NECO SSCE - Economics - 2002 (Objective)

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 Ìdáhùn tó tọ́

1.5

1.8

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Price Determination (JAMB)

The Theory Of Demand

The Theory Of Price Determination

Wo Idahun

Ibeere 5 Ìròyìn

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

equation

mean

Median Ìdáhùn tó tọ́

mode

Variance

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Price Determination (WAEC)

Ka ìwé ẹ̀kọ́ nípa Theory Of Costs (JAMB)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Price Determination (JAMB)

Theory Of Price Determination

Theory Of Costs

The Theory Of Price Determination

Wo Idahun

Ibeere 6 Ìròyìn

Disposable income in national income accounting is an income which

cannot be used again

is available for consumption and saving Ìdáhùn tó tọ́

is a available to disabled people

must be wasted once and for all

pensioners receive from the treasury board

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa National Income (WAEC)

National Income

Wo Idahun

Ibeere 7 Ìròyìn

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

capitalism Ìdáhùn tó tọ́

communism

Socialism

traditionalism

welfarism

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economic Systems (JAMB)

Economic Systems

Wo Idahun

Ibeere 8 Ìròyìn

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

elastic demand

inelastic demand Ìdáhùn tó tọ́

negative demand

positive demand

unitary demand

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

The Theory Of Demand

Wo Idahun

Ibeere 9 Ìròyìn

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

balanced budget

deficit budget Ìdáhùn tó tọ́

favorable budget

surplus budget

unfavorable budget

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Public Finance (WAEC)

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Public Finance

Economics As A Science

Wo Idahun

Ibeere 10 Ìròyìn

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

complimentary goods Ìdáhùn tó tọ́

composite goods

derived good

independent goods

substitute good

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Consumer Behaviour (WAEC)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

Ka ìwé ẹ̀kọ́ nípa Demand (WAEC)

Theory Of Consumer Behaviour

The Theory Of Demand

Demand

Wo Idahun

Ibeere 11 Ìròyìn

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 Ìdáhùn tó tọ́

monopsonist

oligopoly

perfect competitor

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Production (JAMB)

Ka ìwé ẹ̀kọ́ nípa Theory Of Price Determination (WAEC)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Price Determination (JAMB)

The Theory Of Production

Theory Of Price Determination

The Theory Of Price Determination

Wo Idahun

Ibeere 12 Ìròyìn

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 Ìdáhùn tó tọ́

make goods available in developed countries

transfer technology from developed to less developed countries

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Major Natural Resources (WAEC)

Ka ìwé ẹ̀kọ́ nípa International Economic Organizations (WAEC)

Major Natural Resources

International Economic Organizations

Wo Idahun

Ibeere 13 Ìròyìn

Which of the following is NOT a feature of capitalism ?

detailed economics planning Ìdáhùn tó tọ́

Free enterprise

competition

private ownership of property

Entrepreneurs and the pursuit of profit

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economic Systems (JAMB)

Economic Systems

Wo Idahun

Ibeere 14 Ìròyìn

The demand for labour in an economy is a depiction of

competitive demand

Composite demand

Complementary demand

Deductive demand

derived demand Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

The Theory Of Demand

Wo Idahun

Ibeere 15 Ìròyìn

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 Ìdáhùn tó tọ́

storage facilities for finished products

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Distributive Trade (WAEC)

Distributive Trade

Wo Idahun

Ibeere 16 Ìròyìn

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 Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Public Finance (JAMB)

Ka ìwé ẹ̀kọ́ nípa Banking (JAMB)

Public Finance

Banking

Wo Idahun

Ibeere 17 Ìròyìn

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 Ìdáhùn tó tọ́

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

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa International Economic Organizations (JAMB)

International Economic Organizations

Wo Idahun

Ibeere 18 Ìròyìn

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

employment generation

fuel provision

infrastructural development

revenue generation Ìdáhùn tó tọ́

technical know-how

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Petroleum And The Nigerian Economy (JAMB)

Petroleum And The Nigerian Economy

Wo Idahun

Ibeere 19 Ìròyìn

The following are type of business organization EXCEPT

co-operative society

Entrepreneurship Ìdáhùn tó tọ́

partnership

public corporation

Sole proprietorship

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Business Organizations (WAEC)

Business Organizations

Wo Idahun

Ibeere 20 Ìròyìn

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

capitalism Ìdáhùn tó tọ́

communism

freedomism

socialism

welfarism

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economic Systems (JAMB)

Economic Systems

Wo Idahun

Ibeere 21 Ìròyìn

A market situation with few sellers and many buyers is called

monopoly

duopoly

oligopoly Ìdáhùn tó tọ́

perfect competition

monopsony

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Factors Of Production And Their Theories (JAMB)

Ka ìwé ẹ̀kọ́ nípa Market Structures (WAEC)

Ka ìwé ẹ̀kọ́ nípa Market Structure (JAMB)

Factors Of Production And Their Theories

Market Structures

Market Structure

Wo Idahun

Ibeere 22 Ìròyìn

The Nigerian indigenization decree process involves

5 phases

6 phases

4 phases

3 phases Ìdáhùn tó tọ́

2 phases

Awọn alaye Idahun

Wo Idahun

Ibeere 23 Ìròyìn

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

demand

desire

effective demand Ìdáhùn tó tọ́

utility

want

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Demand (WAEC)

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Demand

Economics As A Science

Wo Idahun

Ibeere 24 Ìròyìn

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 Ìdáhùn tó tọ́

reduction in money supply

reduction in government recurrent expenditure

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Money And Inflation (WAEC)

Ka ìwé ẹ̀kọ́ nípa Public Finance (WAEC)

Money And Inflation

Public Finance

Wo Idahun

Ibeere 25 Ìròyìn

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

budgeting and planning based on expectations Ìdáhùn tó tọ́

expansion in employment

discovering and exploration of new resources

introduction of improved production techniques

skill improvement through education and training

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Production (JAMB)

Ka ìwé ẹ̀kọ́ nípa Factors Of Production (WAEC)

The Theory Of Production

Factors Of Production

Wo Idahun

Ibeere 26 Ìròyìn

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 Ìdáhùn tó tọ́

promote imports into the country

sell out its foreign assets

Awọn alaye Idahun

Wo Idahun

Ibeere 27 Ìròyìn

Transcationary motive implies, holding money

for future investment

for day to day expenses Ìdáhùn tó tọ́

for unforeseen contingencies

to settle previous debts

to buy share in the stock exchange market

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Money And Inflation (WAEC)

Ka ìwé ẹ̀kọ́ nípa National Income (WAEC)

Ka ìwé ẹ̀kọ́ nípa International Trade (JAMB)

Ka ìwé ẹ̀kọ́ nípa Public Finance (JAMB)

Money And Inflation

National Income

International Trade

Public Finance

Wo Idahun

Ibeere 28 Ìròyìn

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 Ìdáhùn tó tọ́

Y = C – I + X – M + G

Y = C + G – X + M – I

Awọn alaye Idahun

Wo Idahun

Ibeere 29 Ìròyìn

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

fees

commission

time-rates Ìdáhùn tó tọ́

salary

wages

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

The Theory Of Demand

Wo Idahun

Ibeere 30 Ìròyìn

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

a change in real income

government policy Ìdáhùn tó tọ́

increase in population

the price of the good or service

taste and fashion

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

The Theory Of Demand

Wo Idahun

Ibeere 31 Ìròyìn

The following are reward for factors of production EXCEPT

interests

profit

Rent and commissions

rates and deposits Ìdáhùn tó tọ́

wage and salaries

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Factors Of Production And Their Theories (JAMB)

Ka ìwé ẹ̀kọ́ nípa Factors Of Production (WAEC)

Factors Of Production And Their Theories

Factors Of Production

Wo Idahun

Ibeere 32 Ìròyìn

Tc/Q =

marginal cost

Average coat Ìdáhùn tó tọ́

total cost

equilibrium level

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Supply (JAMB)

Ka ìwé ẹ̀kọ́ nípa Theory Of Costs (JAMB)

Ka ìwé ẹ̀kọ́ nípa Market Structure (JAMB)

The Theory Of Supply

Theory Of Costs

Market Structure

Wo Idahun

Ibeere 33 Ìròyìn

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

bargaining

lack of specialization

market trade unions

natural barriers Ìdáhùn tó tọ́

large number of middlemen

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Ka ìwé ẹ̀kọ́ nípa Economic Systems (JAMB)

Economics As A Science

Economic Systems

Wo Idahun

Ibeere 34 Ìròyìn

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

double coincidence of wants Ìdáhùn tó tọ́

double exchange rate

durability of goods

divisibility of commodities

homogeneity of goods

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Demand (WAEC)

Demand

Wo Idahun

Ibeere 35 Ìròyìn

The main disadvantages of deflationary policies is

full employment in the country

increasing cost of living

improved standard of living

unemployment in the country Ìdáhùn tó tọ́

under employment in the country

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Ka ìwé ẹ̀kọ́ nípa Economic Systems (JAMB)

Economics As A Science

Economic Systems

Wo Idahun

Ibeere 36 Ìròyìn

In income determination theory, acceleration principles shows that

income is the cause, while investment is the effect investment Ìdáhùn tó tọ́

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

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Methods And Tools Of Economic Analysis (JAMB)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Price Determination (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Price Determination

Wo Idahun

Ibeere 37 Ìròyìn

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 Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa National Income (WAEC)

Ka ìwé ẹ̀kọ́ nípa National Income (JAMB)

National Income

Wo Idahun

Ibeere 38 Ìròyìn

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

agriculture Ìdáhùn tó tọ́

mono culture

forestry

aqua-science

horticulture

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Agriculture (WAEC)

Ka ìwé ẹ̀kọ́ nípa International Economic Organizations (JAMB)

Ka ìwé ẹ̀kọ́ nípa Petroleum And The Nigerian Economy (JAMB)

Ka ìwé ẹ̀kọ́ nípa Agriculture In Nigeria (JAMB)

Agriculture

International Economic Organizations

Petroleum And The Nigerian Economy

Agriculture In Nigeria

Wo Idahun

Ibeere 39 Ìròyìn

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

consumption + investment Ìdáhùn tó tọ́

consumption + investment + tax

consumption + investment + expenditure

consumption + exports + imports

saving + investment

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Public Finance (JAMB)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

Public Finance

The Theory Of Demand

Wo Idahun

Ibeere 40 Ìròyìn

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 Ìdáhùn tó tọ́

economic bank for African

recovery fund bank for Africa

Africa currency board bank

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economic Development And Planning (WAEC)

Economic Development And Planning

Wo Idahun

Ibeere 41 Ìròyìn

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 Ìdáhùn tó tọ́

opportunity curve

utility curve

supply curve

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Market Structures (WAEC)

Market Structures

Wo Idahun

Ibeere 42 Ìròyìn

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

14 Ìdáhùn tó tọ́

Awọn alaye Idahun

Wo Idahun

Ibeere 43 Ìròyìn

In production, total cost comprises of

averages cost and marginal cost

variable cost and averages cost

variable cost and fixed cost Ìdáhùn tó tọ́

marginal cost and variable cost

fixed cost and averages cost

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Costs (JAMB)

Ka ìwé ẹ̀kọ́ nípa Theory Of Production (WAEC)

Theory Of Costs

Theory Of Production

Wo Idahun

Ibeere 44 Ìròyìn

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 Ìdáhùn tó tọ́

redistribution of income and wealth

stabilization of the economy

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa National Income (WAEC)

Ka ìwé ẹ̀kọ́ nípa Public Finance (JAMB)

National Income

Public Finance

Wo Idahun






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