NECO SSCE - Economics - 2007 (Objective)

Tambaya 1 Rahoto

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 Amsar da ta dace

They implement government monetary policies

Bayanin Amsa

Karanta bayanin darasi akan Banking (JAMB)

Banking

Duba Amsa

Tambaya 2 Rahoto

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 Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan Economic Development And Planning (WAEC)

Economic Development And Planning

Duba Amsa

Tambaya 3 Rahoto

The following are bye-products of crude oil EXCEPT

bitumen

kerosene

paraffin wax

perfume Amsar da ta dace

petrol

Bayanin Amsa

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

Petroleum And The Nigerian Economy

Duba Amsa

Tambaya 4 Rahoto

The theory of absolute advantage was propounded by

Adam Smith Amsar da ta dace

David Ricardo

Irving Fisher

JB Kynes

Thomas Malthus

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 5 Rahoto

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 Amsar da ta dace

uses controlled experiment

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 6 Rahoto

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

70 Amsar da ta dace

100

140

280

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 7 Rahoto

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

balanced

deficit

restricted

surplus Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan International Trade And Balance Of Payments (WAEC)

Karanta bayanin darasi akan Economic Development And Planning (WAEC)

International Trade And Balance Of Payments

Economic Development And Planning

Duba Amsa

Tambaya 8 Rahoto

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 Amsar da ta dace

proportional taxation

regressive taxation

sales tax

Bayanin Amsa

Karanta bayanin darasi akan Economics As A Science (JAMB)

Economics As A Science

Duba Amsa

Tambaya 9 Rahoto

Which of the following is NOT a feature of land?

Free gift of nature

Fixed in supply

Geographically immobile

Returns on land is wages Amsar da ta dace

Subject to law of diminishing returns

Bayanin Amsa

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

Factors Of Production And Their Theories

Duba Amsa

Tambaya 10 Rahoto

In a solo proprietorship, decisions are made by the

board of directors

government

management

owner Amsar da ta dace

shareholders

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Supply (JAMB)

Karanta bayanin darasi akan Business Organizations (WAEC)

Karanta bayanin darasi akan Theory Of Costs (JAMB)

Karanta bayanin darasi akan The Theory Of Consumer Behaviour (JAMB)

Karanta bayanin darasi akan 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

Duba Amsa

Tambaya 11 Rahoto

The following are types of monopolies EXCEPT

cartels

holding companies

syndicates

thrifts Amsar da ta dace

trusts

Bayanin Amsa

Karanta bayanin darasi akan Market Structure (JAMB)

Market Structure

Duba Amsa

Tambaya 12 Rahoto

The following measures used to check deflation EXCEPT

deficit financing

improving distribution system

increasing wages and salaries

raising the bank rate Amsar da ta dace

reducing taxation

Bayanin Amsa

Karanta bayanin darasi akan Public Finance (JAMB)

Karanta bayanin darasi akan Economic Systems (JAMB)

Public Finance

Economic Systems

Duba Amsa

Tambaya 13 Rahoto

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

combining aid labour means of production

the producers involves Amsar da ta dace

using capital Intensive method of production

using labour intensive method of production

using the method of production with the least cost

Bayanin Amsa

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

Karanta bayanin darasi akan Economic Systems (JAMB)

Factors Of Production And Their Theories

Economic Systems

Duba Amsa

Tambaya 14 Rahoto

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

direct

indirect

progressive

proportional Amsar da ta dace

regressive

Bayanin Amsa

Karanta bayanin darasi akan Economics As A Science (JAMB)

Economics As A Science

Duba Amsa

Tambaya 15 Rahoto

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

Burkina Faso

Ivory Coast Amsar da ta dace

Liberia

Niger Republic

Senegal

Bayanin Amsa

Karanta bayanin darasi akan International Economic Organizations (JAMB)

International Economic Organizations

Duba Amsa

Tambaya 16 Rahoto

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

commercialization

indigenization Amsar da ta dace

liberalization

localization

privatization

Bayanin Amsa

Karanta bayanin darasi akan Economic Systems (JAMB)

Economic Systems

Duba Amsa

Tambaya 17 Rahoto

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

0.2 Amsar da ta dace

0.6

0.7

Bayanin Amsa

Karanta bayanin darasi akan Economics As A Science (JAMB)

Karanta bayanin darasi akan Money And Inflation (JAMB)

Economics As A Science

Money And Inflation

Duba Amsa

Tambaya 18 Rahoto

Branding and packaging of goods Is the function of

brokers

consumers

manufactures Amsar da ta dace

retailers

wholesalers

Bayanin Amsa

Karanta bayanin darasi akan Business Organizations (JAMB)

Karanta bayanin darasi akan Distributive Trade (WAEC)

Karanta bayanin darasi akan Types And Basic Features Of Economic Systems (WAEC)

Business Organizations

Distributive Trade

Types And Basic Features Of Economic Systems

Duba Amsa

Tambaya 19 Rahoto

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 Amsar da ta dace

livestock for commercial purposes

Bayanin Amsa

Karanta bayanin darasi akan Money And Inflation (JAMB)

Money And Inflation

Duba Amsa

Tambaya 20 Rahoto

At the point where total utility begins to decline MU is

constant

decreasing

increasing

negative Amsar da ta dace

zero

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Consumer Behaviour (JAMB)

Karanta bayanin darasi akan Economics As A Science (JAMB)

The Theory Of Consumer Behaviour

Economics As A Science

Duba Amsa

Tambaya 21 Rahoto

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

capital consumption

debt repayments

Investment abroad

net income from abroad Amsar da ta dace

net saving

Bayanin Amsa

Karanta bayanin darasi akan National Income (WAEC)

National Income

Duba Amsa

Tambaya 22 Rahoto

The function muv/muz = py/pz represents

consumer’s average utility level

diminishing marginal utility

increasing marginal utility

marginal theory of price

utility maximization Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan Theory Of Price Determination (WAEC)

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

Duba Amsa

Tambaya 23 Rahoto

The following countries are members of ECOWAS EXCEPT

Angola Amsar da ta dace

Ghana

Ivory coast

Liberia

Niger Republic

Bayanin Amsa

Karanta bayanin darasi akan Economic Integration (WAEC)

Karanta bayanin darasi akan Financial Institutions (WAEC)

Economic Integration

Financial Institutions

Duba Amsa

Tambaya 24 Rahoto

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

balance of payments Amsar da ta dace

balance of trade

budget

Index of trade

terms of trade

Bayanin Amsa

Karanta bayanin darasi akan International Trade And Balance Of Payments (WAEC)

International Trade And Balance Of Payments

Duba Amsa

Tambaya 25 Rahoto

Which of the following is a condition necessary

Few sellers and buyers Amsar da ta dace

Free entry and exist

Homogeneous goods

Lack of preferential treatment

Many callers and buyers

Bayanin Amsa

Karanta bayanin darasi akan Theory Of Consumer Behaviour (WAEC)

Karanta bayanin darasi akan Market Structure (JAMB)

Theory Of Consumer Behaviour

Market Structure

Duba Amsa

Tambaya 26 Rahoto

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 Amsar da ta dace

No need of employing a host of officials to allocate resources

Bayanin Amsa

Karanta bayanin darasi akan Economic Systems (JAMB)

Economic Systems

Duba Amsa

Tambaya 27 Rahoto

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

balance growth

export promotion

import substitution Amsar da ta dace

Industrialization

urbanization

Bayanin Amsa

Karanta bayanin darasi akan Industry And Industrialization (JAMB)

Industry And Industrialization

Duba Amsa

Tambaya 28 Rahoto

The first oil refinery in Nigeria was established at

Alesa Eleme

Araromi

Kaduna

Oloibiri Amsar da ta dace

Warri

Bayanin Amsa

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

Petroleum And The Nigerian Economy

Duba Amsa

Tambaya 29 Rahoto

The following methods are used in calculation of National Income EXCEPT

depreciation Amsar da ta dace

Expenditure

Income

Output

value added

Bayanin Amsa

Karanta bayanin darasi akan Industrialization (WAEC)

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

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

Karanta bayanin darasi akan National Income (WAEC)

Industrialization

Methods And Tools Of Economic Analysis

Factors Of Production And Their Theories

National Income

Duba Amsa

Tambaya 30 Rahoto

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

diminishing returns

division of labour

Industrialization

production Amsar da ta dace

specialization

Bayanin Amsa

Karanta bayanin darasi akan Industrialization (WAEC)

Karanta bayanin darasi akan Agriculture (WAEC)

Karanta bayanin darasi akan The Theory Of Production (JAMB)

Karanta bayanin darasi akan Business Organizations (JAMB)

Karanta bayanin darasi akan Theory Of Production (WAEC)

Industrialization

Agriculture

The Theory Of Production

Business Organizations

Theory Of Production

Duba Amsa

Tambaya 31 Rahoto

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

Beef and hides

fuel and kerosene

Palm oil and kernel

Tea and coffee Amsar da ta dace

Wool and Mutton

Bayanin Amsa

Karanta bayanin darasi akan The Theory Of Supply (JAMB)

Karanta bayanin darasi akan Economic Systems (JAMB)

The Theory Of Supply

Economic Systems

Duba Amsa

Tambaya 32 Rahoto

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

cyclical

disguised

Frictional

residual Amsar da ta dace

Voluntary

Bayanin Amsa

Karanta bayanin darasi akan Agriculture (WAEC)

Karanta bayanin darasi akan Population And Labour Market (WAEC)

Agriculture

Population And Labour Market

Duba Amsa

Tambaya 33 Rahoto

Population density refers to

total population

the total population divided by the total area of land Amsar da ta dace

the total area of land divided by the total population

the population ratio of male and female

optimum Population level

Bayanin Amsa

Duba Amsa

Tambaya 34 Rahoto

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

Adequate transportation network Amsar da ta dace

Inadequate credit facilities

Inadequate storage facilities

poor processing and packaging

Unnecessary hoarding

Bayanin Amsa

Karanta bayanin darasi akan Distributive Trade (WAEC)

Distributive Trade

Duba Amsa

Tambaya 35 Rahoto

Standard deviation can be determined by the square root of the

mean

mean deviation

mode

variance Amsar da ta dace

variance divided by the mean

Bayanin Amsa

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

Methods And Tools Of Economic Analysis

Duba Amsa

Tambaya 36 Rahoto

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 Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan Basic Tools Of Economic Analysis (WAEC)

Basic Tools Of Economic Analysis

Duba Amsa

Tambaya 37 Rahoto

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

decrease in bank rate

Decrease in taxation

deficit budget

Export drive Amsar da ta dace

Increase in government expenditure

Bayanin Amsa

Karanta bayanin darasi akan Money And Inflation (WAEC)

Karanta bayanin darasi akan Public Finance (WAEC)

Karanta bayanin darasi akan Public Finance (JAMB)

Money And Inflation

Public Finance

Duba Amsa

Tambaya 38 Rahoto

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

APC

APS

MPC

MPS

The multiplier Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan National Income (WAEC)

National Income

Duba Amsa

Tambaya 39 Rahoto

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

8 Amsar da ta dace

Bayanin Amsa

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

Methods And Tools Of Economic Analysis

Duba Amsa

Tambaya 40 Rahoto

The equation MV PT is known as

demand and supply equation

equilibrium equation

equation of exchange

money supply equation Amsar da ta dace

price index numbers

Bayanin Amsa

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

Karanta bayanin darasi akan Economics As A Science (JAMB)

Methods And Tools Of Economic Analysis

Economics As A Science

Duba Amsa

Tambaya 41 Rahoto

Agricultural production in Nigeria could be improved through

control of plant diseases Amsar da ta dace

Land Fragmentation

Payment of excise duty

the introduction of low yielding crops

the use of traditional implements

Bayanin Amsa

Karanta bayanin darasi akan Money And Inflation (JAMB)

Karanta bayanin darasi akan Agriculture In Nigeria (JAMB)

Money And Inflation

Agriculture In Nigeria

Duba Amsa

Tambaya 42 Rahoto

The following are advantages of standard deviation EXCEPT that it

has greater practical utility In sampling Amsar da ta dace

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

Bayanin Amsa

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

Karanta bayanin darasi akan The Theory Of Demand (JAMB)

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

Methods And Tools Of Economic Analysis

The Theory Of Demand

The Theory Of Price Determination

Duba Amsa

Tambaya 43 Rahoto

Which of the following is a disadvantage of sole proprietorship?

Does not enjoy limited liability Amsar da ta dace

Decisions are easily made and implemented

Easy to set up

Enjoys secrecy

Maintains dose relationship with workers and customers

Bayanin Amsa

Karanta bayanin darasi akan Agriculture (WAEC)

Karanta bayanin darasi akan Business Organizations (JAMB)

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

Agriculture

Business Organizations

Definition And Scope Of Economics

Duba Amsa

Tambaya 44 Rahoto

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 Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan Agriculture (WAEC)

Agriculture

Duba Amsa

Tambaya 45 Rahoto

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 Amsar da ta dace

Bayanin Amsa

Karanta bayanin darasi akan Business Organizations (WAEC)

Karanta bayanin darasi akan Distributive Trade (WAEC)

Karanta bayanin darasi akan Industry And Industrialization (JAMB)

Business Organizations

Distributive Trade

Industry And Industrialization

Duba Amsa

Tambaya 46 Rahoto

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

capital

consumer

economic Amsar da ta dace

free

scarce

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






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