NECO SSCE - Economics - 2007 (Objective)

Ajụjụ 1 Ripọtì

In a solo proprietorship, decisions are made by the

board of directors

government

management

owner Azịza ziri ezi

shareholders

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Supply (JAMB)

Gụọ akwụkwọ nkuzi na Business Organizations (WAEC)

Gụọ akwụkwọ nkuzi na Theory Of Costs (JAMB)

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

Gụọ akwụkwọ nkuzi na 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

Lee Azịza

Ajụjụ 2 Ripọtì

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 Azịza ziri ezi

uses controlled experiment

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Definition And Scope Of Economics (WAEC)

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Definition And Scope Of Economics

Economics As A Science

Lee Azịza

Ajụjụ 3 Ripọtì

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

Adequate transportation network Azịza ziri ezi

Inadequate credit facilities

Inadequate storage facilities

poor processing and packaging

Unnecessary hoarding

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Distributive Trade (WAEC)

Distributive Trade

Lee Azịza

Ajụjụ 4 Ripọtì

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

decrease in bank rate

Decrease in taxation

deficit budget

Export drive Azịza ziri ezi

Increase in government expenditure

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Money And Inflation (WAEC)

Gụọ akwụkwọ nkuzi na Public Finance (WAEC)

Gụọ akwụkwọ nkuzi na Public Finance (JAMB)

Money And Inflation

Public Finance

Lee Azịza

Ajụjụ 5 Ripọtì

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

balanced

deficit

restricted

surplus Azịza ziri ezi

Akọwa Nkọwa

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

Gụọ akwụkwọ nkuzi na Economic Development And Planning (WAEC)

International Trade And Balance Of Payments

Economic Development And Planning

Lee Azịza

Ajụjụ 6 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economic Development And Planning (WAEC)

Economic Development And Planning

Lee Azịza

Ajụjụ 7 Ripọtì

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

Beef and hides

fuel and kerosene

Palm oil and kernel

Tea and coffee Azịza ziri ezi

Wool and Mutton

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Supply (JAMB)

Gụọ akwụkwọ nkuzi na Economic Systems (JAMB)

The Theory Of Supply

Economic Systems

Lee Azịza

Ajụjụ 8 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Business Organizations (WAEC)

Gụọ akwụkwọ nkuzi na Distributive Trade (WAEC)

Gụọ akwụkwọ nkuzi na Industry And Industrialization (JAMB)

Business Organizations

Distributive Trade

Industry And Industrialization

Lee Azịza

Ajụjụ 9 Ripọtì

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

APC

APS

MPC

MPS

The multiplier Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na National Income (WAEC)

National Income

Lee Azịza

Ajụjụ 10 Ripọtì

The following countries are members of ECOWAS EXCEPT

Angola Azịza ziri ezi

Ghana

Ivory coast

Liberia

Niger Republic

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economic Integration (WAEC)

Gụọ akwụkwọ nkuzi na Financial Institutions (WAEC)

Economic Integration

Financial Institutions

Lee Azịza

Ajụjụ 11 Ripọtì

The function muv/muz = py/pz represents

consumer’s average utility level

diminishing marginal utility

increasing marginal utility

marginal theory of price

utility maximization Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Price Determination (WAEC)

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

Lee Azịza

Ajụjụ 12 Ripọtì

Agricultural production in Nigeria could be improved through

control of plant diseases Azịza ziri ezi

Land Fragmentation

Payment of excise duty

the introduction of low yielding crops

the use of traditional implements

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Money And Inflation (JAMB)

Gụọ akwụkwọ nkuzi na Agriculture In Nigeria (JAMB)

Money And Inflation

Agriculture In Nigeria

Lee Azịza

Ajụjụ 13 Ripọtì

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

balance of payments Azịza ziri ezi

balance of trade

budget

Index of trade

terms of trade

Akọwa Nkọwa

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

International Trade And Balance Of Payments

Lee Azịza

Ajụjụ 14 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Agriculture (WAEC)

Agriculture

Lee Azịza

Ajụjụ 15 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Basic Tools Of Economic Analysis (WAEC)

Basic Tools Of Economic Analysis

Lee Azịza

Ajụjụ 16 Ripọtì

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

8 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 17 Ripọtì

Branding and packaging of goods Is the function of

brokers

consumers

manufactures Azịza ziri ezi

retailers

wholesalers

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Business Organizations (JAMB)

Gụọ akwụkwọ nkuzi na Distributive Trade (WAEC)

Gụọ akwụkwọ nkuzi na Types And Basic Features Of Economic Systems (WAEC)

Business Organizations

Distributive Trade

Types And Basic Features Of Economic Systems

Lee Azịza

Ajụjụ 18 Ripọtì

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

balance growth

export promotion

import substitution Azịza ziri ezi

Industrialization

urbanization

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Industry And Industrialization (JAMB)

Industry And Industrialization

Lee Azịza

Ajụjụ 19 Ripọtì

The following methods are used in calculation of National Income EXCEPT

depreciation Azịza ziri ezi

Expenditure

Income

Output

value added

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Industrialization (WAEC)

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

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

Gụọ akwụkwọ nkuzi na National Income (WAEC)

Industrialization

Methods And Tools Of Economic Analysis

Factors Of Production And Their Theories

National Income

Lee Azịza

Ajụjụ 20 Ripọtì

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

capital

consumer

economic Azịza ziri ezi

free

scarce

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Gụọ akwụkwọ nkuzi na Economic Systems (JAMB)

Economics As A Science

Economic Systems

Lee Azịza

Ajụjụ 21 Ripọtì

Which of the following is a disadvantage of sole proprietorship?

Does not enjoy limited liability Azịza ziri ezi

Decisions are easily made and implemented

Easy to set up

Enjoys secrecy

Maintains dose relationship with workers and customers

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Agriculture (WAEC)

Gụọ akwụkwọ nkuzi na Business Organizations (JAMB)

Gụọ akwụkwọ nkuzi na Definition And Scope Of Economics (WAEC)

Agriculture

Business Organizations

Definition And Scope Of Economics

Lee Azịza

Ajụjụ 22 Ripọtì

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

0.2 Azịza ziri ezi

0.6

0.7

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Gụọ akwụkwọ nkuzi na Money And Inflation (JAMB)

Economics As A Science

Money And Inflation

Lee Azịza

Ajụjụ 23 Ripọtì

The following are advantages of standard deviation EXCEPT that it

has greater practical utility In sampling Azịza ziri ezi

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

Akọwa Nkọwa

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

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

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

Methods And Tools Of Economic Analysis

The Theory Of Demand

The Theory Of Price Determination

Lee Azịza

Ajụjụ 24 Ripọtì

Which of the following is a condition necessary

Few sellers and buyers Azịza ziri ezi

Free entry and exist

Homogeneous goods

Lack of preferential treatment

Many callers and buyers

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Consumer Behaviour (WAEC)

Gụọ akwụkwọ nkuzi na Market Structure (JAMB)

Theory Of Consumer Behaviour

Market Structure

Lee Azịza

Ajụjụ 25 Ripọtì

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

commercialization

indigenization Azịza ziri ezi

liberalization

localization

privatization

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economic Systems (JAMB)

Economic Systems

Lee Azịza

Ajụjụ 26 Ripọtì

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

direct

indirect

progressive

proportional Azịza ziri ezi

regressive

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Economics As A Science

Lee Azịza

Ajụjụ 27 Ripọtì

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

70 Azịza ziri ezi

100

140

280

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Gụọ akwụkwọ nkuzi na Economic Systems (JAMB)

Economics As A Science

Economic Systems

Lee Azịza

Ajụjụ 28 Ripọtì

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 Azịza ziri ezi

proportional taxation

regressive taxation

sales tax

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Economics As A Science

Lee Azịza

Ajụjụ 29 Ripọtì

The equation MV PT is known as

demand and supply equation

equilibrium equation

equation of exchange

money supply equation Azịza ziri ezi

price index numbers

Akọwa Nkọwa

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

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Methods And Tools Of Economic Analysis

Economics As A Science

Lee Azịza

Ajụjụ 30 Ripọtì

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

combining aid labour means of production

the producers involves Azịza ziri ezi

using capital Intensive method of production

using labour intensive method of production

using the method of production with the least cost

Akọwa Nkọwa

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

Gụọ akwụkwọ nkuzi na Economic Systems (JAMB)

Factors Of Production And Their Theories

Economic Systems

Lee Azịza

Ajụjụ 31 Ripọtì

The theory of absolute advantage was propounded by

Adam Smith Azịza ziri ezi

David Ricardo

Irving Fisher

JB Kynes

Thomas Malthus

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Gụọ akwụkwọ nkuzi na Economic Systems (JAMB)

Economics As A Science

Economic Systems

Lee Azịza

Ajụjụ 32 Ripọtì

Population density refers to

total population

the total population divided by the total area of land Azịza ziri ezi

the total area of land divided by the total population

the population ratio of male and female

optimum Population level

Akọwa Nkọwa

Lee Azịza

Ajụjụ 33 Ripọtì

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 Azịza ziri ezi

livestock for commercial purposes

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Money And Inflation (JAMB)

Money And Inflation

Lee Azịza

Ajụjụ 34 Ripọtì

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

diminishing returns

division of labour

Industrialization

production Azịza ziri ezi

specialization

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Industrialization (WAEC)

Gụọ akwụkwọ nkuzi na Agriculture (WAEC)

Gụọ akwụkwọ nkuzi na The Theory Of Production (JAMB)

Gụọ akwụkwọ nkuzi na Business Organizations (JAMB)

Gụọ akwụkwọ nkuzi na Theory Of Production (WAEC)

Industrialization

Agriculture

The Theory Of Production

Business Organizations

Theory Of Production

Lee Azịza

Ajụjụ 35 Ripọtì

Standard deviation can be determined by the square root of the

mean

mean deviation

mode

variance Azịza ziri ezi

variance divided by the mean

Akọwa Nkọwa

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

Methods And Tools Of Economic Analysis

Lee Azịza

Ajụjụ 36 Ripọtì

Which of the following is NOT a feature of land?

Free gift of nature

Fixed in supply

Geographically immobile

Returns on land is wages Azịza ziri ezi

Subject to law of diminishing returns

Akọwa Nkọwa

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

Factors Of Production And Their Theories

Lee Azịza

Ajụjụ 37 Ripọtì

The following are bye-products of crude oil EXCEPT

bitumen

kerosene

paraffin wax

perfume Azịza ziri ezi

petrol

Akọwa Nkọwa

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

Petroleum And The Nigerian Economy

Lee Azịza

Ajụjụ 38 Ripọtì

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

capital consumption

debt repayments

Investment abroad

net income from abroad Azịza ziri ezi

net saving

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na National Income (WAEC)

National Income

Lee Azịza

Ajụjụ 39 Ripọtì

The following are types of monopolies EXCEPT

cartels

holding companies

syndicates

thrifts Azịza ziri ezi

trusts

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Market Structure (JAMB)

Market Structure

Lee Azịza

Ajụjụ 40 Ripọtì

The following measures used to check deflation EXCEPT

deficit financing

improving distribution system

increasing wages and salaries

raising the bank rate Azịza ziri ezi

reducing taxation

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Public Finance (JAMB)

Gụọ akwụkwọ nkuzi na Economic Systems (JAMB)

Public Finance

Economic Systems

Lee Azịza

Ajụjụ 41 Ripọtì

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 Azịza ziri ezi

No need of employing a host of officials to allocate resources

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economic Systems (JAMB)

Economic Systems

Lee Azịza

Ajụjụ 42 Ripọtì

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

Burkina Faso

Ivory Coast Azịza ziri ezi

Liberia

Niger Republic

Senegal

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na International Economic Organizations (JAMB)

International Economic Organizations

Lee Azịza

Ajụjụ 43 Ripọtì

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 Azịza ziri ezi

They implement government monetary policies

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Banking (JAMB)

Banking

Lee Azịza

Ajụjụ 44 Ripọtì

At the point where total utility begins to decline MU is

constant

decreasing

increasing

negative Azịza ziri ezi

zero

Akọwa Nkọwa

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

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

The Theory Of Consumer Behaviour

Economics As A Science

Lee Azịza

Ajụjụ 45 Ripọtì

The first oil refinery in Nigeria was established at

Alesa Eleme

Araromi

Kaduna

Oloibiri Azịza ziri ezi

Warri

Akọwa Nkọwa

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

Petroleum And The Nigerian Economy

Lee Azịza

Ajụjụ 46 Ripọtì

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

cyclical

disguised

Frictional

residual Azịza ziri ezi

Voluntary

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Agriculture (WAEC)

Gụọ akwụkwọ nkuzi na Population And Labour Market (WAEC)

Agriculture

Population And Labour Market

Lee Azịza






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