NECO SSCE - Economics - 2002 (Objective)

Swali 1 Ripoti

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

a change in real income

government policy Jibu sahihi

increase in population

the price of the good or service

taste and fashion

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Demand (JAMB)

The Theory Of Demand

Tazama Jibu

Swali 2 Ripoti

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

demand

desire

effective demand Jibu sahihi

utility

want

Maelezo ya Majibu

Soma maelezo ya somo kwenye Demand (WAEC)

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

Demand

Economics As A Science

Tazama Jibu

Swali 3 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye National Income (WAEC)

Soma maelezo ya somo kwenye National Income (JAMB)

National Income

Tazama Jibu

Swali 4 Ripoti

In production, total cost comprises of

averages cost and marginal cost

variable cost and averages cost

variable cost and fixed cost Jibu sahihi

marginal cost and variable cost

fixed cost and averages cost

Maelezo ya Majibu

Soma maelezo ya somo kwenye Theory Of Costs (JAMB)

Soma maelezo ya somo kwenye Theory Of Production (WAEC)

Theory Of Costs

Theory Of Production

Tazama Jibu

Swali 5 Ripoti

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 Jibu sahihi

redistribution of income and wealth

stabilization of the economy

Maelezo ya Majibu

Soma maelezo ya somo kwenye National Income (WAEC)

Soma maelezo ya somo kwenye Public Finance (JAMB)

National Income

Public Finance

Tazama Jibu

Swali 6 Ripoti

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

capitalism Jibu sahihi

communism

freedomism

socialism

welfarism

Maelezo ya Majibu

Soma maelezo ya somo kwenye Economic Systems (JAMB)

Economic Systems

Tazama Jibu

Swali 7 Ripoti

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

elastic demand

inelastic demand Jibu sahihi

negative demand

positive demand

unitary demand

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Demand (JAMB)

The Theory Of Demand

Tazama Jibu

Swali 8 Ripoti

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 Jibu sahihi

promote imports into the country

sell out its foreign assets

Maelezo ya Majibu

Tazama Jibu

Swali 9 Ripoti

A market situation with few sellers and many buyers is called

monopoly

duopoly

oligopoly Jibu sahihi

perfect competition

monopsony

Maelezo ya Majibu

Soma maelezo ya somo kwenye Factors Of Production And Their Theories (JAMB)

Soma maelezo ya somo kwenye Market Structures (WAEC)

Soma maelezo ya somo kwenye Market Structure (JAMB)

Factors Of Production And Their Theories

Market Structures

Market Structure

Tazama Jibu

Swali 10 Ripoti

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

capitalism Jibu sahihi

communism

Socialism

traditionalism

welfarism

Maelezo ya Majibu

Soma maelezo ya somo kwenye Economic Systems (JAMB)

Economic Systems

Tazama Jibu

Swali 11 Ripoti

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 Jibu sahihi

Y = C – I + X – M + G

Y = C + G – X + M – I

Maelezo ya Majibu

Tazama Jibu

Swali 12 Ripoti

In income determination theory, acceleration principles shows that

income is the cause, while investment is the effect investment Jibu sahihi

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

Maelezo ya Majibu

Soma maelezo ya somo kwenye Methods And Tools Of Economic Analysis (JAMB)

Soma maelezo ya somo kwenye The Theory Of Price Determination (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Price Determination

Tazama Jibu

Swali 13 Ripoti

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 Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye Public Finance (JAMB)

Soma maelezo ya somo kwenye Banking (JAMB)

Public Finance

Banking

Tazama Jibu

Swali 14 Ripoti

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 Jibu sahihi

1.5

1.8

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Demand (JAMB)

Soma maelezo ya somo kwenye The Theory Of Price Determination (JAMB)

The Theory Of Demand

The Theory Of Price Determination

Tazama Jibu

Swali 15 Ripoti

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 Jibu sahihi

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

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Demand (JAMB)

Soma maelezo ya somo kwenye Demand (WAEC)

The Theory Of Demand

Demand

Tazama Jibu

Swali 16 Ripoti

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

complimentary goods Jibu sahihi

composite goods

derived good

independent goods

substitute good

Maelezo ya Majibu

Soma maelezo ya somo kwenye Theory Of Consumer Behaviour (WAEC)

Soma maelezo ya somo kwenye The Theory Of Demand (JAMB)

Soma maelezo ya somo kwenye Demand (WAEC)

Theory Of Consumer Behaviour

The Theory Of Demand

Demand

Tazama Jibu

Swali 17 Ripoti

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 Jibu sahihi

storage facilities for finished products

Maelezo ya Majibu

Soma maelezo ya somo kwenye Distributive Trade (WAEC)

Distributive Trade

Tazama Jibu

Swali 18 Ripoti

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

equation

mean

Median Jibu sahihi

mode

Variance

Maelezo ya Majibu

Soma maelezo ya somo kwenye Theory Of Price Determination (WAEC)

Soma maelezo ya somo kwenye Theory Of Costs (JAMB)

Soma maelezo ya somo kwenye The Theory Of Price Determination (JAMB)

Theory Of Price Determination

Theory Of Costs

The Theory Of Price Determination

Tazama Jibu

Swali 19 Ripoti

One of the fundamental economic problem of every society is

allocation of scarce resource Jibu sahihi

availability of market

consumption pattern of inhabitant

presence of middle man

inadequate labour force

Maelezo ya Majibu

Soma maelezo ya somo kwenye Definition And Scope Of Economics (WAEC)

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

Definition And Scope Of Economics

Economics As A Science

Tazama Jibu

Swali 20 Ripoti

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

14 Jibu sahihi

Maelezo ya Majibu

Tazama Jibu

Swali 21 Ripoti

The Nigerian indigenization decree process involves

5 phases

6 phases

4 phases

3 phases Jibu sahihi

2 phases

Maelezo ya Majibu

Tazama Jibu

Swali 22 Ripoti

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 Jibu sahihi

economic bank for African

recovery fund bank for Africa

Africa currency board bank

Maelezo ya Majibu

Soma maelezo ya somo kwenye Economic Development And Planning (WAEC)

Economic Development And Planning

Tazama Jibu

Swali 23 Ripoti

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 Jibu sahihi

opportunity curve

utility curve

supply curve

Maelezo ya Majibu

Soma maelezo ya somo kwenye Market Structures (WAEC)

Market Structures

Tazama Jibu

Swali 24 Ripoti

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

agriculture Jibu sahihi

mono culture

forestry

aqua-science

horticulture

Maelezo ya Majibu

Soma maelezo ya somo kwenye Agriculture (WAEC)

Soma maelezo ya somo kwenye International Economic Organizations (JAMB)

Soma maelezo ya somo kwenye Petroleum And The Nigerian Economy (JAMB)

Soma maelezo ya somo kwenye Agriculture In Nigeria (JAMB)

Agriculture

International Economic Organizations

Petroleum And The Nigerian Economy

Agriculture In Nigeria

Tazama Jibu

Swali 25 Ripoti

Transcationary motive implies, holding money

for future investment

for day to day expenses Jibu sahihi

for unforeseen contingencies

to settle previous debts

to buy share in the stock exchange market

Maelezo ya Majibu

Soma maelezo ya somo kwenye Money And Inflation (WAEC)

Soma maelezo ya somo kwenye National Income (WAEC)

Soma maelezo ya somo kwenye International Trade (JAMB)

Soma maelezo ya somo kwenye Public Finance (JAMB)

Money And Inflation

National Income

International Trade

Public Finance

Tazama Jibu

Swali 26 Ripoti

Which of the following is NOT a feature of capitalism ?

detailed economics planning Jibu sahihi

Free enterprise

competition

private ownership of property

Entrepreneurs and the pursuit of profit

Maelezo ya Majibu

Soma maelezo ya somo kwenye Economic Systems (JAMB)

Economic Systems

Tazama Jibu

Swali 27 Ripoti

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 Jibu sahihi

make goods available in developed countries

transfer technology from developed to less developed countries

Maelezo ya Majibu

Soma maelezo ya somo kwenye Major Natural Resources (WAEC)

Soma maelezo ya somo kwenye International Economic Organizations (WAEC)

Major Natural Resources

International Economic Organizations

Tazama Jibu

Swali 28 Ripoti

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

budgeting and planning based on expectations Jibu sahihi

expansion in employment

discovering and exploration of new resources

introduction of improved production techniques

skill improvement through education and training

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Production (JAMB)

Soma maelezo ya somo kwenye Factors Of Production (WAEC)

The Theory Of Production

Factors Of Production

Tazama Jibu

Swali 29 Ripoti

The following are type of business organization EXCEPT

co-operative society

Entrepreneurship Jibu sahihi

partnership

public corporation

Sole proprietorship

Maelezo ya Majibu

Soma maelezo ya somo kwenye Business Organizations (WAEC)

Business Organizations

Tazama Jibu

Swali 30 Ripoti

Disposable income in national income accounting is an income which

cannot be used again

is available for consumption and saving Jibu sahihi

is a available to disabled people

must be wasted once and for all

pensioners receive from the treasury board

Maelezo ya Majibu

Soma maelezo ya somo kwenye National Income (WAEC)

National Income

Tazama Jibu

Swali 31 Ripoti

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

consumption + investment Jibu sahihi

consumption + investment + tax

consumption + investment + expenditure

consumption + exports + imports

saving + investment

Maelezo ya Majibu

Soma maelezo ya somo kwenye Public Finance (JAMB)

Soma maelezo ya somo kwenye The Theory Of Demand (JAMB)

Public Finance

The Theory Of Demand

Tazama Jibu

Swali 32 Ripoti

The main disadvantages of deflationary policies is

full employment in the country

increasing cost of living

improved standard of living

unemployment in the country Jibu sahihi

under employment in the country

Maelezo ya Majibu

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

Soma maelezo ya somo kwenye Economic Systems (JAMB)

Economics As A Science

Economic Systems

Tazama Jibu

Swali 33 Ripoti

The following are reward for factors of production EXCEPT

interests

profit

Rent and commissions

rates and deposits Jibu sahihi

wage and salaries

Maelezo ya Majibu

Soma maelezo ya somo kwenye Factors Of Production And Their Theories (JAMB)

Soma maelezo ya somo kwenye Factors Of Production (WAEC)

Factors Of Production And Their Theories

Factors Of Production

Tazama Jibu

Swali 34 Ripoti

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

all factor inputs are not being used

all factor inputs are variable Jibu sahihi

all factor inputs are fixed

only few factor inputs are variable

firms are not producing at all

Maelezo ya Majibu

Soma maelezo ya somo kwenye Factors Of Production And Their Theories (JAMB)

Soma maelezo ya somo kwenye The Theory Of Production (JAMB)

Soma maelezo ya somo kwenye Factors Of Production (WAEC)

Factors Of Production And Their Theories

The Theory Of Production

Factors Of Production

Tazama Jibu

Swali 35 Ripoti

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 Jibu sahihi

reduction in money supply

reduction in government recurrent expenditure

Maelezo ya Majibu

Soma maelezo ya somo kwenye Money And Inflation (WAEC)

Soma maelezo ya somo kwenye Public Finance (WAEC)

Money And Inflation

Public Finance

Tazama Jibu

Swali 36 Ripoti

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 Jibu sahihi

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

Maelezo ya Majibu

Soma maelezo ya somo kwenye International Economic Organizations (JAMB)

International Economic Organizations

Tazama Jibu

Swali 37 Ripoti

Tc/Q =

marginal cost

Average coat Jibu sahihi

total cost

equilibrium level

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Supply (JAMB)

Soma maelezo ya somo kwenye Theory Of Costs (JAMB)

Soma maelezo ya somo kwenye Market Structure (JAMB)

The Theory Of Supply

Theory Of Costs

Market Structure

Tazama Jibu

Swali 38 Ripoti

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

balanced budget

deficit budget Jibu sahihi

favorable budget

surplus budget

unfavorable budget

Maelezo ya Majibu

Soma maelezo ya somo kwenye Public Finance (WAEC)

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

Public Finance

Economics As A Science

Tazama Jibu

Swali 39 Ripoti

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

bargaining

lack of specialization

market trade unions

natural barriers Jibu sahihi

large number of middlemen

Maelezo ya Majibu

Soma maelezo ya somo kwenye Economics As A Science (JAMB)

Soma maelezo ya somo kwenye Economic Systems (JAMB)

Economics As A Science

Economic Systems

Tazama Jibu

Swali 40 Ripoti

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 Jibu sahihi

monopsonist

oligopoly

perfect competitor

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Production (JAMB)

Soma maelezo ya somo kwenye Theory Of Price Determination (WAEC)

Soma maelezo ya somo kwenye The Theory Of Price Determination (JAMB)

The Theory Of Production

Theory Of Price Determination

The Theory Of Price Determination

Tazama Jibu

Swali 41 Ripoti

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

employment generation

fuel provision

infrastructural development

revenue generation Jibu sahihi

technical know-how

Maelezo ya Majibu

Soma maelezo ya somo kwenye Petroleum And The Nigerian Economy (JAMB)

Petroleum And The Nigerian Economy

Tazama Jibu

Swali 42 Ripoti

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

fees

commission

time-rates Jibu sahihi

salary

wages

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Demand (JAMB)

The Theory Of Demand

Tazama Jibu

Swali 43 Ripoti

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

double coincidence of wants Jibu sahihi

double exchange rate

durability of goods

divisibility of commodities

homogeneity of goods

Maelezo ya Majibu

Soma maelezo ya somo kwenye Demand (WAEC)

Demand

Tazama Jibu

Swali 44 Ripoti

The demand for labour in an economy is a depiction of

competitive demand

Composite demand

Complementary demand

Deductive demand

derived demand Jibu sahihi

Maelezo ya Majibu

Soma maelezo ya somo kwenye The Theory Of Demand (JAMB)

The Theory Of Demand

Tazama Jibu






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