NECO SSCE - Economics - 2009 (Objective)

Question 1 Rapport

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 Bonne réponse

changes in consumers

changes in prices of other commodities

changes in suppliers income

Détails de la réponse

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

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

The Theory Of Supply

Theory Of Price Determination

Voir la réponse

Question 2 Rapport

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 Bonne réponse

total fixed cost plus total variable cost

total variable cost divided by total output

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 3 Rapport

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

employment generation Bonne réponse

environmental pollution

target of enemy’s attack

unemployment

uneven development

Détails de la réponse

Lisez la note de cours sur Industry And Industrialization (JAMB)

Industry And Industrialization

Voir la réponse

Question 4 Rapport

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

ECOWAS

IMF

OPEC Bonne réponse

NNPC

none

Détails de la réponse

Lisez la note de cours sur International Trade (JAMB)

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

International Trade

Petroleum And The Nigerian Economy

Voir la réponse

Question 5 Rapport

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 Bonne réponse

suppresses agricultural development

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 6 Rapport

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 Bonne réponse

Provision of short term housing loans

Détails de la réponse

Lisez la note de cours sur Public Finance (JAMB)

Lisez la note de cours sur Banking (JAMB)

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

Public Finance

Banking

The Theory Of Price Determination

Voir la réponse

Question 7 Rapport

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 Bonne réponse

favourable capital account

surplus current account

Détails de la réponse

Lisez la note de cours sur National Income (WAEC)

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

Lisez la note de cours sur International Trade And Balance Of Payments (WAEC)

National Income

International Economic Organizations

International Trade And Balance Of Payments

Voir la réponse

Question 8 Rapport

Disguised unemployment is the same thing as

residual unemployment

seasonal unemployment

structural unemployment

under-employment Bonne réponse

voluntary unemployment

Détails de la réponse

Lisez la note de cours sur Economics As A Science (JAMB)

Lisez la note de cours sur Economic Systems (JAMB)

Economics As A Science

Economic Systems

Voir la réponse

Question 9 Rapport

The following are qualities of money EXCEPT

acceptability

divisibility

homogeneity

portability

rationality Bonne réponse

Détails de la réponse

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

Money And Inflation

Voir la réponse

Question 10 Rapport

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 Bonne réponse

sell fixed quantity of output at the prevailing market price

sell less quantity

sell more quantity at a higher price

Détails de la réponse

Lisez la note de cours sur Demand (WAEC)

Lisez la note de cours sur Economics As A Science (JAMB)

Demand

Economics As A Science

Voir la réponse

Question 11 Rapport

The first National development plan period was from

1955-1959

1962-1968 Bonne réponse

1965-1970

1970-1974

1975-1980

Détails de la réponse

Lisez la note de cours sur National Income (WAEC)

National Income

Voir la réponse

Question 12 Rapport

Production is best defined in economics as

creation of utility yielding goods and services Bonne réponse

distribution of goods and services

manufacturing of goods by small factories

provision of basic amenities

rendering of services only

Détails de la réponse

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

Theory Of Production

Voir la réponse

Question 13 Rapport

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

Amasoma, Bayelsa

Bonny, Rivers

Oloibiri, Rivers Bonne réponse

Igbokoda, Ondo

Warri, Delta

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 14 Rapport

The value of money is affected by

consumer’s income

effective demand

effective supply

equilibrium price

general price level Bonne réponse

Détails de la réponse

Lisez la note de cours sur Banking (JAMB)

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

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

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

Banking

The Theory Of Demand

The Theory Of Price Determination

Money And Inflation

Voir la réponse

Question 15 Rapport

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 Bonne réponse

none

Détails de la réponse

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

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

Money And Inflation

The Theory Of Consumer Behaviour

Voir la réponse

Question 16 Rapport

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

firm

industry

industrialization Bonne réponse

location of industry

localization

Détails de la réponse

Lisez la note de cours sur Industry And Industrialization (JAMB)

Industry And Industrialization

Voir la réponse

Question 17 Rapport

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 Bonne réponse

Détails de la réponse

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

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

Money And Inflation

The Theory Of Consumer Behaviour

Voir la réponse

Question 18 Rapport

Economic growth can be defined as

a rapid and sustained rise in real output per head

A rise in real income per head Bonne réponse

an increase in technology only

insufficiency in food production

over population in a country

Détails de la réponse

Voir la réponse

Question 19 Rapport

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 Bonne réponse

Détails de la réponse

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

Lisez la note de cours sur Market Structure (JAMB)

Theory Of Price Determination

Market Structure

Voir la réponse

Question 20 Rapport

The following are the differences between domestic and international trade EXCEPT

cultural differences

currency

land Bonne réponse

language

laws

Détails de la réponse

Lisez la note de cours sur International Trade (JAMB)

International Trade

Voir la réponse

Question 21 Rapport

The demand for salt is …………

Elastic

Inelastic Bonne réponse

Unitary elastic

both a and b

Détails de la réponse

Lisez la note de cours sur Demand (WAEC)

Demand

Voir la réponse

Question 22 Rapport

A production possibility curve shows the

resources used to produce a particular commodity

possible combinations of two commodities Bonne réponse

rate of inflation

rate of unemployment in the country

tabular illustration of production possibilities

Détails de la réponse

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

Lisez la note de cours sur Market Structures (WAEC)

Theory Of Production

Market Structures

Voir la réponse

Question 23 Rapport

A major feature of capitalism is

collective ownership of means of production

competition Bonne réponse

equality or egalitarianism

redistribution of income

socialization and welfare

Détails de la réponse

Lisez la note de cours sur Market Structure (JAMB)

Lisez la note de cours sur Economic Systems (JAMB)

Market Structure

Economic Systems

Voir la réponse

Question 24 Rapport

Taxes levied on locally manufactured goods are called

custom duties

excise duties Bonne réponse

purchase tax

sales tax

VAT

Détails de la réponse

Lisez la note de cours sur Public Finance (WAEC)

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

Public Finance

The Theory Of Demand

Voir la réponse

Question 25 Rapport

The growth of a country’s population is affected by

military might of the country

number of births per thousand of the population Bonne réponse

number of people willing to be counted

the amount of money in circulation

the number of men in the population

Détails de la réponse

Lisez la note de cours sur Population And Labour Market (WAEC)

Lisez la note de cours sur Population (JAMB)

Population And Labour Market

Population

Voir la réponse

Question 26 Rapport

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 Bonne réponse

4.54

Détails de la réponse

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

Lisez la note de cours sur Basic Tools Of Economic Analysis (WAEC)

Methods And Tools Of Economic Analysis

Basic Tools Of Economic Analysis

Voir la réponse

Question 27 Rapport

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 Bonne réponse

Détails de la réponse

Lisez la note de cours sur Business Organizations (WAEC)

Business Organizations

Voir la réponse

Question 28 Rapport

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 Bonne réponse

ranking of wants on a table of preference

separating defective commodities from non-defective ones

Détails de la réponse

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

Lisez la note de cours sur Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

Voir la réponse

Question 29 Rapport

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

appreciates

depreciates Bonne réponse

expands

Increases

inflates

Détails de la réponse

Lisez la note de cours sur Definition And Scope Of Economics (WAEC)

Lisez la note de cours sur Supply (WAEC)

Lisez la note de cours sur Economics As A Science (JAMB)

Definition And Scope Of Economics

Supply

Economics As A Science

Voir la réponse

Question 30 Rapport

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 Bonne réponse

C + l – G + X – M – P

Détails de la réponse

Lisez la note de cours sur National Income (WAEC)

National Income

Voir la réponse

Question 31 Rapport

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

a large market for their products Bonne réponse

emancipation of Africa

full employment of resources

higher transportation cost of goods within the region

military superiority over other African countries

Détails de la réponse

Voir la réponse

Question 32 Rapport

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

Consumer’s income

Degree of necessities

Durability of the product Bonne réponse

Number of uses of the commodity

Proportion of income spent on the product

Détails de la réponse

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

Lisez la note de cours sur Supply (WAEC)

The Theory Of Supply

Supply

Voir la réponse

Question 33 Rapport

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

C = Y + S

S = Y + C

S = Y + S

Y = C + S Bonne réponse

Y = C – S

Détails de la réponse

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

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

Methods And Tools Of Economic Analysis

Theory Of Costs

Voir la réponse

Question 34 Rapport

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 Bonne réponse

Warehousing facilities

Détails de la réponse

Lisez la note de cours sur Agriculture (WAEC)

Lisez la note de cours sur Distributive Trade (WAEC)

Agriculture

Distributive Trade

Voir la réponse

Question 35 Rapport

These are the objectives of industrial strategies in Nigeria EXCEPT

industrial financing

maximization of local value added Bonne réponse

promotion of export oriented industries

promotion of import oriented industries

provision of economic and social infrastructures

Détails de la réponse

Lisez la note de cours sur Public Finance (JAMB)

Lisez la note de cours sur Distributive Trade (WAEC)

Lisez la note de cours sur Industry And Industrialization (JAMB)

Public Finance

Distributive Trade

Industry And Industrialization

Voir la réponse

Question 36 Rapport

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

capital

expenditure

income

money

price Bonne réponse

Détails de la réponse

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

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

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

Theory Of Price Determination

The Theory Of Consumer Behaviour

The Theory Of Price Determination

Voir la réponse

Question 37 Rapport

Time deposit is the same thing as

bank rate

current account

demand deposited

fixed deposit Bonne réponse

saving account

Détails de la réponse

Lisez la note de cours sur Banking (JAMB)

Banking

Voir la réponse

Question 38 Rapport

Labour force simply means the

demand and supply of labour

efficiency of labour

job seekers

unemployable population

working population Bonne réponse

Détails de la réponse

Lisez la note de cours sur Population And Labour Market (WAEC)

Population And Labour Market

Voir la réponse

Question 39 Rapport

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 Bonne réponse

create favourable balance of payment

develop domestic trade

offset foreign debts only

Détails de la réponse

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

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

International Economic Organizations

Voir la réponse

Question 40 Rapport

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

location

localization Bonne réponse

multiplication

proliferation

pluralization

Détails de la réponse

Voir la réponse

Question 41 Rapport

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 Bonne réponse

Taste and fashion

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 42 Rapport

Which of the following is a form of business enterprise?

Cartel

Entrepreneurship

Partnership Bonne réponse

Stock exchange

Supermarket

Détails de la réponse

Lisez la note de cours sur Business Organizations (WAEC)

Business Organizations

Voir la réponse

Question 43 Rapport

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

marginal cost

marginal product

marginal revenue

marginal utility Bonne réponse

total Utility

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)

Theory Of Consumer Behaviour

The Theory Of Demand

Voir la réponse

Question 44 Rapport

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 Bonne réponse

Shows whether the figures are increasing or decreasing

Détails de la réponse

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

Methods And Tools Of Economic Analysis

Voir la réponse

Question 45 Rapport

Entrepreneur is associated more with

capital management

production of beverage

profit making

profit sharing

risk bearing Bonne réponse

Détails de la réponse

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

Lisez la note de cours sur Business Organizations (JAMB)

Factors Of Production And Their Theories

Business Organizations

Voir la réponse

Question 46 Rapport

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

5 Bonne réponse

Détails de la réponse

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

Methods And Tools Of Economic Analysis

Voir la réponse

Question 47 Rapport

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

average cost

average utility Bonne réponse

marginal cost

marginal utility

total utility

Détails de la réponse

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

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

The Theory Of Consumer Behaviour

The Theory Of Demand

Voir la réponse

Question 48 Rapport

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

charts, tables

, graphs, rows

pictograms, columns

rows, columns Bonne réponse

Détails de la réponse

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

Lisez la note de cours sur Basic Tools Of Economic Analysis (WAEC)

Methods And Tools Of Economic Analysis

Basic Tools Of Economic Analysis

Voir la réponse






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