NECO SSCE - Economics - 2005 (Objective)

If two bags of rice were sold for N1,250 a mouth ago and two weeks later, the same amount was used to procure one bag. This simply means that the value of money is

constant

decreasing Azịza ziri ezi

fluctuating

increasing

proportional

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Money And Inflation (WAEC)

Gụọ akwụkwọ nkuzi na The Theory Of Consumer Behaviour (JAMB)

Money And Inflation

The Theory Of Consumer Behaviour

Lee Azịza

Ajụjụ 18 Ripọtì

An economy in which decision of what to produce is taken partly by private individuals and state is referred to as Economy.

capitalist

communist

mixed Azịza ziri ezi

socialist

welfarist

Akọwa Nkọwa

Lee Azịza

Ajụjụ 19 Ripọtì

Which of the following will NOT bring about an increase in Labour force?

Better medical services

Decrease in death rate

Emigration Azịza ziri ezi

Immigration

Increase in birth rate

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Population And Labour Market (WAEC)

Gụọ akwụkwọ nkuzi na Population (JAMB)

Population And Labour Market

Population

Lee Azịza

Ajụjụ 20 Ripọtì

A business formation with a minimum of two and maximum of twenty persons is called

cooperative society

joint stock company

one man business

partnership Azịza ziri ezi

public corporation

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Business Organizations (WAEC)

Gụọ akwụkwọ nkuzi na Market Structure (JAMB)

Business Organizations

Market Structure

Lee Azịza

Ajụjụ 21 Ripọtì

The use of tax and expenditure policy to regulate the economy is known as

deregulation

fiscal policy Azịza ziri ezi

monetary policy

physical measures

structural adjustment

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Public Finance (JAMB)

Public Finance

Lee Azịza

Ajụjụ 22 Ripọtì

Stock exchange market deals with

exchange of commodities

exchange of stock fish for stock

exchange of treasury bills

sales of foreign exchange

sales of second hand securities Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Supply (WAEC)

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Supply

Economics As A Science

Lee Azịza

Ajụjụ 23 Ripọtì

The following will occur when maximum price is fixed below the free market price EXCEPT that

black market will be encouraged

excess demand will occur

excess supply will occur Azịza ziri ezi

rationing of commodities will occur

scarcity of goods will occur

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Methods And Tools Of Economic Analysis (JAMB)

Gụọ akwụkwọ nkuzi na The Theory Of Supply (JAMB)

Gụọ akwụkwọ nkuzi na The Theory Of Price Determination (JAMB)

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Supply

The Theory Of Price Determination

Economics As A Science

Lee Azịza

Ajụjụ 24 Ripọtì

The following are rewards for factors of production EXCEPT

interest

profit

rent

subsidy Azịza ziri ezi

wages

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Factors Of Production And Their Theories (JAMB)

Factors Of Production And Their Theories

Lee Azịza

Ajụjụ 25 Ripọtì

ECOWAS secretariat is located in

Abuja, Nigeria Azịza ziri ezi

Accra, Ghana

Conakry, Guinea

Freetown, Sierra Leone

Monrovia, Liberia V

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na International Economic Organizations (JAMB)

International Economic Organizations

Lee Azịza

Ajụjụ 26 Ripọtì

Which of the following is NOT an objective of Economic planning?

Achieving economic self reliance

Achieving economic growth

Creating employment

Equitable allocation of resources

Widening the income gap Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Public Finance (WAEC)

Public Finance

Lee Azịza

Ajụjụ 27 Ripọtì

Under perfect competition, a profit maximizing firm will hire labour up to the point where the last unit of labor adds

as much to TR as to TC

less to TR as to TC

less to TC than to TR

more to TC than to TR

more to TR than to T Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Production (JAMB)

The Theory Of Production

Lee Azịza

Ajụjụ 28 Ripọtì

In the equation Q = a - bp + e; Q and P are .... Variables respectively.

constant and dependent

dependent and independent

error term and independent

independent and constant

independent and dependent Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Production (JAMB)

Gụọ akwụkwọ nkuzi na Theory Of Price Determination (WAEC)

The Theory Of Production

Theory Of Price Determination

Lee Azịza

Ajụjụ 29 Ripọtì

The problem of “how to produce” in any economy is solved by

adopting the least cost method of production

combining capital and labour intensive methods of production Azịza ziri ezi

employing the services of a manager

using capital intensive method of production

using labour intensive method of production

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Production (WAEC)

Gụọ akwụkwọ nkuzi na Market Structures (WAEC)

Theory Of Production

Market Structures

Lee Azịza

Ajụjụ 30 Ripọtì

Which of the following is NOT a function of marketing boards in Nigeria?

Fixing of prices for farm produce

Grading of farm produce

Importation of farm produce Azịza ziri ezi

Marketing of farm produce

Price stabilization

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Industry And Industrialization (JAMB)

Industry And Industrialization

Lee Azịza

Ajụjụ 31 Ripọtì

Which of the following is NOT a function of the IMF?

assisting member countries in printing and issuing their currency Azịza ziri ezi

Exchange rate stabilization

Promoting international monetary cooperation

Providing financial aid to members experiencing balance of payment difficulties

Serving as a clearing house f member countries

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na International Economic Organizations (WAEC)

International Economic Organizations

Lee Azịza

Ajụjụ 32 Ripọtì

The satisfaction derived from Die consumption of a commodity is referred o as

consumption

demand

production

utility Azịza ziri ezi

utilization

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Consumer Behaviour (WAEC)

Theory Of Consumer Behaviour

Lee Azịza

Ajụjụ 33 Ripọtì

An industry engaged in the extraction of raw materials and its conversion into semi-finished goods is called industry.

construction

conversion

manufacturing Azịza ziri ezi

mining

processing

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Agriculture (WAEC)

Agriculture

Lee Azịza

Ajụjụ 34 Ripọtì

The demand for factors of production is said to be

competitive

complementary

composite

derived Azịza ziri ezi

joint

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Factors Of Production (WAEC)

Factors Of Production

Lee Azịza

Ajụjụ 35 Ripọtì

If the standard deviation of a set of numbers is 3.6, what is the variance?

12.49

12.69

12.9

12.96 Azịza ziri ezi

12.98

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Methods And Tools Of Economic Analysis (JAMB)

Methods And Tools Of Economic Analysis

Lee Azịza

Ajụjụ 36 Ripọtì

The following are the objectives of agricultural policies in Nigeria EXCEPT

provision of food

provision of agricultural raw materials to industrial sectors

increasing prices of agricultural Inputs Azịza ziri ezi

creation of rural employment

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Agriculture (WAEC)

Gụọ akwụkwọ nkuzi na Money And Inflation (JAMB)

Agriculture

Money And Inflation

Lee Azịza

Ajụjụ 37 Ripọtì

Which of the following is NOT associated with minimum price legislation?

Black market

Excess demand Azịza ziri ezi

Excess supply

Unattainable equilibrium

Unemployment

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Price Determination (JAMB)

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Gụọ akwụkwọ nkuzi na Economic Systems (JAMB)

The Theory Of Price Determination

Economics As A Science

Economic Systems

Lee Azịza

Ajụjụ 38 Ripọtì

The following can be used to improve a country’s balance of payment EXCEPT

anti-dumping policies

decreasing taxation on personal income Azịza ziri ezi

granting subsidies to export producers

increasing import duties

removing export duties

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na International Trade (JAMB)

Gụọ akwụkwọ nkuzi na Theory Of Price Determination (WAEC)

Gụọ akwụkwọ nkuzi na Economic Integration (WAEC)

Gụọ akwụkwọ nkuzi na Supply (WAEC)

Gụọ akwụkwọ nkuzi na International Trade And Balance Of Payments (WAEC)

International Trade

Theory Of Price Determination

Economic Integration

Supply

International Trade And Balance Of Payments

Lee Azịza

Ajụjụ 39 Ripọtì

Range is NOT the best method of measuring dispersion because it considers only the

first number

first two numbers

frequently occurred number

middle number

two extreme number Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Methods And Tools Of Economic Analysis (JAMB)

Methods And Tools Of Economic Analysis

Lee Azịza

Ajụjụ 40 Ripọtì

Which of the following is NOT included in-measuring the National income through the income approach?

Allowance given to an aged mother by a civil servant Azịza ziri ezi

Income earned by a bricklayer

Profit earned by Nigerian bottling company plc

profit earned by NITEL plc

Salary earned by a doctor

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na National Income (WAEC)

National Income

Lee Azịza

Ajụjụ 41 Ripọtì

Which of the following is NOT a major role of OPEC in production, and marketing of petroleum?

Coordinating and unifying petroleum policies of member countries

Ensuring efficient and regular supply of oil to the two market

Raising the revenue of member countries from oil through price increase

Refining of petroleum products in member countries Azịza ziri ezi

Stabilizing oil prices putting a production ceiling

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Petroleum And The Nigerian Economy (JAMB)

Gụọ akwụkwọ nkuzi na Money And Inflation (JAMB)

Petroleum And The Nigerian Economy

Money And Inflation

Lee Azịza

Ajụjụ 42 Ripọtì

Production is said to be complete when goods and services gets to the

consumers Azịza ziri ezi

distributors

retailers

warehouses

wholesalers

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Production (JAMB)

Gụọ akwụkwọ nkuzi na Business Organizations (JAMB)

The Theory Of Production

Business Organizations

Lee Azịza

Ajụjụ 43 Ripọtì

Which of the following is NOT a positive contribution a petroleum to Nigeria economy?

Development of bat infrastructures

Increase in National income

Major employer of labour

Major foreign exchange earned

Turning the nation to mono-product economy Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Petroleum And The Nigerian Economy (JAMB)

Petroleum And The Nigerian Economy

Lee Azịza

Ajụjụ 44 Ripọtì

Which of the following is the correct order in the chain of distribution?

Consumer —> Distributor → Retailer → Producer

Producer → Consumer → Retailer → Wholesaler

Producer → Wholesaler → Retailer → Consumer Azịza ziri ezi

Retailer → Consumer → Producer → Wholesaler

Wholesaler → Retailer → Producer → Consume

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Distributive Trade (WAEC)

Distributive Trade

Lee Azịza

Ajụjụ 45 Ripọtì

At the equilibrium price,

demand is greater than supply

demand equates supply Azịza ziri ezi

demand is less than supply

price is equal to demand only

price is equal to supply only

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Price Determination (JAMB)

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

Lee Azịza






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