NECO SSCE - Economics - 2004

In a socialist economic system, decisions relating to the fundamental economic problems are taken by

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The excess profit made by a firm in a competitive market situation in the short-term is known as

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Demand for labour depends on the following factors EXCEPT

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The main industrial cities in Nigeria are

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Which of the following is true about average cost?

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The assumptions of the principles of comparative cost advantage is based on

I. Absence of Trade Restrictions
II. No transport costs
III. Constant technology

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Which of the following factors will NOT affect supply of maize in Nigeria?

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A firm with a total of 54 employees produced 108 tonnes of toilet tissues in 3months. What is the average production per employee?

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A one-man business is controlled by

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To an individual, the term cost will include expenditure on the following EXCEPT

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The following are the main problems of distribution of essential commodities in Nigeria EXCEPT

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The introduction of money into the economy has helped to resolve the following problems EXCEPT

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When total utility is at maximum, then marginal utility is

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Which of the following will NOT be a barrier to international trade?

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A development planning which takes a long range view of the economy and covers a period of 10-20 years is regarded as

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When Elasticity of Demand is greater than one, the demand is

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When a change in the demand for commodity A leads to a change in demand for commodity B in the same direction, demand for A & B is

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Which of the following is NOT a function of the wholesaler in the distributive channel?

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An inflation which occurs as a result of increase in production cost is known as

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The unit of satisfaction dived from the consumption of an additional unit of a commodity is known as

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Individuals who buy new shares in anticipation of reselling at higher prices in the stock exchange market are called

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Excise duties are taxes levied on

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Points outside the production possibility curves shows

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The basic economics problem of what to produce arises as a result of

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A business organization set up for the mutual benefits of member with similar interest is known as

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The types of unemployment that evolved the use of machines to replaces human labour is known as

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Which of the following is NOT a factor to be considered in siting an industry in a particular area?

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The desire to hold cash balances in order to meet expenditures which arises due to unforeseen circumstances is

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The indices used to measure the cost of living is

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A negative effect of the discovery of petroleum on the Nigerian economy is

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The decision of whether to use labour or capital intensive techniques in production process is a problem of

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The main differences between money market and capital market is that money markets

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In Economics, want means…………aspiration

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In international trade, when payments of a country are higher than the receipts, then the balance of payment is

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All the following are the objectives of economic planning EXCEPT to

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The most generally accepted definition of Economics was given by

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The amount of money required for the day-to-day running of a business is known as

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Arrangement of wants in order of importance is brought about by

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Which of the following is NOT a problem of population census in Nigeria?

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