NECO SSCE - Economics - 2007 (Objective)

Vraag 1 Verslag

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 Juist antwoord

livestock for commercial purposes

Antwoorddetails

Lees lesnotitie op Money And Inflation (JAMB)

Money And Inflation

Bekijk antwoord

Vraag 2 Verslag

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 Juist antwoord

No need of employing a host of officials to allocate resources

Antwoorddetails

Lees lesnotitie op Economic Systems (JAMB)

Economic Systems

Bekijk antwoord

Vraag 3 Verslag

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

Adequate transportation network Juist antwoord

Inadequate credit facilities

Inadequate storage facilities

poor processing and packaging

Unnecessary hoarding

Antwoorddetails

Lees lesnotitie op Distributive Trade (WAEC)

Distributive Trade

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Vraag 4 Verslag

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

capital consumption

debt repayments

Investment abroad

net income from abroad Juist antwoord

net saving

Antwoorddetails

Lees lesnotitie op National Income (WAEC)

National Income

Bekijk antwoord

Vraag 5 Verslag

The following countries are members of ECOWAS EXCEPT

Angola Juist antwoord

Ghana

Ivory coast

Liberia

Niger Republic

Antwoorddetails

Lees lesnotitie op Economic Integration (WAEC)

Lees lesnotitie op Financial Institutions (WAEC)

Economic Integration

Financial Institutions

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Vraag 6 Verslag

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 Juist antwoord

They implement government monetary policies

Antwoorddetails

Lees lesnotitie op Banking (JAMB)

Banking

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Vraag 7 Verslag

Which of the following is a disadvantage of sole proprietorship?

Does not enjoy limited liability Juist antwoord

Decisions are easily made and implemented

Easy to set up

Enjoys secrecy

Maintains dose relationship with workers and customers

Antwoorddetails

Lees lesnotitie op Agriculture (WAEC)

Lees lesnotitie op Business Organizations (JAMB)

Lees lesnotitie op Definition And Scope Of Economics (WAEC)

Agriculture

Business Organizations

Definition And Scope Of Economics

Bekijk antwoord

Vraag 8 Verslag

Branding and packaging of goods Is the function of

brokers

consumers

manufactures Juist antwoord

retailers

wholesalers

Antwoorddetails

Lees lesnotitie op Business Organizations (JAMB)

Lees lesnotitie op Distributive Trade (WAEC)

Lees lesnotitie op Types And Basic Features Of Economic Systems (WAEC)

Business Organizations

Distributive Trade

Types And Basic Features Of Economic Systems

Bekijk antwoord

Vraag 9 Verslag

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

cyclical

disguised

Frictional

residual Juist antwoord

Voluntary

Antwoorddetails

Lees lesnotitie op Agriculture (WAEC)

Lees lesnotitie op Population And Labour Market (WAEC)

Agriculture

Population And Labour Market

Bekijk antwoord

Vraag 10 Verslag

The following methods are used in calculation of National Income EXCEPT

depreciation Juist antwoord

Expenditure

Income

Output

value added

Antwoorddetails

Lees lesnotitie op Industrialization (WAEC)

Lees lesnotitie op Methods And Tools Of Economic Analysis (JAMB)

Lees lesnotitie op Factors Of Production And Their Theories (JAMB)

Lees lesnotitie op National Income (WAEC)

Industrialization

Methods And Tools Of Economic Analysis

Factors Of Production And Their Theories

National Income

Bekijk antwoord

Vraag 11 Verslag

Population density refers to

total population

the total population divided by the total area of land Juist antwoord

the total area of land divided by the total population

the population ratio of male and female

optimum Population level

Antwoorddetails

Bekijk antwoord

Vraag 12 Verslag

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

balance growth

export promotion

import substitution Juist antwoord

Industrialization

urbanization

Antwoorddetails

Lees lesnotitie op Industry And Industrialization (JAMB)

Industry And Industrialization

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Vraag 13 Verslag

The theory of absolute advantage was propounded by

Adam Smith Juist antwoord

David Ricardo

Irving Fisher

JB Kynes

Thomas Malthus

Antwoorddetails

Lees lesnotitie op Economics As A Science (JAMB)

Lees lesnotitie op Economic Systems (JAMB)

Economics As A Science

Economic Systems

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Vraag 14 Verslag

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 Juist antwoord

Antwoorddetails

Lees lesnotitie op Agriculture (WAEC)

Agriculture

Bekijk antwoord

Vraag 15 Verslag

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 Juist antwoord

uses controlled experiment

Antwoorddetails

Lees lesnotitie op Definition And Scope Of Economics (WAEC)

Lees lesnotitie op Economics As A Science (JAMB)

Definition And Scope Of Economics

Economics As A Science

Bekijk antwoord

Vraag 16 Verslag

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

diminishing returns

division of labour

Industrialization

production Juist antwoord

specialization

Antwoorddetails

Lees lesnotitie op Industrialization (WAEC)

Lees lesnotitie op Agriculture (WAEC)

Lees lesnotitie op The Theory Of Production (JAMB)

Lees lesnotitie op Business Organizations (JAMB)

Lees lesnotitie op Theory Of Production (WAEC)

Industrialization

Agriculture

The Theory Of Production

Business Organizations

Theory Of Production

Bekijk antwoord

Vraag 17 Verslag

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

Beef and hides

fuel and kerosene

Palm oil and kernel

Tea and coffee Juist antwoord

Wool and Mutton

Antwoorddetails

Lees lesnotitie op The Theory Of Supply (JAMB)

Lees lesnotitie op Economic Systems (JAMB)

The Theory Of Supply

Economic Systems

Bekijk antwoord

Vraag 18 Verslag

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 Juist antwoord

proportional taxation

regressive taxation

sales tax

Antwoorddetails

Lees lesnotitie op Economics As A Science (JAMB)

Economics As A Science

Bekijk antwoord

Vraag 19 Verslag

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

balance of payments Juist antwoord

balance of trade

budget

Index of trade

terms of trade

Antwoorddetails

Lees lesnotitie op International Trade And Balance Of Payments (WAEC)

International Trade And Balance Of Payments

Bekijk antwoord

Vraag 20 Verslag

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 Juist antwoord

Antwoorddetails

Lees lesnotitie op Business Organizations (WAEC)

Lees lesnotitie op Distributive Trade (WAEC)

Lees lesnotitie op Industry And Industrialization (JAMB)

Business Organizations

Distributive Trade

Industry And Industrialization

Bekijk antwoord

Vraag 21 Verslag

The first oil refinery in Nigeria was established at

Alesa Eleme

Araromi

Kaduna

Oloibiri Juist antwoord

Warri

Antwoorddetails

Lees lesnotitie op Petroleum And The Nigerian Economy (JAMB)

Petroleum And The Nigerian Economy

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Vraag 22 Verslag

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

Burkina Faso

Ivory Coast Juist antwoord

Liberia

Niger Republic

Senegal

Antwoorddetails

Lees lesnotitie op International Economic Organizations (JAMB)

International Economic Organizations

Bekijk antwoord

Vraag 23 Verslag

The following are bye-products of crude oil EXCEPT

bitumen

kerosene

paraffin wax

perfume Juist antwoord

petrol

Antwoorddetails

Lees lesnotitie op Petroleum And The Nigerian Economy (JAMB)

Petroleum And The Nigerian Economy

Bekijk antwoord

Vraag 24 Verslag

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

commercialization

indigenization Juist antwoord

liberalization

localization

privatization

Antwoorddetails

Lees lesnotitie op Economic Systems (JAMB)

Economic Systems

Bekijk antwoord

Vraag 25 Verslag

Agricultural production in Nigeria could be improved through

control of plant diseases Juist antwoord

Land Fragmentation

Payment of excise duty

the introduction of low yielding crops

the use of traditional implements

Antwoorddetails

Lees lesnotitie op Money And Inflation (JAMB)

Lees lesnotitie op Agriculture In Nigeria (JAMB)

Money And Inflation

Agriculture In Nigeria

Bekijk antwoord

Vraag 26 Verslag

The following are advantages of standard deviation EXCEPT that it

has greater practical utility In sampling Juist antwoord

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

Antwoorddetails

Lees lesnotitie op Methods And Tools Of Economic Analysis (JAMB)

Lees lesnotitie op The Theory Of Demand (JAMB)

Lees lesnotitie op The Theory Of Price Determination (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Demand

The Theory Of Price Determination

Bekijk antwoord

Vraag 27 Verslag

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

0.2 Juist antwoord

0.6

0.7

Antwoorddetails

Lees lesnotitie op Economics As A Science (JAMB)

Lees lesnotitie op Money And Inflation (JAMB)

Economics As A Science

Money And Inflation

Bekijk antwoord

Vraag 28 Verslag

At the point where total utility begins to decline MU is

constant

decreasing

increasing

negative Juist antwoord

zero

Antwoorddetails

Lees lesnotitie op The Theory Of Consumer Behaviour (JAMB)

Lees lesnotitie op Economics As A Science (JAMB)

The Theory Of Consumer Behaviour

Economics As A Science

Bekijk antwoord

Vraag 29 Verslag

The following measures used to check deflation EXCEPT

deficit financing

improving distribution system

increasing wages and salaries

raising the bank rate Juist antwoord

reducing taxation

Antwoorddetails

Lees lesnotitie op Public Finance (JAMB)

Lees lesnotitie op Economic Systems (JAMB)

Public Finance

Economic Systems

Bekijk antwoord

Vraag 30 Verslag

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

balanced

deficit

restricted

surplus Juist antwoord

Antwoorddetails

Lees lesnotitie op International Trade And Balance Of Payments (WAEC)

Lees lesnotitie op Economic Development And Planning (WAEC)

International Trade And Balance Of Payments

Economic Development And Planning

Bekijk antwoord

Vraag 31 Verslag

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

direct

indirect

progressive

proportional Juist antwoord

regressive

Antwoorddetails

Lees lesnotitie op Economics As A Science (JAMB)

Economics As A Science

Bekijk antwoord

Vraag 32 Verslag

Which of the following is a condition necessary

Few sellers and buyers Juist antwoord

Free entry and exist

Homogeneous goods

Lack of preferential treatment

Many callers and buyers

Antwoorddetails

Lees lesnotitie op Theory Of Consumer Behaviour (WAEC)

Lees lesnotitie op Market Structure (JAMB)

Theory Of Consumer Behaviour

Market Structure

Bekijk antwoord

Vraag 33 Verslag

The following are types of monopolies EXCEPT

cartels

holding companies

syndicates

thrifts Juist antwoord

trusts

Antwoorddetails

Lees lesnotitie op Market Structure (JAMB)

Market Structure

Bekijk antwoord

Vraag 34 Verslag

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

70 Juist antwoord

100

140

280

Antwoorddetails

Lees lesnotitie op Economics As A Science (JAMB)

Lees lesnotitie op Economic Systems (JAMB)

Economics As A Science

Economic Systems

Bekijk antwoord

Vraag 35 Verslag

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

decrease in bank rate

Decrease in taxation

deficit budget

Export drive Juist antwoord

Increase in government expenditure

Antwoorddetails

Lees lesnotitie op Money And Inflation (WAEC)

Lees lesnotitie op Public Finance (WAEC)

Lees lesnotitie op Public Finance (JAMB)

Money And Inflation

Public Finance

Bekijk antwoord

Vraag 36 Verslag

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 Juist antwoord

Antwoorddetails

Lees lesnotitie op Basic Tools Of Economic Analysis (WAEC)

Basic Tools Of Economic Analysis

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Vraag 37 Verslag

The equation MV PT is known as

demand and supply equation

equilibrium equation

equation of exchange

money supply equation Juist antwoord

price index numbers

Antwoorddetails

Lees lesnotitie op Methods And Tools Of Economic Analysis (JAMB)

Lees lesnotitie op Economics As A Science (JAMB)

Methods And Tools Of Economic Analysis

Economics As A Science

Bekijk antwoord

Vraag 38 Verslag

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 Juist antwoord

Antwoorddetails

Lees lesnotitie op Economic Development And Planning (WAEC)

Economic Development And Planning

Bekijk antwoord

Vraag 39 Verslag

The function muv/muz = py/pz represents

consumer’s average utility level

diminishing marginal utility

increasing marginal utility

marginal theory of price

utility maximization Juist antwoord

Antwoorddetails

Lees lesnotitie op Theory Of Price Determination (WAEC)

Lees lesnotitie op The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

Bekijk antwoord

Vraag 40 Verslag

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

capital

consumer

economic Juist antwoord

free

scarce

Antwoorddetails

Lees lesnotitie op Economics As A Science (JAMB)

Lees lesnotitie op Economic Systems (JAMB)

Economics As A Science

Economic Systems

Bekijk antwoord

Vraag 41 Verslag

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

combining aid labour means of production

the producers involves Juist antwoord

using capital Intensive method of production

using labour intensive method of production

using the method of production with the least cost

Antwoorddetails

Lees lesnotitie op Factors Of Production And Their Theories (JAMB)

Lees lesnotitie op Economic Systems (JAMB)

Factors Of Production And Their Theories

Economic Systems

Bekijk antwoord

Vraag 42 Verslag

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

8 Juist antwoord

Antwoorddetails

Lees lesnotitie op Methods And Tools Of Economic Analysis (JAMB)

Methods And Tools Of Economic Analysis

Bekijk antwoord

Vraag 43 Verslag

Standard deviation can be determined by the square root of the

mean

mean deviation

mode

variance Juist antwoord

variance divided by the mean

Antwoorddetails

Lees lesnotitie op Methods And Tools Of Economic Analysis (JAMB)

Methods And Tools Of Economic Analysis

Bekijk antwoord

Vraag 44 Verslag

Which of the following is NOT a feature of land?

Free gift of nature

Fixed in supply

Geographically immobile

Returns on land is wages Juist antwoord

Subject to law of diminishing returns

Antwoorddetails

Lees lesnotitie op Factors Of Production And Their Theories (JAMB)

Factors Of Production And Their Theories

Bekijk antwoord

Vraag 45 Verslag

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

APC

APS

MPC

MPS

The multiplier Juist antwoord

Antwoorddetails

Lees lesnotitie op National Income (WAEC)

National Income

Bekijk antwoord

Vraag 46 Verslag

In a solo proprietorship, decisions are made by the

board of directors

government

management

owner Juist antwoord

shareholders

Antwoorddetails

Lees lesnotitie op The Theory Of Supply (JAMB)

Lees lesnotitie op Business Organizations (WAEC)

Lees lesnotitie op Theory Of Costs (JAMB)

Lees lesnotitie op The Theory Of Consumer Behaviour (JAMB)

Lees lesnotitie op 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

Bekijk antwoord






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