NECO SSCE - Economics - 2007 (Objective)

Ibeere 1 Ìròyìn

Which of the following Is NOT a function of Merchant Bank

Helps public companies to issue new shares

Provision of medium and long-term loans

They accept bills of exchange

They guarantee the buying of shares Ìdáhùn tó tọ́

They implement government monetary policies

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Banking (JAMB)

Banking

Wo Idahun

Ibeere 2 Ìròyìn

Which of the following is NOT a feature of land?

Free gift of nature

Fixed in supply

Geographically immobile

Returns on land is wages Ìdáhùn tó tọ́

Subject to law of diminishing returns

Awọn alaye Idahun

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

Factors Of Production And Their Theories

Wo Idahun

Ibeere 3 Ìròyìn

The equation MV PT is known as

demand and supply equation

equilibrium equation

equation of exchange

money supply equation Ìdáhùn tó tọ́

price index numbers

Awọn alaye Idahun

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

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Methods And Tools Of Economic Analysis

Economics As A Science

Wo Idahun

Ibeere 4 Ìròyìn

If total Income is N15m and total consumption Is N3m. then the average propensity to consume is

0.2 Ìdáhùn tó tọ́

0.6

0.7

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Ka ìwé ẹ̀kọ́ nípa Money And Inflation (JAMB)

Economics As A Science

Money And Inflation

Wo Idahun

Ibeere 5 Ìròyìn

The solution to problem of how to produce in a capitalist economy is solved by

combining aid labour means of production

the producers involves Ìdáhùn tó tọ́

using capital Intensive method of production

using labour intensive method of production

using the method of production with the least cost

Awọn alaye Idahun

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

Ka ìwé ẹ̀kọ́ nípa Economic Systems (JAMB)

Factors Of Production And Their Theories

Economic Systems

Wo Idahun

Ibeere 6 Ìròyìn

The theory of absolute advantage was propounded by

Adam Smith Ìdáhùn tó tọ́

David Ricardo

Irving Fisher

JB Kynes

Thomas Malthus

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 7 Ìròyìn

The function muv/muz = py/pz represents

consumer’s average utility level

diminishing marginal utility

increasing marginal utility

marginal theory of price

utility maximization Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Price Determination (WAEC)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

Wo Idahun

Ibeere 8 Ìròyìn

Plantation farming can best be defined as cultivation of

crops using hoes and cutlasses for farming

food crops for personal consumption

food for use by the family

large scale farms of cash crops Ìdáhùn tó tọ́

livestock for commercial purposes

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Money And Inflation (JAMB)

Money And Inflation

Wo Idahun

Ibeere 9 Ìròyìn

The creation of physical and concrete goods that can be seen and handled Is

diminishing returns

division of labour

Industrialization

production Ìdáhùn tó tọ́

specialization

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Industrialization (WAEC)

Ka ìwé ẹ̀kọ́ nípa Agriculture (WAEC)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Production (JAMB)

Ka ìwé ẹ̀kọ́ nípa Business Organizations (JAMB)

Ka ìwé ẹ̀kọ́ nípa Theory Of Production (WAEC)

Industrialization

Agriculture

The Theory Of Production

Business Organizations

Theory Of Production

Wo Idahun

Ibeere 10 Ìròyìn

which of the following measures can be used to control inflation?

decrease in bank rate

Decrease in taxation

deficit budget

Export drive Ìdáhùn tó tọ́

Increase in government expenditure

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Money And Inflation (WAEC)

Ka ìwé ẹ̀kọ́ nípa Public Finance (WAEC)

Ka ìwé ẹ̀kọ́ nípa Public Finance (JAMB)

Money And Inflation

Public Finance

Wo Idahun

Ibeere 11 Ìròyìn

If the price Index of export is 140% and import is 200%, what is

70 Ìdáhùn tó tọ́

100

140

280

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 12 Ìròyìn

The following measures used to check deflation EXCEPT

deficit financing

improving distribution system

increasing wages and salaries

raising the bank rate Ìdáhùn tó tọ́

reducing taxation

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Public Finance (JAMB)

Ka ìwé ẹ̀kọ́ nípa Economic Systems (JAMB)

Public Finance

Economic Systems

Wo Idahun

Ibeere 13 Ìròyìn

The following methods are used in calculation of National Income EXCEPT

depreciation Ìdáhùn tó tọ́

Expenditure

Income

Output

value added

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Industrialization (WAEC)

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

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

Ka ìwé ẹ̀kọ́ nípa National Income (WAEC)

Industrialization

Methods And Tools Of Economic Analysis

Factors Of Production And Their Theories

National Income

Wo Idahun

Ibeere 14 Ìròyìn

Which of these is NOT a bottle neck In the distribution of goods In Nigeria?

Adequate transportation network Ìdáhùn tó tọ́

Inadequate credit facilities

Inadequate storage facilities

poor processing and packaging

Unnecessary hoarding

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Distributive Trade (WAEC)

Distributive Trade

Wo Idahun

Ibeere 15 Ìròyìn

A tax system in which the rich pay a higher percentage of income as tax than the poor is known as

capital gains tax

progressive taxation Ìdáhùn tó tọ́

proportional taxation

regressive taxation

sales tax

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Economics As A Science

Wo Idahun

Ibeere 16 Ìròyìn

A deliberate government policy to exclude foreign participation in certain economic activity is known as

commercialization

indigenization Ìdáhùn tó tọ́

liberalization

localization

privatization

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economic Systems (JAMB)

Economic Systems

Wo Idahun

Ibeere 17 Ìròyìn

Which of the following is a condition necessary

Few sellers and buyers Ìdáhùn tó tọ́

Free entry and exist

Homogeneous goods

Lack of preferential treatment

Many callers and buyers

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Consumer Behaviour (WAEC)

Ka ìwé ẹ̀kọ́ nípa Market Structure (JAMB)

Theory Of Consumer Behaviour

Market Structure

Wo Idahun

Ibeere 18 Ìròyìn

The following are types of monopolies EXCEPT

cartels

holding companies

syndicates

thrifts Ìdáhùn tó tọ́

trusts

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Market Structure (JAMB)

Market Structure

Wo Idahun

Ibeere 19 Ìròyìn

Branding and packaging of goods Is the function of

brokers

consumers

manufactures Ìdáhùn tó tọ́

retailers

wholesalers

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Business Organizations (JAMB)

Ka ìwé ẹ̀kọ́ nípa Distributive Trade (WAEC)

Ka ìwé ẹ̀kọ́ nípa Types And Basic Features Of Economic Systems (WAEC)

Business Organizations

Distributive Trade

Types And Basic Features Of Economic Systems

Wo Idahun

Ibeere 20 Ìròyìn

Standard deviation can be determined by the square root of the

mean

mean deviation

mode

variance Ìdáhùn tó tọ́

variance divided by the mean

Awọn alaye Idahun

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

Methods And Tools Of Economic Analysis

Wo Idahun

Ibeere 21 Ìròyìn

A comprehensive statement of Income and expenditure on international accounts for one financial year is called

balance of payments Ìdáhùn tó tọ́

balance of trade

budget

Index of trade

terms of trade

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa International Trade And Balance Of Payments (WAEC)

International Trade And Balance Of Payments

Wo Idahun

Ibeere 22 Ìròyìn

The difference between bar charts and histograms is that the former

are difference between bars adjoined to each other while the latter are separate bars divided Into sections

are line graphs while the latter are rectangular bars

are separate bars divided Into sections while the latter are line graphs

has bars adjoined to each other while the latter has separate bars

has bars separate from each other while the latter has bars adjoined to each other Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Basic Tools Of Economic Analysis (WAEC)

Basic Tools Of Economic Analysis

Wo Idahun

Ibeere 23 Ìròyìn

Which of the following is NOT a contribution of agriculture to industrial development?

provision of food for the industrial sector

Provision of funds for industrial development

Provision of raw materials

Supply of labour to the industrial sector

supply of machinery to the industrial sector Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Agriculture (WAEC)

Agriculture

Wo Idahun

Ibeere 24 Ìròyìn

The following are advantages of standard deviation EXCEPT that it

has greater practical utility In sampling Ìdáhùn tó tọ́

is a good measure of dispersion since all the values are used in its calculation

is important and useful in the analysis of T- Test

is not a sound mathematical index

is the most popular measure of dispersion in distribution

Awọn alaye Idahun

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

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

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

Methods And Tools Of Economic Analysis

The Theory Of Demand

The Theory Of Price Determination

Wo Idahun

Ibeere 25 Ìròyìn

A tax system in which the income earner pays a fixed percentage of his income annually is known as …………. tax.

direct

indirect

progressive

proportional Ìdáhùn tó tọ́

regressive

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Economics As A Science

Wo Idahun

Ibeere 26 Ìròyìn

Which of the following is an advantage of free enterprise economy?

Allocates resources better

Avoids extreme Inequality of income

Full employment

It is very competent In providing vital social services Ìdáhùn tó tọ́

No need of employing a host of officials to allocate resources

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economic Systems (JAMB)

Economic Systems

Wo Idahun

Ibeere 27 Ìròyìn

At the point where total utility begins to decline MU is

constant

decreasing

increasing

negative Ìdáhùn tó tọ́

zero

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Consumer Behaviour (JAMB)

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

The Theory Of Consumer Behaviour

Economics As A Science

Wo Idahun

Ibeere 28 Ìròyìn

The first oil refinery in Nigeria was established at

Alesa Eleme

Araromi

Kaduna

Oloibiri Ìdáhùn tó tọ́

Warri

Awọn alaye Idahun

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

Petroleum And The Nigerian Economy

Wo Idahun

Ibeere 29 Ìròyìn

The following are bye-products of crude oil EXCEPT

bitumen

kerosene

paraffin wax

perfume Ìdáhùn tó tọ́

petrol

Awọn alaye Idahun

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

Petroleum And The Nigerian Economy

Wo Idahun

Ibeere 30 Ìròyìn

Unemployment resulting from physical or mental deficiency is known as……………unemployment.

cyclical

disguised

Frictional

residual Ìdáhùn tó tọ́

Voluntary

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Agriculture (WAEC)

Ka ìwé ẹ̀kọ́ nípa Population And Labour Market (WAEC)

Agriculture

Population And Labour Market

Wo Idahun

Ibeere 31 Ìròyìn

Economics is regarded as a social science because It

helps people to be acceptable In the society

Is associated with social dubs

is used by sociologist

studies human behavior Ìdáhùn tó tọ́

uses controlled experiment

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Definition And Scope Of Economics (WAEC)

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Definition And Scope Of Economics

Economics As A Science

Wo Idahun

Ibeere 32 Ìròyìn

If the Income flow of a country exceeds the expenditure flow in international transactions, the balance of payment is

balanced

deficit

restricted

surplus Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa International Trade And Balance Of Payments (WAEC)

Ka ìwé ẹ̀kọ́ nípa Economic Development And Planning (WAEC)

International Trade And Balance Of Payments

Economic Development And Planning

Wo Idahun

Ibeere 33 Ìròyìn

The following are the objectives of economic planning EXCEPT

achieving balanced growth

diversification of the economy

creation of more employment opportunities

equitable allocation of resources

rapid population growth Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economic Development And Planning (WAEC)

Economic Development And Planning

Wo Idahun

Ibeere 34 Ìròyìn

The difference between Gross National Income and Gross Domestic Product is known as

capital consumption

debt repayments

Investment abroad

net income from abroad Ìdáhùn tó tọ́

net saving

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa National Income (WAEC)

National Income

Wo Idahun

Ibeere 35 Ìròyìn

Which of the following is NOT an advantage of localization of industry?

Availability of social amenities

Development of subsidiary industries

Highly organized markets

supply of skilled labour

traffic De-congestion Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Business Organizations (WAEC)

Ka ìwé ẹ̀kọ́ nípa Distributive Trade (WAEC)

Ka ìwé ẹ̀kọ́ nípa Industry And Industrialization (JAMB)

Business Organizations

Distributive Trade

Industry And Industrialization

Wo Idahun

Ibeere 36 Ìròyìn

In a solo proprietorship, decisions are made by the

board of directors

government

management

owner Ìdáhùn tó tọ́

shareholders

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Supply (JAMB)

Ka ìwé ẹ̀kọ́ nípa Business Organizations (WAEC)

Ka ìwé ẹ̀kọ́ nípa Theory Of Costs (JAMB)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Consumer Behaviour (JAMB)

Ka ìwé ẹ̀kọ́ nípa Types And Basic Features Of Economic Systems (WAEC)

The Theory Of Supply

Business Organizations

Theory Of Costs

The Theory Of Consumer Behaviour

Types And Basic Features Of Economic Systems

Wo Idahun

Ibeere 37 Ìròyìn

The Industrial strategy of producing locally those goods that could have been imported is known as

balance growth

export promotion

import substitution Ìdáhùn tó tọ́

Industrialization

urbanization

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Industry And Industrialization (JAMB)

Industry And Industrialization

Wo Idahun

Ibeere 38 Ìròyìn

Find the arithmetic mean of the following set of scores 12, 4, 2, 8, and 14

8 Ìdáhùn tó tọ́

Awọn alaye Idahun

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

Methods And Tools Of Economic Analysis

Wo Idahun

Ibeere 39 Ìròyìn

Goods that are useful, scarce and can command price are called …………. goods.

capital

consumer

economic Ìdáhùn tó tọ́

free

scarce

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 40 Ìròyìn

A change in National Income brought about by a given change in investment Is

APC

APS

MPC

MPS

The multiplier Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa National Income (WAEC)

National Income

Wo Idahun

Ibeere 41 Ìròyìn

Which of the following is a disadvantage of sole proprietorship?

Does not enjoy limited liability Ìdáhùn tó tọ́

Decisions are easily made and implemented

Easy to set up

Enjoys secrecy

Maintains dose relationship with workers and customers

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Agriculture (WAEC)

Ka ìwé ẹ̀kọ́ nípa Business Organizations (JAMB)

Ka ìwé ẹ̀kọ́ nípa Definition And Scope Of Economics (WAEC)

Agriculture

Business Organizations

Definition And Scope Of Economics

Wo Idahun

Ibeere 42 Ìròyìn

Agricultural production in Nigeria could be improved through

control of plant diseases Ìdáhùn tó tọ́

Land Fragmentation

Payment of excise duty

the introduction of low yielding crops

the use of traditional implements

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Money And Inflation (JAMB)

Ka ìwé ẹ̀kọ́ nípa Agriculture In Nigeria (JAMB)

Money And Inflation

Agriculture In Nigeria

Wo Idahun

Ibeere 43 Ìròyìn

The following countries are members of ECOWAS EXCEPT

Angola Ìdáhùn tó tọ́

Ghana

Ivory coast

Liberia

Niger Republic

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Economic Integration (WAEC)

Ka ìwé ẹ̀kọ́ nípa Financial Institutions (WAEC)

Economic Integration

Financial Institutions

Wo Idahun

Ibeere 44 Ìròyìn

The African Development Bank was set up in 1964 and has its headquarters in

Burkina Faso

Ivory Coast Ìdáhùn tó tọ́

Liberia

Niger Republic

Senegal

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa International Economic Organizations (JAMB)

International Economic Organizations

Wo Idahun

Ibeere 45 Ìròyìn

Which of the following goods are NOT examples of joint supply?

Beef and hides

fuel and kerosene

Palm oil and kernel

Tea and coffee Ìdáhùn tó tọ́

Wool and Mutton

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Supply (JAMB)

Ka ìwé ẹ̀kọ́ nípa Economic Systems (JAMB)

The Theory Of Supply

Economic Systems

Wo Idahun

Ibeere 46 Ìròyìn

Population density refers to

total population

the total population divided by the total area of land Ìdáhùn tó tọ́

the total area of land divided by the total population

the population ratio of male and female

optimum Population level

Awọn alaye Idahun

Wo Idahun






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