Which of the following is NOT an advantage of tabular presentation of data?

Enables easy location of required figures

Helps to calculate derived quantities

Makes for easy comparison of figures

Occupies more space than mathematical equation Richtige Antwort

Shows whether the figures are increasing or decreasing

Antwortdetails

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

Methods And Tools Of Economic Analysis

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Frage 23 Bericht

Which of the following is a determinant of elasticity of supply?

Consumer’s income

Degree of necessities

Durability of the product Richtige Antwort

Number of uses of the commodity

Proportion of income spent on the product

Antwortdetails

Lies die Unterrichtsnotiz zu The Theory Of Supply (JAMB)

Lies die Unterrichtsnotiz zu Supply (WAEC)

The Theory Of Supply

Supply

Antwort anzeigen

Frage 24 Bericht

The demand for salt is …………

Elastic

Inelastic Richtige Antwort

Unitary elastic

both a and b

Antwortdetails

Lies die Unterrichtsnotiz zu Demand (WAEC)

Demand

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Frage 25 Bericht

The following are qualities of money EXCEPT

acceptability

divisibility

homogeneity

portability

rationality Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Money And Inflation (WAEC)

Money And Inflation

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Frage 26 Bericht

Which of the following is a form of business enterprise?

Cartel

Entrepreneurship

Partnership Richtige Antwort

Stock exchange

Supermarket

Antwortdetails

Lies die Unterrichtsnotiz zu Business Organizations (WAEC)

Business Organizations

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Frage 27 Bericht

A firm is said to be a public joint-stock company when it

has unlimited liability

is administered by the public

is owned by the government

operates as a public corporation

sells its shares to members of the public Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Business Organizations (WAEC)

Business Organizations

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Frage 28 Bericht

Labour force simply means the

demand and supply of labour

efficiency of labour

job seekers

unemployable population

working population Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Population And Labour Market (WAEC)

Population And Labour Market

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Frage 29 Bericht

The process of building up country’s capacity to process raw materials for the production of goods is known as

firm

industry

industrialization Richtige Antwort

location of industry

localization

Antwortdetails

Lies die Unterrichtsnotiz zu Industry And Industrialization (JAMB)

Industry And Industrialization

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Frage 30 Bericht

The following are the differences between domestic and international trade EXCEPT

cultural differences

currency

land Richtige Antwort

language

laws

Antwortdetails

Lies die Unterrichtsnotiz zu International Trade (JAMB)

International Trade

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Frage 31 Bericht

Which of the following hinder(s) effective distribution of goods in Nigeria?

Branding and packaging of goods

Good transportation network

Large quantity of goods

numerous middlemen Richtige Antwort

Warehousing facilities

Antwortdetails

Lies die Unterrichtsnotiz zu Agriculture (WAEC)

Lies die Unterrichtsnotiz zu Distributive Trade (WAEC)

Agriculture

Distributive Trade

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Frage 32 Bericht

The concentration of firms in one area is referred to as of ……………. industries.

location

localization Richtige Antwort

multiplication

proliferation

pluralization

Antwortdetails

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Frage 33 Bericht

The correct relationship between income (Y), consumption (C) and savings (S) is

C = Y + S

S = Y + C

S = Y + S

Y = C + S Richtige Antwort

Y = C – S

Antwortdetails

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

Lies die Unterrichtsnotiz zu Theory Of Costs (JAMB)

Methods And Tools Of Economic Analysis

Theory Of Costs

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Frage 34 Bericht

Inflation is a …………….

general increase in the price of a single product

period of economic recession

period of hunger

period of excessive money

persistent rise in the general price level Richtige Antwort

Antwortdetails

Lies die Unterrichtsnotiz zu Money And Inflation (WAEC)

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

Money And Inflation

The Theory Of Consumer Behaviour

Antwort anzeigen

Frage 35 Bericht

One of the positive contributions of the petroleum industry to Nigeria’s economic development is that it

creates ecological problems

creates political unrest

creates uncertainties in government revenues

is a major foreign exchange earner Richtige Antwort

suppresses agricultural development

Antwortdetails

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

Petroleum And The Nigerian Economy

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Frage 36 Bericht

A production possibility curve shows the

resources used to produce a particular commodity

possible combinations of two commodities Richtige Antwort

rate of inflation

rate of unemployment in the country

tabular illustration of production possibilities

Antwortdetails

Lies die Unterrichtsnotiz zu Theory Of Production (WAEC)

Lies die Unterrichtsnotiz zu Market Structures (WAEC)

Theory Of Production

Market Structures

Antwort anzeigen

Frage 37 Bericht

The amount of satisfaction per unit of the commodity consumed is called

average cost

average utility Richtige Antwort

marginal cost

marginal utility

total utility

Antwortdetails

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

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

The Theory Of Consumer Behaviour

The Theory Of Demand

Antwort anzeigen

Frage 38 Bericht

The International Monetary Fund (IMF) was set up mainly to

cater for financial needs of developed countries

create conditions favourable for the growth of world trade Richtige Antwort

create favourable balance of payment

develop domestic trade

offset foreign debts only

Antwortdetails

Lies die Unterrichtsnotiz zu International Economic Organizations (JAMB)

Lies die Unterrichtsnotiz zu International Economic Organizations (WAEC)

International Economic Organizations

Antwort anzeigen

Frage 39 Bericht

Using Expenditure Approach to estimate National Income, Y is equal to

C + l + G + X – M + P - V

C + l + G + X – M + P

C + l + G – X + P

C – 1 + G + X – M + P Richtige Antwort

C + l – G + X – M – P

Antwortdetails

Lies die Unterrichtsnotiz zu National Income (WAEC)

National Income

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Frage 40 Bericht

Production is best defined in economics as

creation of utility yielding goods and services Richtige Antwort

distribution of goods and services

manufacturing of goods by small factories

provision of basic amenities

rendering of services only

Antwortdetails

Lies die Unterrichtsnotiz zu Theory Of Production (WAEC)

Theory Of Production

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Frage 41 Bericht

When the value of a country’s export exceeds her imports, there will be a

deficit current account

excess visible imports only

favorable balance of trade Richtige Antwort

favourable capital account

surplus current account

Antwortdetails

Lies die Unterrichtsnotiz zu National Income (WAEC)

Lies die Unterrichtsnotiz zu International Economic Organizations (WAEC)

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

National Income

International Economic Organizations

International Trade And Balance Of Payments

Antwort anzeigen

Frage 42 Bericht

Time deposit is the same thing as

bank rate

current account

demand deposited

fixed deposit Richtige Antwort

saving account

Antwortdetails

Lies die Unterrichtsnotiz zu Banking (JAMB)

Banking

Antwort anzeigen

Frage 43 Bericht

The growth of a country’s population is affected by

military might of the country

number of births per thousand of the population Richtige Antwort

number of people willing to be counted

the amount of money in circulation

the number of men in the population

Antwortdetails

Lies die Unterrichtsnotiz zu Population And Labour Market (WAEC)

Lies die Unterrichtsnotiz zu Population (JAMB)

Population And Labour Market

Population

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Frage 44 Bericht

The purchasing power of the Naira will fall when

worker are retrenched

the colour of the Naira is changed

the military take over

there is inflation Richtige Antwort

none

Antwortdetails

Lies die Unterrichtsnotiz zu Money And Inflation (WAEC)

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

Money And Inflation

The Theory Of Consumer Behaviour

Antwort anzeigen

Frage 45 Bericht

Average total cost can be expressed as

average fixed cost plus average variable cost

change in total cost divided by change in output

total cost divided by total output Richtige Antwort

total fixed cost plus total variable cost

total variable cost divided by total output

Antwortdetails

Lies die Unterrichtsnotiz zu Theory Of Costs (JAMB)

Lies die Unterrichtsnotiz zu Theory Of Production (WAEC)

Theory Of Costs

Theory Of Production

Antwort anzeigen

Frage 46 Bericht

The first National development plan period was from

1955-1959

1962-1968 Richtige Antwort

1965-1970

1970-1974

1975-1980

Antwortdetails

Lies die Unterrichtsnotiz zu National Income (WAEC)

National Income

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Frage 47 Bericht

Taxes levied on locally manufactured goods are called

custom duties

excise duties Richtige Antwort

purchase tax

sales tax

VAT

Antwortdetails

Lies die Unterrichtsnotiz zu Public Finance (WAEC)

Lies die Unterrichtsnotiz zu The Theory Of Demand (JAMB)

Public Finance

The Theory Of Demand

Antwort anzeigen

Frage 48 Bericht

One of the roles of industrialization in economic development of Nigeria is

employment generation Richtige Antwort

environmental pollution

target of enemy’s attack

unemployment

uneven development

Antwortdetails

Lies die Unterrichtsnotiz zu Industry And Industrialization (JAMB)

Industry And Industrialization

Antwort anzeigen






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