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 Correct answer

1.5

1.8

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on The Theory Of Price Determination (JAMB)

The Theory Of Demand

The Theory Of Price Determination

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Question 37 Report

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

capitalism Correct answer

communism

Socialism

traditionalism

welfarism

Answer Details

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Question 38 Report

The following are reward for factors of production EXCEPT

interests

profit

Rent and commissions

rates and deposits Correct answer

wage and salaries

Answer Details

Read lesson note on Factors Of Production And Their Theories (JAMB)

Read lesson note on Factors Of Production (WAEC)

Factors Of Production And Their Theories

Factors Of Production

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Question 39 Report

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 Correct answer

reduction in money supply

reduction in government recurrent expenditure

Answer Details

Read lesson note on Money And Inflation (WAEC)

Read lesson note on Public Finance (WAEC)

Money And Inflation

Public Finance

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Question 40 Report

In income determination theory, acceleration principles shows that

income is the cause, while investment is the effect investment Correct answer

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

Answer Details

Read lesson note on Methods And Tools Of Economic Analysis (JAMB)

Read lesson note on The Theory Of Price Determination (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Price Determination

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Question 41 Report

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 Correct answer

Answer Details

Read lesson note on National Income (WAEC)

Read lesson note on National Income (JAMB)

National Income

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Question 42 Report

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

balanced budget

deficit budget Correct answer

favorable budget

surplus budget

unfavorable budget

Answer Details

Read lesson note on Public Finance (WAEC)

Read lesson note on Economics As A Science (JAMB)

Public Finance

Economics As A Science

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Question 43 Report

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 Correct answer

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

Answer Details

Read lesson note on International Economic Organizations (JAMB)

International Economic Organizations

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Question 44 Report

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

employment generation

fuel provision

infrastructural development

revenue generation Correct answer

technical know-how

Answer Details

Read lesson note on Petroleum And The Nigerian Economy (JAMB)

Petroleum And The Nigerian Economy

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