NECO SSCE - Economics - 2002

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

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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?

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

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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?

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

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

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

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

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One of the fundamental economic problem of every society is

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

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Disposable income in national income accounting is an income which

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

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

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In production, total cost comprises of

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The following are type of business organization EXCEPT

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The demand for labour in an economy is a depiction of

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The main function of retailer in the distribution channel is

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The 1962-1968 development plan in nigerian failed because of

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

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

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

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Transcationary motive implies, holding money

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The following are reward for factors of production EXCEPT

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

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

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

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

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Which of the following is NOT a feature of capitalism ?

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

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

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A market situation with few sellers and many buyers is called

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

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

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The main disadvantages of deflationary policies is

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

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Which of the folowing NOT among the objectives of OPEC?

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

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In income determination theory, acceleration principles shows that

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Tc/Q =

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

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

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The Nigerian indigenization decree process involves

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

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

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