NECO SSCE - Economics - 2002 (Objective)

Tambaya 1 Rahoto

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 Amsar da ta dace

reduction in money supply

reduction in government recurrent expenditure

Bayanin Amsa

Karanta bayanin darasi akan Money And Inflation (WAEC)

Karanta bayanin darasi akan Public Finance (WAEC)

Money And Inflation

Public Finance

Duba Amsa

Tambaya 2 Rahoto

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

demand

desire

effective demand Amsar da ta dace

utility

want

Bayanin Amsa

Karanta bayanin darasi akan Demand (WAEC)

Karanta bayanin darasi akan Economics As A Science (JAMB)

Demand

Economics As A Science

Duba Amsa

Tambaya 3 Rahoto

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

a change in real income

government policy Amsar da ta dace

increase in population

the price of the good or service

taste and fashion

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

The Theory Of Demand

Duba Amsa

Tambaya 4 Rahoto

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 Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan Public Finance (JAMB)

Karanta bayanin darasi akan Banking (JAMB)

Public Finance

Banking

Duba Amsa

Tambaya 5 Rahoto

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 Amsar da ta dace

storage facilities for finished products

Bayanin Amsa

Karanta bayanin darasi akan Distributive Trade (WAEC)

Distributive Trade

Duba Amsa

Tambaya 6 Rahoto

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 Amsar da ta dace

monopsonist

oligopoly

perfect competitor

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Production (JAMB)

Karanta bayanin darasi akan Theory Of Price Determination (WAEC)

Karanta bayanin darasi akan The Theory Of Price Determination (JAMB)

The Theory Of Production

Theory Of Price Determination

The Theory Of Price Determination

Duba Amsa

Tambaya 7 Rahoto

Disposable income in national income accounting is an income which

cannot be used again

is available for consumption and saving Amsar da ta dace

is a available to disabled people

must be wasted once and for all

pensioners receive from the treasury board

Bayanin Amsa

Karanta bayanin darasi akan National Income (WAEC)

National Income

Duba Amsa

Tambaya 8 Rahoto

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

consumption + investment Amsar da ta dace

consumption + investment + tax

consumption + investment + expenditure

consumption + exports + imports

saving + investment

Bayanin Amsa

Karanta bayanin darasi akan Public Finance (JAMB)

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

Public Finance

The Theory Of Demand

Duba Amsa

Tambaya 9 Rahoto

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

fees

commission

time-rates Amsar da ta dace

salary

wages

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

The Theory Of Demand

Duba Amsa

Tambaya 10 Rahoto

One of the fundamental economic problem of every society is

allocation of scarce resource Amsar da ta dace

availability of market

consumption pattern of inhabitant

presence of middle man

inadequate labour force

Bayanin Amsa

Karanta bayanin darasi akan Definition And Scope Of Economics (WAEC)

Karanta bayanin darasi akan Economics As A Science (JAMB)

Definition And Scope Of Economics

Economics As A Science

Duba Amsa

Tambaya 11 Rahoto

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 Amsar da ta dace

promote imports into the country

sell out its foreign assets

Bayanin Amsa

Duba Amsa

Tambaya 12 Rahoto

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 Amsar da ta dace

Y = C – I + X – M + G

Y = C + G – X + M – I

Bayanin Amsa

Duba Amsa

Tambaya 13 Rahoto

The following are type of business organization EXCEPT

co-operative society

Entrepreneurship Amsar da ta dace

partnership

public corporation

Sole proprietorship

Bayanin Amsa

Karanta bayanin darasi akan Business Organizations (WAEC)

Business Organizations

Duba Amsa

Tambaya 14 Rahoto

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

elastic demand

inelastic demand Amsar da ta dace

negative demand

positive demand

unitary demand

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

The Theory Of Demand

Duba Amsa

Tambaya 15 Rahoto

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 Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan National Income (WAEC)

Karanta bayanin darasi akan National Income (JAMB)

National Income

Duba Amsa

Tambaya 16 Rahoto

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

employment generation

fuel provision

infrastructural development

revenue generation Amsar da ta dace

technical know-how

Bayanin Amsa

Karanta bayanin darasi akan Petroleum And The Nigerian Economy (JAMB)

Petroleum And The Nigerian Economy

Duba Amsa

Tambaya 17 Rahoto

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 Amsar da ta dace

make goods available in developed countries

transfer technology from developed to less developed countries

Bayanin Amsa

Karanta bayanin darasi akan Major Natural Resources (WAEC)

Karanta bayanin darasi akan International Economic Organizations (WAEC)

Major Natural Resources

International Economic Organizations

Duba Amsa

Tambaya 18 Rahoto

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 Amsar da ta dace

1.5

1.8

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

Karanta bayanin darasi akan The Theory Of Price Determination (JAMB)

The Theory Of Demand

The Theory Of Price Determination

Duba Amsa

Tambaya 19 Rahoto

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

balanced budget

deficit budget Amsar da ta dace

favorable budget

surplus budget

unfavorable budget

Bayanin Amsa

Karanta bayanin darasi akan Public Finance (WAEC)

Karanta bayanin darasi akan Economics As A Science (JAMB)

Public Finance

Economics As A Science

Duba Amsa

Tambaya 20 Rahoto

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

capitalism Amsar da ta dace

communism

Socialism

traditionalism

welfarism

Bayanin Amsa

Karanta bayanin darasi akan Economic Systems (JAMB)

Economic Systems

Duba Amsa

Tambaya 21 Rahoto

The Nigerian indigenization decree process involves

5 phases

6 phases

4 phases

3 phases Amsar da ta dace

2 phases

Bayanin Amsa

Duba Amsa

Tambaya 22 Rahoto

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 Amsar da ta dace

redistribution of income and wealth

stabilization of the economy

Bayanin Amsa

Karanta bayanin darasi akan National Income (WAEC)

Karanta bayanin darasi akan Public Finance (JAMB)

National Income

Public Finance

Duba Amsa

Tambaya 23 Rahoto

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 Amsar da ta dace

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

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

Karanta bayanin darasi akan Demand (WAEC)

The Theory Of Demand

Demand

Duba Amsa

Tambaya 24 Rahoto

In production, total cost comprises of

averages cost and marginal cost

variable cost and averages cost

variable cost and fixed cost Amsar da ta dace

marginal cost and variable cost

fixed cost and averages cost

Bayanin Amsa

Karanta bayanin darasi akan Theory Of Costs (JAMB)

Karanta bayanin darasi akan Theory Of Production (WAEC)

Theory Of Costs

Theory Of Production

Duba Amsa

Tambaya 25 Rahoto

Transcationary motive implies, holding money

for future investment

for day to day expenses Amsar da ta dace

for unforeseen contingencies

to settle previous debts

to buy share in the stock exchange market

Bayanin Amsa

Karanta bayanin darasi akan Money And Inflation (WAEC)

Karanta bayanin darasi akan National Income (WAEC)

Karanta bayanin darasi akan International Trade (JAMB)

Karanta bayanin darasi akan Public Finance (JAMB)

Money And Inflation

National Income

International Trade

Public Finance

Duba Amsa

Tambaya 26 Rahoto

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

14 Amsar da ta dace

Bayanin Amsa

Duba Amsa

Tambaya 27 Rahoto

The demand for labour in an economy is a depiction of

competitive demand

Composite demand

Complementary demand

Deductive demand

derived demand Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

The Theory Of Demand

Duba Amsa

Tambaya 28 Rahoto

Which of the following is NOT a feature of capitalism ?

detailed economics planning Amsar da ta dace

Free enterprise

competition

private ownership of property

Entrepreneurs and the pursuit of profit

Bayanin Amsa

Karanta bayanin darasi akan Economic Systems (JAMB)

Economic Systems

Duba Amsa

Tambaya 29 Rahoto

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

double coincidence of wants Amsar da ta dace

double exchange rate

durability of goods

divisibility of commodities

homogeneity of goods

Bayanin Amsa

Karanta bayanin darasi akan Demand (WAEC)

Demand

Duba Amsa

Tambaya 30 Rahoto

Tc/Q =

marginal cost

Average coat Amsar da ta dace

total cost

equilibrium level

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Supply (JAMB)

Karanta bayanin darasi akan Theory Of Costs (JAMB)

Karanta bayanin darasi akan Market Structure (JAMB)

The Theory Of Supply

Theory Of Costs

Market Structure

Duba Amsa

Tambaya 31 Rahoto

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

capitalism Amsar da ta dace

communism

freedomism

socialism

welfarism

Bayanin Amsa

Karanta bayanin darasi akan Economic Systems (JAMB)

Economic Systems

Duba Amsa

Tambaya 32 Rahoto

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

equation

mean

Median Amsar da ta dace

mode

Variance

Bayanin Amsa

Karanta bayanin darasi akan Theory Of Price Determination (WAEC)

Karanta bayanin darasi akan Theory Of Costs (JAMB)

Karanta bayanin darasi akan The Theory Of Price Determination (JAMB)

Theory Of Price Determination

Theory Of Costs

The Theory Of Price Determination

Duba Amsa

Tambaya 33 Rahoto

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

all factor inputs are not being used

all factor inputs are variable Amsar da ta dace

all factor inputs are fixed

only few factor inputs are variable

firms are not producing at all

Bayanin Amsa

Karanta bayanin darasi akan Factors Of Production And Their Theories (JAMB)

Karanta bayanin darasi akan The Theory Of Production (JAMB)

Karanta bayanin darasi akan Factors Of Production (WAEC)

Factors Of Production And Their Theories

The Theory Of Production

Factors Of Production

Duba Amsa

Tambaya 34 Rahoto

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 Amsar da ta dace

opportunity curve

utility curve

supply curve

Bayanin Amsa

Karanta bayanin darasi akan Market Structures (WAEC)

Market Structures

Duba Amsa

Tambaya 35 Rahoto

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

agriculture Amsar da ta dace

mono culture

forestry

aqua-science

horticulture

Bayanin Amsa

Karanta bayanin darasi akan Agriculture (WAEC)

Karanta bayanin darasi akan International Economic Organizations (JAMB)

Karanta bayanin darasi akan Petroleum And The Nigerian Economy (JAMB)

Karanta bayanin darasi akan Agriculture In Nigeria (JAMB)

Agriculture

International Economic Organizations

Petroleum And The Nigerian Economy

Agriculture In Nigeria

Duba Amsa

Tambaya 36 Rahoto

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 Amsar da ta dace

economic bank for African

recovery fund bank for Africa

Africa currency board bank

Bayanin Amsa

Karanta bayanin darasi akan Economic Development And Planning (WAEC)

Economic Development And Planning

Duba Amsa

Tambaya 37 Rahoto

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

budgeting and planning based on expectations Amsar da ta dace

expansion in employment

discovering and exploration of new resources

introduction of improved production techniques

skill improvement through education and training

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Production (JAMB)

Karanta bayanin darasi akan Factors Of Production (WAEC)

The Theory Of Production

Factors Of Production

Duba Amsa

Tambaya 38 Rahoto

The following are reward for factors of production EXCEPT

interests

profit

Rent and commissions

rates and deposits Amsar da ta dace

wage and salaries

Bayanin Amsa

Karanta bayanin darasi akan Factors Of Production And Their Theories (JAMB)

Karanta bayanin darasi akan Factors Of Production (WAEC)

Factors Of Production And Their Theories

Factors Of Production

Duba Amsa

Tambaya 39 Rahoto

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

complimentary goods Amsar da ta dace

composite goods

derived good

independent goods

substitute good

Bayanin Amsa

Karanta bayanin darasi akan Theory Of Consumer Behaviour (WAEC)

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

Karanta bayanin darasi akan Demand (WAEC)

Theory Of Consumer Behaviour

The Theory Of Demand

Demand

Duba Amsa

Tambaya 40 Rahoto

A market situation with few sellers and many buyers is called

monopoly

duopoly

oligopoly Amsar da ta dace

perfect competition

monopsony

Bayanin Amsa

Karanta bayanin darasi akan Factors Of Production And Their Theories (JAMB)

Karanta bayanin darasi akan Market Structures (WAEC)

Karanta bayanin darasi akan Market Structure (JAMB)

Factors Of Production And Their Theories

Market Structures

Market Structure

Duba Amsa

Tambaya 41 Rahoto

The main disadvantages of deflationary policies is

full employment in the country

increasing cost of living

improved standard of living

unemployment in the country Amsar da ta dace

under employment in the country

Bayanin Amsa

Karanta bayanin darasi akan Economics As A Science (JAMB)

Karanta bayanin darasi akan Economic Systems (JAMB)

Economics As A Science

Economic Systems

Duba Amsa

Tambaya 42 Rahoto

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

bargaining

lack of specialization

market trade unions

natural barriers Amsar da ta dace

large number of middlemen

Bayanin Amsa

Karanta bayanin darasi akan Economics As A Science (JAMB)

Karanta bayanin darasi akan Economic Systems (JAMB)

Economics As A Science

Economic Systems

Duba Amsa

Tambaya 43 Rahoto

In income determination theory, acceleration principles shows that

income is the cause, while investment is the effect investment Amsar da ta dace

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

Bayanin Amsa

Karanta bayanin darasi akan Methods And Tools Of Economic Analysis (JAMB)

Karanta bayanin darasi akan The Theory Of Price Determination (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Price Determination

Duba Amsa

Tambaya 44 Rahoto

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 Amsar da ta dace

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

Bayanin Amsa

Karanta bayanin darasi akan International Economic Organizations (JAMB)

International Economic Organizations

Duba Amsa






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