NECO SSCE - Economics - 2002 (Objective)

Pergunta 1 Relatório

If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, what is the price elasticity of demand for the commodity?

0.5

0.8 Resposta correta

1.5

1.8

Detalhes da Resposta

Ler a nota de aula em The Theory Of Demand (JAMB)

Ler a nota de aula em The Theory Of Price Determination (JAMB)

The Theory Of Demand

The Theory Of Price Determination

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Pergunta 2 Relatório

Long-run in economic mean a period of time in which

all factor inputs are not being used

all factor inputs are variable Resposta correta

all factor inputs are fixed

only few factor inputs are variable

firms are not producing at all

Detalhes da Resposta

Ler a nota de aula em Factors Of Production And Their Theories (JAMB)

Ler a nota de aula em The Theory Of Production (JAMB)

Ler a nota de aula em Factors Of Production (WAEC)

Factors Of Production And Their Theories

The Theory Of Production

Factors Of Production

Ver Resposta

Pergunta 3 Relatório

Tc/Q =

marginal cost

Average coat Resposta correta

total cost

equilibrium level

Detalhes da Resposta

Ler a nota de aula em The Theory Of Supply (JAMB)

Ler a nota de aula em Theory Of Costs (JAMB)

Ler a nota de aula em Market Structure (JAMB)

The Theory Of Supply

Theory Of Costs

Market Structure

Ver Resposta

Pergunta 4 Relatório

The demand for labour in an economy is a depiction of

competitive demand

Composite demand

Complementary demand

Deductive demand

derived demand Resposta correta

Detalhes da Resposta

Ler a nota de aula em The Theory Of Demand (JAMB)

The Theory Of Demand

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Pergunta 5 Relatório

The Nigerian indigenization decree process involves

5 phases

6 phases

4 phases

3 phases Resposta correta

2 phases

Detalhes da Resposta

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Pergunta 6 Relatório

One of the function of united nation conference on trade and development (UNTAD) is to

carry out feasibility study for projects in less developed countries

increase impact of developed countries over less developed countries

increase share of less developed countries in world trade Resposta correta

make goods available in developed countries

transfer technology from developed to less developed countries

Detalhes da Resposta

Ler a nota de aula em Major Natural Resources (WAEC)

Ler a nota de aula em International Economic Organizations (WAEC)

Major Natural Resources

International Economic Organizations

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Pergunta 7 Relatório

Disposable income in national income accounting is an income which

cannot be used again

is available for consumption and saving Resposta correta

is a available to disabled people

must be wasted once and for all

pensioners receive from the treasury board

Detalhes da Resposta

Ler a nota de aula em National Income (WAEC)

National Income

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Pergunta 8 Relatório

Transcationary motive implies, holding money

for future investment

for day to day expenses Resposta correta

for unforeseen contingencies

to settle previous debts

to buy share in the stock exchange market

Detalhes da Resposta

Ler a nota de aula em Money And Inflation (WAEC)

Ler a nota de aula em National Income (WAEC)

Ler a nota de aula em International Trade (JAMB)

Ler a nota de aula em Public Finance (JAMB)

Money And Inflation

National Income

International Trade

Public Finance

Ver Resposta

Pergunta 9 Relatório

The willingness of an individual backed up with purchasing power at a given time is

demand

desire

effective demand Resposta correta

utility

want

Detalhes da Resposta

Ler a nota de aula em Demand (WAEC)

Ler a nota de aula em Economics As A Science (JAMB)

Demand

Economics As A Science

Ver Resposta

Pergunta 10 Relatório

The bank established to finances project aimed at promoting economic and social development within the African continent is

African bank for commerce and industry

African development bank Resposta correta

economic bank for African

recovery fund bank for Africa

Africa currency board bank

Detalhes da Resposta

Ler a nota de aula em Economic Development And Planning (WAEC)

Economic Development And Planning

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Pergunta 11 Relatório

One of the fundamental economic problem of every society is

allocation of scarce resource Resposta correta

availability of market

consumption pattern of inhabitant

presence of middle man

inadequate labour force

Detalhes da Resposta

Ler a nota de aula em Definition And Scope Of Economics (WAEC)

Ler a nota de aula em Economics As A Science (JAMB)

Definition And Scope Of Economics

Economics As A Science

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Pergunta 12 Relatório

If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

balanced budget

deficit budget Resposta correta

favorable budget

surplus budget

unfavorable budget

Detalhes da Resposta

Ler a nota de aula em Public Finance (WAEC)

Ler a nota de aula em Economics As A Science (JAMB)

Public Finance

Economics As A Science

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Pergunta 13 Relatório

An economic system in which the decision on what and how to produce is determined by the individual is called

capitalism Resposta correta

communism

Socialism

traditionalism

welfarism

Detalhes da Resposta

Ler a nota de aula em Economic Systems (JAMB)

Economic Systems

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Pergunta 14 Relatório

Government expenditure on universal basic education and subsidy on agriculture are aimed at

encouraging growth of the economy

projecting images of government

re-allocation of resources Resposta correta

redistribution of income and wealth

stabilization of the economy

Detalhes da Resposta

Ler a nota de aula em National Income (WAEC)

Ler a nota de aula em Public Finance (JAMB)

National Income

Public Finance

Ver Resposta

Pergunta 15 Relatório

To discourage the consumption of harmful commodities, government should tax such commodities if they have

elastic demand

inelastic demand Resposta correta

negative demand

positive demand

unitary demand

Detalhes da Resposta

Ler a nota de aula em The Theory Of Demand (JAMB)

The Theory Of Demand

Ver Resposta

Pergunta 16 Relatório

The act of cultivating land and rearing of animal for man’s use is

agriculture Resposta correta

mono culture

forestry

aqua-science

horticulture

Detalhes da Resposta

Ler a nota de aula em Agriculture (WAEC)

Ler a nota de aula em International Economic Organizations (JAMB)

Ler a nota de aula em Petroleum And The Nigerian Economy (JAMB)

Ler a nota de aula em Agriculture In Nigeria (JAMB)

Agriculture

International Economic Organizations

Petroleum And The Nigerian Economy

Agriculture In Nigeria

Ver Resposta

Pergunta 17 Relatório

The following are type of business organization EXCEPT

co-operative society

Entrepreneurship Resposta correta

partnership

public corporation

Sole proprietorship

Detalhes da Resposta

Ler a nota de aula em Business Organizations (WAEC)

Business Organizations

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Pergunta 18 Relatório

What is the median term in the distribution below ;14, 13 29 ,15 ,13,17 ,12,

14 Resposta correta

Detalhes da Resposta

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Pergunta 19 Relatório

A producer who can only influence the price of his product but canNOT determine the quantity to be sold is referred to as

duopoly

monopolist Resposta correta

monopsonist

oligopoly

perfect competitor

Detalhes da Resposta

Ler a nota de aula em The Theory Of Production (JAMB)

Ler a nota de aula em Theory Of Price Determination (WAEC)

Ler a nota de aula em The Theory Of Price Determination (JAMB)

The Theory Of Production

Theory Of Price Determination

The Theory Of Price Determination

Ver Resposta

Pergunta 20 Relatório

If commodities A & B are jointly demanded, what will be the effect of an increase in the price of A on the demand for commodity B?

decrease in demand for commodity B Resposta correta

decrease in price of commodity B

demand for commodity B remain constant

increase in demand for commodity B

increase in the price of commodity B

Detalhes da Resposta

Ler a nota de aula em The Theory Of Demand (JAMB)

Ler a nota de aula em Demand (WAEC)

The Theory Of Demand

Demand

Ver Resposta

Pergunta 21 Relatório

The 1962-1968 development plan in nigerian failed because of

absence of indigenous bank

higher exchange rate

non availability of finance house

movement of colonial masters

over dependency on foreign capital Resposta correta

Detalhes da Resposta

Ler a nota de aula em Public Finance (JAMB)

Ler a nota de aula em Banking (JAMB)

Public Finance

Banking

Ver Resposta

Pergunta 22 Relatório

The main function of retailer in the distribution channel is

advertising the product on behalf of manufacturers

bulk breaking

branding and packaging of good

direct customer services Resposta correta

storage facilities for finished products

Detalhes da Resposta

Ler a nota de aula em Distributive Trade (WAEC)

Distributive Trade

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Pergunta 23 Relatório

Which of these is NOT associated with the problem of internal trade?

bargaining

lack of specialization

market trade unions

natural barriers Resposta correta

large number of middlemen

Detalhes da Resposta

Ler a nota de aula em Economics As A Science (JAMB)

Ler a nota de aula em Economic Systems (JAMB)

Economics As A Science

Economic Systems

Ver Resposta

Pergunta 24 Relatório

Which of the following is NOT a factor that brings about changes in demand?

a change in real income

government policy Resposta correta

increase in population

the price of the good or service

taste and fashion

Detalhes da Resposta

Ler a nota de aula em The Theory Of Demand (JAMB)

The Theory Of Demand

Ver Resposta

Pergunta 25 Relatório

Which of the following is NOT a feature of capitalism ?

detailed economics planning Resposta correta

Free enterprise

competition

private ownership of property

Entrepreneurs and the pursuit of profit

Detalhes da Resposta

Ler a nota de aula em Economic Systems (JAMB)

Economic Systems

Ver Resposta

Pergunta 26 Relatório

If the consumer demand for product X increases, as the demand for product, Y increases then the goods X and Y are

complimentary goods Resposta correta

composite goods

derived good

independent goods

substitute good

Detalhes da Resposta

Ler a nota de aula em Theory Of Consumer Behaviour (WAEC)

Ler a nota de aula em The Theory Of Demand (JAMB)

Ler a nota de aula em Demand (WAEC)

Theory Of Consumer Behaviour

The Theory Of Demand

Demand

Ver Resposta

Pergunta 27 Relatório

Which of the folowing NOT among the objectives of OPEC?

to stabilize the revenue from oil to producing countries

to stabilize the price of iol in the world market Resposta correta

to make sure that oil flows to all the consuming countries

to estabilished petroleum refineries in all member state

to co-ordinate and harmonize the oil policies of member countries

Detalhes da Resposta

Ler a nota de aula em International Economic Organizations (JAMB)

International Economic Organizations

Ver Resposta

Pergunta 28 Relatório

Which of the following measure will NOT serves as a control during inflation period?

increase in personal income tax

increase in bank rate and interest

increase in government capital expenditure Resposta correta

reduction in money supply

reduction in government recurrent expenditure

Detalhes da Resposta

Ler a nota de aula em Money And Inflation (WAEC)

Ler a nota de aula em Public Finance (WAEC)

Money And Inflation

Public Finance

Ver Resposta

Pergunta 29 Relatório

Remuneration of labour based on number of hours worked is known as

fees

commission

time-rates Resposta correta

salary

wages

Detalhes da Resposta

Ler a nota de aula em The Theory Of Demand (JAMB)

The Theory Of Demand

Ver Resposta

Pergunta 30 Relatório

Which of these is a necessary condition for trade by barter?

double coincidence of wants Resposta correta

double exchange rate

durability of goods

divisibility of commodities

homogeneity of goods

Detalhes da Resposta

Ler a nota de aula em Demand (WAEC)

Demand

Ver Resposta

Pergunta 31 Relatório

Which of the following factors will NOT account for an outward shift of production possibility curve?

budgeting and planning based on expectations Resposta correta

expansion in employment

discovering and exploration of new resources

introduction of improved production techniques

skill improvement through education and training

Detalhes da Resposta

Ler a nota de aula em The Theory Of Production (JAMB)

Ler a nota de aula em Factors Of Production (WAEC)

The Theory Of Production

Factors Of Production

Ver Resposta

Pergunta 32 Relatório

An economic system in which individual control the productive resources is known as

capitalism Resposta correta

communism

freedomism

socialism

welfarism

Detalhes da Resposta

Ler a nota de aula em Economic Systems (JAMB)

Economic Systems

Ver Resposta

Pergunta 33 Relatório

In a two-sector economy, income is a function of

consumption + investment Resposta correta

consumption + investment + tax

consumption + investment + expenditure

consumption + exports + imports

saving + investment

Detalhes da Resposta

Ler a nota de aula em Public Finance (JAMB)

Ler a nota de aula em The Theory Of Demand (JAMB)

Public Finance

The Theory Of Demand

Ver Resposta

Pergunta 34 Relatório

The main disadvantages of deflationary policies is

full employment in the country

increasing cost of living

improved standard of living

unemployment in the country Resposta correta

under employment in the country

Detalhes da Resposta

Ler a nota de aula em Economics As A Science (JAMB)

Ler a nota de aula em Economic Systems (JAMB)

Economics As A Science

Economic Systems

Ver Resposta

Pergunta 35 Relatório

The following are reward for factors of production EXCEPT

interests

profit

Rent and commissions

rates and deposits Resposta correta

wage and salaries

Detalhes da Resposta

Ler a nota de aula em Factors Of Production And Their Theories (JAMB)

Ler a nota de aula em Factors Of Production (WAEC)

Factors Of Production And Their Theories

Factors Of Production

Ver Resposta

Pergunta 36 Relatório

The contribution of petroleum to the economy of nigerian is most prominent in the area of

employment generation

fuel provision

infrastructural development

revenue generation Resposta correta

technical know-how

Detalhes da Resposta

Ler a nota de aula em Petroleum And The Nigerian Economy (JAMB)

Petroleum And The Nigerian Economy

Ver Resposta

Pergunta 37 Relatório

In production, total cost comprises of

averages cost and marginal cost

variable cost and averages cost

variable cost and fixed cost Resposta correta

marginal cost and variable cost

fixed cost and averages cost

Detalhes da Resposta

Ler a nota de aula em Theory Of Costs (JAMB)

Ler a nota de aula em Theory Of Production (WAEC)

Theory Of Costs

Theory Of Production

Ver Resposta

Pergunta 38 Relatório

A market situation with few sellers and many buyers is called

monopoly

duopoly

oligopoly Resposta correta

perfect competition

monopsony

Detalhes da Resposta

Ler a nota de aula em Factors Of Production And Their Theories (JAMB)

Ler a nota de aula em Market Structures (WAEC)

Ler a nota de aula em Market Structure (JAMB)

Factors Of Production And Their Theories

Market Structures

Market Structure

Ver Resposta

Pergunta 39 Relatório

The comparison of the standard of living between Nigeria and Ghana is best down through the use of

gross domestic product

gross National incomes

Net disposable income

Net National income

per capita income Resposta correta

Detalhes da Resposta

Ler a nota de aula em National Income (WAEC)

Ler a nota de aula em National Income (JAMB)

National Income

Ver Resposta

Pergunta 40 Relatório

When combination of two goods which a consumer derive equal satisfaction is plotted on a graph, the graph is known as

demand curve

indifference curve Resposta correta

opportunity curve

utility curve

supply curve

Detalhes da Resposta

Ler a nota de aula em Market Structures (WAEC)

Market Structures

Ver Resposta

Pergunta 41 Relatório

The middle value of an array figure arranged in descending order is referred to as the

equation

mean

Median Resposta correta

mode

Variance

Detalhes da Resposta

Ler a nota de aula em Theory Of Price Determination (WAEC)

Ler a nota de aula em Theory Of Costs (JAMB)

Ler a nota de aula em The Theory Of Price Determination (JAMB)

Theory Of Price Determination

Theory Of Costs

The Theory Of Price Determination

Ver Resposta

Pergunta 42 Relatório

The formular used by the Expenditure approach to calculate National income is

Y=C + I + X - M –G

Y= C + X – M – I + G

Y = C + I + G + X – M Resposta correta

Y = C – I + X – M + G

Y = C + G – X + M – I

Detalhes da Resposta

Ver Resposta

Pergunta 43 Relatório

In income determination theory, acceleration principles shows that

income is the cause, while investment is the effect investment Resposta correta

income and investment are both causes

income and investment are both effects

incomes is of on effect on investment

investment is the causes, while income is the effects

Detalhes da Resposta

Ler a nota de aula em Methods And Tools Of Economic Analysis (JAMB)

Ler a nota de aula em The Theory Of Price Determination (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Price Determination

Ver Resposta

Pergunta 44 Relatório

When an economy is having a balance of payment surplus the best alternative opened to it is to

borrow from abroad

devalue its currency

increase its foreign reserve Resposta correta

promote imports into the country

sell out its foreign assets

Detalhes da Resposta

Ver Resposta






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