NECO SSCE - Economics - 2009 (Objective)

Ibeere 1 Ìròyìn

In a given set of data, if the variance is 25, what is the standard deviation?

5 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 2 Ìròyìn

Which of these factors causes a change in the quantity demanded of a commodity?

Income

Population

Price of other commodities

Price of the commodity concerned Ìdáhùn tó tọ́

Taste and fashion

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

Ka ìwé ẹ̀kọ́ nípa Demand (WAEC)

The Theory Of Demand

Demand

Wo Idahun

Ibeere 3 Ìròyìn

Time deposit is the same thing as

bank rate

current account

demand deposited

fixed deposit Ìdáhùn tó tọ́

saving account

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Banking (JAMB)

Banking

Wo Idahun

Ibeere 4 Ìròyìn

Data presented in tables are usually arranged in ………… and …………

charts, tables

, graphs, rows

pictograms, columns

rows, columns Ìdáhùn tó tọ́

Awọn alaye Idahun

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

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

Methods And Tools Of Economic Analysis

Basic Tools Of Economic Analysis

Wo Idahun

Ibeere 5 Ìròyìn

The following are qualities of money EXCEPT

acceptability

divisibility

homogeneity

portability

rationality Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Money And Inflation (WAEC)

Money And Inflation

Wo Idahun

Ibeere 6 Ìròyìn

When the demand for foreign exchange exceeds its supply, the value of the domestic currency

appreciates

depreciates Ìdáhùn tó tọ́

expands

Increases

inflates

Awọn alaye Idahun

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

Ka ìwé ẹ̀kọ́ nípa Supply (WAEC)

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

Definition And Scope Of Economics

Supply

Economics As A Science

Wo Idahun

Ibeere 7 Ìròyìn

The mean of the following scores

30, 32, 34, 36, 38, 40 and 42

What is the mean deviation?

4.21

3.24

3.42 Ìdáhùn tó tọ́

4.54

Awọn alaye Idahun

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

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

Methods And Tools Of Economic Analysis

Basic Tools Of Economic Analysis

Wo Idahun

Ibeere 8 Ìròyìn

Labour force simply means the

demand and supply of labour

efficiency of labour

job seekers

unemployable population

working population Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Population And Labour Market (WAEC)

Population And Labour Market

Wo Idahun

Ibeere 9 Ìròyìn

The demand for salt is …………

Elastic

Inelastic Ìdáhùn tó tọ́

Unitary elastic

both a and b

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Demand (WAEC)

Demand

Wo Idahun

Ibeere 10 Ìròyìn

The value of money is affected by

consumer’s income

effective demand

effective supply

equilibrium price

general price level Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Banking (JAMB)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

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

Ka ìwé ẹ̀kọ́ nípa Money And Inflation (JAMB)

Banking

The Theory Of Demand

The Theory Of Price Determination

Money And Inflation

Wo Idahun

Ibeere 11 Ìròyìn

A monopolist is a

duopolist

group of producers of related goods

partnership business that produces a commodity with high demand

single producer or seller of a commodity at cheap rate

single producer or seller of a commodity that has no close substitute Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Price Determination (WAEC)

Ka ìwé ẹ̀kọ́ nípa Market Structure (JAMB)

Theory Of Price Determination

Market Structure

Wo Idahun

Ibeere 12 Ìròyìn

Price elasticity of supply measures the responsiveness of quantity supplied to

a change in the demand for the product V

a change in the price of the commodity Ìdáhùn tó tọ́

changes in consumers

changes in prices of other commodities

changes in suppliers income

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Supply (JAMB)

Ka ìwé ẹ̀kọ́ nípa Theory Of Price Determination (WAEC)

The Theory Of Supply

Theory Of Price Determination

Wo Idahun

Ibeere 13 Ìròyìn

Taxes levied on locally manufactured goods are called

custom duties

excise duties Ìdáhùn tó tọ́

purchase tax

sales tax

VAT

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Public Finance (WAEC)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

Public Finance

The Theory Of Demand

Wo Idahun

Ibeere 14 Ìròyìn

The International Monetary Fund (IMF) was set up mainly to

cater for financial needs of developed countries

create conditions favourable for the growth of world trade Ìdáhùn tó tọ́

create favourable balance of payment

develop domestic trade

offset foreign debts only

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa International Economic Organizations (JAMB)

Ka ìwé ẹ̀kọ́ nípa International Economic Organizations (WAEC)

International Economic Organizations

Wo Idahun

Ibeere 15 Ìròyìn

Which of the following is NOT an advantage of tabular presentation of data?

Enables easy location of required figures

Helps to calculate derived quantities

Makes for easy comparison of figures

Occupies more space than mathematical equation Ìdáhùn tó tọ́

Shows whether the figures are increasing or decreasing

Awọn alaye Idahun

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

Methods And Tools Of Economic Analysis

Wo Idahun

Ibeere 16 Ìròyìn

One of the positive contributions of the petroleum industry to Nigeria’s economic development is that it

creates ecological problems

creates political unrest

creates uncertainties in government revenues

is a major foreign exchange earner Ìdáhùn tó tọ́

suppresses agricultural development

Awọn alaye Idahun

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

Petroleum And The Nigerian Economy

Wo Idahun

Ibeere 17 Ìròyìn

One of the roles of industrialization in economic development of Nigeria is

employment generation Ìdáhùn tó tọ́

environmental pollution

target of enemy’s attack

unemployment

uneven development

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Industry And Industrialization (JAMB)

Industry And Industrialization

Wo Idahun

Ibeere 18 Ìròyìn

Entrepreneur is associated more with

capital management

production of beverage

profit making

profit sharing

risk bearing Ìdáhùn tó tọ́

Awọn alaye Idahun

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

Ka ìwé ẹ̀kọ́ nípa Business Organizations (JAMB)

Factors Of Production And Their Theories

Business Organizations

Wo Idahun

Ibeere 19 Ìròyìn

Average total cost can be expressed as

average fixed cost plus average variable cost

change in total cost divided by change in output

total cost divided by total output Ìdáhùn tó tọ́

total fixed cost plus total variable cost

total variable cost divided by total output

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 20 Ìròyìn

A firm is said to be a public joint-stock company when it

has unlimited liability

is administered by the public

is owned by the government

operates as a public corporation

sells its shares to members of the public Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Business Organizations (WAEC)

Business Organizations

Wo Idahun

Ibeere 21 Ìròyìn

Inflation is a …………….

general increase in the price of a single product

period of economic recession

period of hunger

period of excessive money

persistent rise in the general price level Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Money And Inflation (WAEC)

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

Money And Inflation

The Theory Of Consumer Behaviour

Wo Idahun

Ibeere 22 Ìròyìn

The process of building up country’s capacity to process raw materials for the production of goods is known as

firm

industry

industrialization Ìdáhùn tó tọ́

location of industry

localization

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Industry And Industrialization (JAMB)

Industry And Industrialization

Wo Idahun

Ibeere 23 Ìròyìn

The demand curve of a perfect competitive market is infinitely elastic indicating that the firm can

refuse to sell any quantity

sell any quantity of output at the prevailing price Ìdáhùn tó tọ́

sell fixed quantity of output at the prevailing market price

sell less quantity

sell more quantity at a higher price

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

The following are the differences between domestic and international trade EXCEPT

cultural differences

currency

land Ìdáhùn tó tọ́

language

laws

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa International Trade (JAMB)

International Trade

Wo Idahun

Ibeere 25 Ìròyìn

The growth of a country’s population is affected by

military might of the country

number of births per thousand of the population Ìdáhùn tó tọ́

number of people willing to be counted

the amount of money in circulation

the number of men in the population

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Population And Labour Market (WAEC)

Ka ìwé ẹ̀kọ́ nípa Population (JAMB)

Population And Labour Market

Population

Wo Idahun

Ibeere 26 Ìròyìn

Which of the following hinder(s) effective distribution of goods in Nigeria?

Branding and packaging of goods

Good transportation network

Large quantity of goods

numerous middlemen Ìdáhùn tó tọ́

Warehousing facilities

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Agriculture (WAEC)

Ka ìwé ẹ̀kọ́ nípa Distributive Trade (WAEC)

Agriculture

Distributive Trade

Wo Idahun

Ibeere 27 Ìròyìn

Disguised unemployment is the same thing as

residual unemployment

seasonal unemployment

structural unemployment

under-employment Ìdáhùn tó tọ́

voluntary unemployment

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 28 Ìròyìn

A major feature of capitalism is

collective ownership of means of production

competition Ìdáhùn tó tọ́

equality or egalitarianism

redistribution of income

socialization and welfare

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Market Structure (JAMB)

Ka ìwé ẹ̀kọ́ nípa Economic Systems (JAMB)

Market Structure

Economic Systems

Wo Idahun

Ibeere 29 Ìròyìn

Oil was first discovered in commercial quantity in ……….. State.

Amasoma, Bayelsa

Bonny, Rivers

Oloibiri, Rivers Ìdáhùn tó tọ́

Igbokoda, Ondo

Warri, Delta

Awọn alaye Idahun

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

Petroleum And The Nigerian Economy

Wo Idahun

Ibeere 30 Ìròyìn

Which of the following is a form of business enterprise?

Cartel

Entrepreneurship

Partnership Ìdáhùn tó tọ́

Stock exchange

Supermarket

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Business Organizations (WAEC)

Business Organizations

Wo Idahun

Ibeere 31 Ìròyìn

The first National development plan period was from

1955-1959

1962-1968 Ìdáhùn tó tọ́

1965-1970

1970-1974

1975-1980

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa National Income (WAEC)

National Income

Wo Idahun

Ibeere 32 Ìròyìn

The additional satisfaction derived from the consumption of one more unit of a good is called

marginal cost

marginal product

marginal revenue

marginal utility Ìdáhùn tó tọ́

total Utility

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Consumer Behaviour (WAEC)

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

Theory Of Consumer Behaviour

The Theory Of Demand

Wo Idahun

Ibeere 33 Ìròyìn

A production possibility curve shows the

resources used to produce a particular commodity

possible combinations of two commodities Ìdáhùn tó tọ́

rate of inflation

rate of unemployment in the country

tabular illustration of production possibilities

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Production (WAEC)

Ka ìwé ẹ̀kọ́ nípa Market Structures (WAEC)

Theory Of Production

Market Structures

Wo Idahun

Ibeere 34 Ìròyìn

Production is best defined in economics as

creation of utility yielding goods and services Ìdáhùn tó tọ́

distribution of goods and services

manufacturing of goods by small factories

provision of basic amenities

rendering of services only

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Production (WAEC)

Theory Of Production

Wo Idahun

Ibeere 35 Ìròyìn

The purchasing power of the Naira will fall when

worker are retrenched

the colour of the Naira is changed

the military take over

there is inflation Ìdáhùn tó tọ́

none

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Money And Inflation (WAEC)

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

Money And Inflation

The Theory Of Consumer Behaviour

Wo Idahun

Ibeere 36 Ìròyìn

The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by the

ECOWAS

IMF

OPEC Ìdáhùn tó tọ́

NNPC

none

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa International Trade (JAMB)

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

International Trade

Petroleum And The Nigerian Economy

Wo Idahun

Ibeere 37 Ìròyìn

These are the objectives of industrial strategies in Nigeria EXCEPT

industrial financing

maximization of local value added Ìdáhùn tó tọ́

promotion of export oriented industries

promotion of import oriented industries

provision of economic and social infrastructures

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Public Finance (JAMB)

Ka ìwé ẹ̀kọ́ nípa Distributive Trade (WAEC)

Ka ìwé ẹ̀kọ́ nípa Industry And Industrialization (JAMB)

Public Finance

Distributive Trade

Industry And Industrialization

Wo Idahun

Ibeere 38 Ìròyìn

The concept of choice in Economics refers to

a decision between one thing and another

ranking of wants in an ascending order

selection of most pressing wants out of a range of alternatives Ìdáhùn tó tọ́

ranking of wants on a table of preference

separating defective commodities from non-defective ones

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

Ka ìwé ẹ̀kọ́ nípa Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

Wo Idahun

Ibeere 39 Ìròyìn

Economic growth can be defined as

a rapid and sustained rise in real output per head

A rise in real income per head Ìdáhùn tó tọ́

an increase in technology only

insufficiency in food production

over population in a country

Awọn alaye Idahun

Wo Idahun

Ibeere 40 Ìròyìn

The unit for measuring changes in prices and output is called ………………. index

capital

expenditure

income

money

price Ìdáhùn tó tọ́

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Theory Of Price Determination (WAEC)

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

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

Theory Of Price Determination

The Theory Of Consumer Behaviour

The Theory Of Price Determination

Wo Idahun

Ibeere 41 Ìròyìn

Which of the following is a determinant of elasticity of supply?

Consumer’s income

Degree of necessities

Durability of the product Ìdáhùn tó tọ́

Number of uses of the commodity

Proportion of income spent on the product

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa The Theory Of Supply (JAMB)

Ka ìwé ẹ̀kọ́ nípa Supply (WAEC)

The Theory Of Supply

Supply

Wo Idahun

Ibeere 42 Ìròyìn

Using Expenditure Approach to estimate National Income, Y is equal to

C + l + G + X – M + P - V

C + l + G + X – M + P

C + l + G – X + P

C – 1 + G + X – M + P Ìdáhùn tó tọ́

C + l – G + X – M – P

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa National Income (WAEC)

National Income

Wo Idahun

Ibeere 43 Ìròyìn

When the value of a country’s export exceeds her imports, there will be a

deficit current account

excess visible imports only

favorable balance of trade Ìdáhùn tó tọ́

favourable capital account

surplus current account

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa National Income (WAEC)

Ka ìwé ẹ̀kọ́ nípa International Economic Organizations (WAEC)

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

National Income

International Economic Organizations

International Trade And Balance Of Payments

Wo Idahun

Ibeere 44 Ìròyìn

Which of the following is a function of the central bank?

Accepting deposits from the public

Agent of payment for individuals

Discounting bills of exchange

Issuing of currency Ìdáhùn tó tọ́

Provision of short term housing loans

Awọn alaye Idahun

Ka ìwé ẹ̀kọ́ nípa Public Finance (JAMB)

Ka ìwé ẹ̀kọ́ nípa Banking (JAMB)

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

Public Finance

Banking

The Theory Of Price Determination

Wo Idahun

Ibeere 45 Ìròyìn

The amount of satisfaction per unit of the commodity consumed is called

average cost

average utility Ìdáhùn tó tọ́

marginal cost

marginal utility

total utility

Awọn alaye Idahun

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

Ka ìwé ẹ̀kọ́ nípa The Theory Of Demand (JAMB)

The Theory Of Consumer Behaviour

The Theory Of Demand

Wo Idahun

Ibeere 46 Ìròyìn

The concentration of firms in one area is referred to as of ……………. industries.

location

localization Ìdáhùn tó tọ́

multiplication

proliferation

pluralization

Awọn alaye Idahun

Wo Idahun

Ibeere 47 Ìròyìn

Through membership of the Economic Community of West African States (ECOWAS) countries have achieved

a large market for their products Ìdáhùn tó tọ́

emancipation of Africa

full employment of resources

higher transportation cost of goods within the region

military superiority over other African countries

Awọn alaye Idahun

Wo Idahun

Ibeere 48 Ìròyìn

The correct relationship between income (Y), consumption (C) and savings (S) is

C = Y + S

S = Y + C

S = Y + S

Y = C + S Ìdáhùn tó tọ́

Y = C – S

Awọn alaye Idahun

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

Ka ìwé ẹ̀kọ́ nípa Theory Of Costs (JAMB)

Methods And Tools Of Economic Analysis

Theory Of Costs

Wo Idahun






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