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 Bonne réponse

1.5

1.8

Détails de la réponse

Lisez la note de cours sur The Theory Of Demand (JAMB)

Lisez la note de cours sur The Theory Of Price Determination (JAMB)

The Theory Of Demand

The Theory Of Price Determination

Voir la réponse

Question 22 Rapport

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 Bonne réponse

economic bank for African

recovery fund bank for Africa

Africa currency board bank

Détails de la réponse

Lisez la note de cours sur Economic Development And Planning (WAEC)

Economic Development And Planning

Voir la réponse

Question 23 Rapport

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 Bonne réponse

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

Détails de la réponse

Lisez la note de cours sur The Theory Of Demand (JAMB)

Lisez la note de cours sur Demand (WAEC)

The Theory Of Demand

Demand

Voir la réponse

Question 24 Rapport

In income determination theory, acceleration principles shows that

income is the cause, while investment is the effect investment Bonne réponse

income and investment are both causes

income and investment are both effects

incomes is of on effect on investment

investment is the causes, while income is the effects

Détails de la réponse

Lisez la note de cours sur Methods And Tools Of Economic Analysis (JAMB)

Lisez la note de cours sur The Theory Of Price Determination (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Price Determination

Voir la réponse

Question 25 Rapport

The demand for labour in an economy is a depiction of

competitive demand

Composite demand

Complementary demand

Deductive demand

derived demand Bonne réponse

Détails de la réponse

Lisez la note de cours sur The Theory Of Demand (JAMB)

The Theory Of Demand

Voir la réponse

Question 26 Rapport

The main function of retailer in the distribution channel is

advertising the product on behalf of manufacturers

bulk breaking

branding and packaging of good

direct customer services Bonne réponse

storage facilities for finished products

Détails de la réponse

Lisez la note de cours sur Distributive Trade (WAEC)

Distributive Trade

Voir la réponse

Question 27 Rapport

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 Bonne réponse

Y = C – I + X – M + G

Y = C + G – X + M – I

Détails de la réponse

Voir la réponse

Question 28 Rapport

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

a change in real income

government policy Bonne réponse

increase in population

the price of the good or service

taste and fashion

Détails de la réponse

Lisez la note de cours sur The Theory Of Demand (JAMB)

The Theory Of Demand

Voir la réponse

Question 29 Rapport

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

consumption + investment Bonne réponse

consumption + investment + tax

consumption + investment + expenditure

consumption + exports + imports

saving + investment

Détails de la réponse

Lisez la note de cours sur Public Finance (JAMB)

Lisez la note de cours sur The Theory Of Demand (JAMB)

Public Finance

The Theory Of Demand

Voir la réponse

Question 30 Rapport

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

14 Bonne réponse

Détails de la réponse

Voir la réponse

Question 31 Rapport

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

employment generation

fuel provision

infrastructural development

revenue generation Bonne réponse

technical know-how

Détails de la réponse

Lisez la note de cours sur Petroleum And The Nigerian Economy (JAMB)

Petroleum And The Nigerian Economy

Voir la réponse

Question 32 Rapport

The following are type of business organization EXCEPT

co-operative society

Entrepreneurship Bonne réponse

partnership

public corporation

Sole proprietorship

Détails de la réponse

Lisez la note de cours sur Business Organizations (WAEC)

Business Organizations

Voir la réponse

Question 33 Rapport

A market situation with few sellers and many buyers is called

monopoly

duopoly

oligopoly Bonne réponse

perfect competition

monopsony

Détails de la réponse

Lisez la note de cours sur Factors Of Production And Their Theories (JAMB)

Lisez la note de cours sur Market Structures (WAEC)

Lisez la note de cours sur Market Structure (JAMB)

Factors Of Production And Their Theories

Market Structures

Market Structure

Voir la réponse

Question 34 Rapport

Tc/Q =

marginal cost

Average coat Bonne réponse

total cost

equilibrium level

Détails de la réponse

Lisez la note de cours sur The Theory Of Supply (JAMB)

Lisez la note de cours sur Theory Of Costs (JAMB)

Lisez la note de cours sur Market Structure (JAMB)

The Theory Of Supply

Theory Of Costs

Market Structure

Voir la réponse

Question 35 Rapport

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 Bonne réponse

reduction in money supply

reduction in government recurrent expenditure

Détails de la réponse

Lisez la note de cours sur Money And Inflation (WAEC)

Lisez la note de cours sur Public Finance (WAEC)

Money And Inflation

Public Finance

Voir la réponse

Question 36 Rapport

In production, total cost comprises of

averages cost and marginal cost

variable cost and averages cost

variable cost and fixed cost Bonne réponse

marginal cost and variable cost

fixed cost and averages cost

Détails de la réponse

Lisez la note de cours sur Theory Of Costs (JAMB)

Lisez la note de cours sur Theory Of Production (WAEC)

Theory Of Costs

Theory Of Production

Voir la réponse

Question 37 Rapport

Transcationary motive implies, holding money

for future investment

for day to day expenses Bonne réponse

for unforeseen contingencies

to settle previous debts

to buy share in the stock exchange market

Détails de la réponse

Lisez la note de cours sur Money And Inflation (WAEC)

Lisez la note de cours sur National Income (WAEC)

Lisez la note de cours sur International Trade (JAMB)

Lisez la note de cours sur Public Finance (JAMB)

Money And Inflation

National Income

International Trade

Public Finance

Voir la réponse

Question 38 Rapport

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

capitalism Bonne réponse

communism

Socialism

traditionalism

welfarism

Détails de la réponse

Lisez la note de cours sur Economic Systems (JAMB)

Economic Systems

Voir la réponse

Question 39 Rapport

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 Bonne réponse

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

Détails de la réponse

Lisez la note de cours sur International Economic Organizations (JAMB)

International Economic Organizations

Voir la réponse

Question 40 Rapport

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

agriculture Bonne réponse

mono culture

forestry

aqua-science

horticulture

Détails de la réponse

Lisez la note de cours sur Agriculture (WAEC)

Lisez la note de cours sur International Economic Organizations (JAMB)

Lisez la note de cours sur Petroleum And The Nigerian Economy (JAMB)

Lisez la note de cours sur Agriculture In Nigeria (JAMB)

Agriculture

International Economic Organizations

Petroleum And The Nigerian Economy

Agriculture In Nigeria

Voir la réponse

Question 41 Rapport

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 Bonne réponse

Détails de la réponse

Lisez la note de cours sur Public Finance (JAMB)

Lisez la note de cours sur Banking (JAMB)

Public Finance

Banking

Voir la réponse

Question 42 Rapport

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

fees

commission

time-rates Bonne réponse

salary

wages

Détails de la réponse

Lisez la note de cours sur The Theory Of Demand (JAMB)

The Theory Of Demand

Voir la réponse

Question 43 Rapport

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

complimentary goods Bonne réponse

composite goods

derived good

independent goods

substitute good

Détails de la réponse

Lisez la note de cours sur Theory Of Consumer Behaviour (WAEC)

Lisez la note de cours sur The Theory Of Demand (JAMB)

Lisez la note de cours sur Demand (WAEC)

Theory Of Consumer Behaviour

The Theory Of Demand

Demand

Voir la réponse

Question 44 Rapport

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 Bonne réponse

opportunity curve

utility curve

supply curve

Détails de la réponse

Lisez la note de cours sur Market Structures (WAEC)

Market Structures

Voir la réponse






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