NECO SSCE - Economics - 2009 (Objective)

Ajụjụ 1 Ripọtì

Economic growth can be defined as

a rapid and sustained rise in real output per head

A rise in real income per head Azịza ziri ezi

an increase in technology only

insufficiency in food production

over population in a country

Akọwa Nkọwa

Lee Azịza

Ajụjụ 2 Ripọtì

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

C = Y + S

S = Y + C

S = Y + S

Y = C + S Azịza ziri ezi

Y = C – S

Akọwa Nkọwa

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

Gụọ akwụkwọ nkuzi na Theory Of Costs (JAMB)

Methods And Tools Of Economic Analysis

Theory Of Costs

Lee Azịza

Ajụjụ 3 Ripọtì

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 Azịza ziri ezi

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 4 Ripọtì

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

charts, tables

, graphs, rows

pictograms, columns

rows, columns Azịza ziri ezi

Akọwa Nkọwa

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

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

Methods And Tools Of Economic Analysis

Basic Tools Of Economic Analysis

Lee Azịza

Ajụjụ 5 Ripọtì

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

capital

expenditure

income

money

price Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Price Determination (WAEC)

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

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

Theory Of Price Determination

The Theory Of Consumer Behaviour

The Theory Of Price Determination

Lee Azịza

Ajụjụ 6 Ripọtì

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

location

localization Azịza ziri ezi

multiplication

proliferation

pluralization

Akọwa Nkọwa

Lee Azịza

Ajụjụ 7 Ripọtì

The following are qualities of money EXCEPT

acceptability

divisibility

homogeneity

portability

rationality Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Money And Inflation (WAEC)

Money And Inflation

Lee Azịza

Ajụjụ 8 Ripọtì

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 Azịza ziri ezi

none

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 9 Ripọtì

The following are the differences between domestic and international trade EXCEPT

cultural differences

currency

land Azịza ziri ezi

language

laws

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na International Trade (JAMB)

International Trade

Lee Azịza

Ajụjụ 10 Ripọtì

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 Azịza ziri ezi

create favourable balance of payment

develop domestic trade

offset foreign debts only

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na International Economic Organizations (JAMB)

Gụọ akwụkwọ nkuzi na International Economic Organizations (WAEC)

International Economic Organizations

Lee Azịza

Ajụjụ 11 Ripọtì

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

average cost

average utility Azịza ziri ezi

marginal cost

marginal utility

total utility

Akọwa Nkọwa

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

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

The Theory Of Consumer Behaviour

The Theory Of Demand

Lee Azịza

Ajụjụ 12 Ripọtì

Time deposit is the same thing as

bank rate

current account

demand deposited

fixed deposit Azịza ziri ezi

saving account

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Banking (JAMB)

Banking

Lee Azịza

Ajụjụ 13 Ripọtì

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 Azịza ziri ezi

C + l – G + X – M – P

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na National Income (WAEC)

National Income

Lee Azịza

Ajụjụ 14 Ripọtì

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

Consumer’s income

Degree of necessities

Durability of the product Azịza ziri ezi

Number of uses of the commodity

Proportion of income spent on the product

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Supply (JAMB)

Gụọ akwụkwọ nkuzi na Supply (WAEC)

The Theory Of Supply

Supply

Lee Azịza

Ajụjụ 15 Ripọtì

Disguised unemployment is the same thing as

residual unemployment

seasonal unemployment

structural unemployment

under-employment Azịza ziri ezi

voluntary unemployment

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 16 Ripọtì

Which of the following is a form of business enterprise?

Cartel

Entrepreneurship

Partnership Azịza ziri ezi

Stock exchange

Supermarket

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Business Organizations (WAEC)

Business Organizations

Lee Azịza

Ajụjụ 17 Ripọtì

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 Azịza ziri ezi

favourable capital account

surplus current account

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na National Income (WAEC)

Gụọ akwụkwọ nkuzi na International Economic Organizations (WAEC)

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

National Income

International Economic Organizations

International Trade And Balance Of Payments

Lee Azịza

Ajụjụ 18 Ripọtì

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

Amasoma, Bayelsa

Bonny, Rivers

Oloibiri, Rivers Azịza ziri ezi

Igbokoda, Ondo

Warri, Delta

Akọwa Nkọwa

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

Petroleum And The Nigerian Economy

Lee Azịza

Ajụjụ 19 Ripọtì

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

employment generation Azịza ziri ezi

environmental pollution

target of enemy’s attack

unemployment

uneven development

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Industry And Industrialization (JAMB)

Industry And Industrialization

Lee Azịza

Ajụjụ 20 Ripọtì

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

marginal cost

marginal product

marginal revenue

marginal utility Azịza ziri ezi

total Utility

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Consumer Behaviour (WAEC)

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Theory Of Consumer Behaviour

The Theory Of Demand

Lee Azịza

Ajụjụ 21 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Business Organizations (WAEC)

Business Organizations

Lee Azịza

Ajụjụ 22 Ripọtì

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 Azịza ziri ezi

total fixed cost plus total variable cost

total variable cost divided by total output

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Costs (JAMB)

Gụọ akwụkwọ nkuzi na Theory Of Production (WAEC)

Theory Of Costs

Theory Of Production

Lee Azịza

Ajụjụ 23 Ripọtì

These are the objectives of industrial strategies in Nigeria EXCEPT

industrial financing

maximization of local value added Azịza ziri ezi

promotion of export oriented industries

promotion of import oriented industries

provision of economic and social infrastructures

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Public Finance (JAMB)

Gụọ akwụkwọ nkuzi na Distributive Trade (WAEC)

Gụọ akwụkwọ nkuzi na Industry And Industrialization (JAMB)

Public Finance

Distributive Trade

Industry And Industrialization

Lee Azịza

Ajụjụ 24 Ripọtì

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 Azịza ziri ezi

suppresses agricultural development

Akọwa Nkọwa

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

Petroleum And The Nigerian Economy

Lee Azịza

Ajụjụ 25 Ripọtì

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

firm

industry

industrialization Azịza ziri ezi

location of industry

localization

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Industry And Industrialization (JAMB)

Industry And Industrialization

Lee Azịza

Ajụjụ 26 Ripọtì

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 Azịza ziri ezi

changes in consumers

changes in prices of other commodities

changes in suppliers income

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Supply (JAMB)

Gụọ akwụkwọ nkuzi na Theory Of Price Determination (WAEC)

The Theory Of Supply

Theory Of Price Determination

Lee Azịza

Ajụjụ 27 Ripọtì

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 Azịza ziri ezi

Warehousing facilities

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Agriculture (WAEC)

Gụọ akwụkwọ nkuzi na Distributive Trade (WAEC)

Agriculture

Distributive Trade

Lee Azịza

Ajụjụ 28 Ripọtì

Entrepreneur is associated more with

capital management

production of beverage

profit making

profit sharing

risk bearing Azịza ziri ezi

Akọwa Nkọwa

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

Gụọ akwụkwọ nkuzi na Business Organizations (JAMB)

Factors Of Production And Their Theories

Business Organizations

Lee Azịza

Ajụjụ 29 Ripọtì

The first National development plan period was from

1955-1959

1962-1968 Azịza ziri ezi

1965-1970

1970-1974

1975-1980

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na National Income (WAEC)

National Income

Lee Azịza

Ajụjụ 30 Ripọtì

Taxes levied on locally manufactured goods are called

custom duties

excise duties Azịza ziri ezi

purchase tax

sales tax

VAT

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Public Finance (WAEC)

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Public Finance

The Theory Of Demand

Lee Azịza

Ajụjụ 31 Ripọtì

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 Azịza ziri ezi

sell fixed quantity of output at the prevailing market price

sell less quantity

sell more quantity at a higher price

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Demand (WAEC)

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Demand

Economics As A Science

Lee Azịza

Ajụjụ 32 Ripọtì

Production is best defined in economics as

creation of utility yielding goods and services Azịza ziri ezi

distribution of goods and services

manufacturing of goods by small factories

provision of basic amenities

rendering of services only

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Production (WAEC)

Theory Of Production

Lee Azịza

Ajụjụ 33 Ripọtì

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 Azịza ziri ezi

Provision of short term housing loans

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Public Finance (JAMB)

Gụọ akwụkwọ nkuzi na Banking (JAMB)

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

Public Finance

Banking

The Theory Of Price Determination

Lee Azịza

Ajụjụ 34 Ripọtì

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 Azịza ziri ezi

Shows whether the figures are increasing or decreasing

Akọwa Nkọwa

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

Methods And Tools Of Economic Analysis

Lee Azịza

Ajụjụ 35 Ripọtì

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

5 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 36 Ripọtì

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 Azịza ziri ezi

4.54

Akọwa Nkọwa

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

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

Methods And Tools Of Economic Analysis

Basic Tools Of Economic Analysis

Lee Azịza

Ajụjụ 37 Ripọtì

The demand for salt is …………

Elastic

Inelastic Azịza ziri ezi

Unitary elastic

both a and b

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Demand (WAEC)

Demand

Lee Azịza

Ajụjụ 38 Ripọtì

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 Azịza ziri ezi

Taste and fashion

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Gụọ akwụkwọ nkuzi na Demand (WAEC)

The Theory Of Demand

Demand

Lee Azịza

Ajụjụ 39 Ripọtì

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

ECOWAS

IMF

OPEC Azịza ziri ezi

NNPC

none

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na International Trade (JAMB)

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

International Trade

Petroleum And The Nigerian Economy

Lee Azịza

Ajụjụ 40 Ripọtì

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 Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Price Determination (WAEC)

Gụọ akwụkwọ nkuzi na Market Structure (JAMB)

Theory Of Price Determination

Market Structure

Lee Azịza

Ajụjụ 41 Ripọtì

Labour force simply means the

demand and supply of labour

efficiency of labour

job seekers

unemployable population

working population Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Population And Labour Market (WAEC)

Population And Labour Market

Lee Azịza

Ajụjụ 42 Ripọtì

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

a large market for their products Azịza ziri ezi

emancipation of Africa

full employment of resources

higher transportation cost of goods within the region

military superiority over other African countries

Akọwa Nkọwa

Lee Azịza

Ajụjụ 43 Ripọtì

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

appreciates

depreciates Azịza ziri ezi

expands

Increases

inflates

Akọwa Nkọwa

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

Gụọ akwụkwọ nkuzi na Supply (WAEC)

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Definition And Scope Of Economics

Supply

Economics As A Science

Lee Azịza

Ajụjụ 44 Ripọtì

A major feature of capitalism is

collective ownership of means of production

competition Azịza ziri ezi

equality or egalitarianism

redistribution of income

socialization and welfare

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Market Structure (JAMB)

Gụọ akwụkwọ nkuzi na Economic Systems (JAMB)

Market Structure

Economic Systems

Lee Azịza

Ajụjụ 45 Ripọtì

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 Azịza ziri ezi

ranking of wants on a table of preference

separating defective commodities from non-defective ones

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

Lee Azịza

Ajụjụ 46 Ripọtì

A production possibility curve shows the

resources used to produce a particular commodity

possible combinations of two commodities Azịza ziri ezi

rate of inflation

rate of unemployment in the country

tabular illustration of production possibilities

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 47 Ripọtì

The value of money is affected by

consumer’s income

effective demand

effective supply

equilibrium price

general price level Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Banking (JAMB)

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

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

Gụọ akwụkwọ nkuzi na Money And Inflation (JAMB)

Banking

The Theory Of Demand

The Theory Of Price Determination

Money And Inflation

Lee Azịza

Ajụjụ 48 Ripọtì

The growth of a country’s population is affected by

military might of the country

number of births per thousand of the population Azịza ziri ezi

number of people willing to be counted

the amount of money in circulation

the number of men in the population

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Population And Labour Market (WAEC)

Gụọ akwụkwọ nkuzi na Population (JAMB)

Population And Labour Market

Population

Lee Azịza






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