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 36 Report

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

14 Correct answer

Answer Details

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Question 37 Report

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

equation

mean

Median Correct answer

mode

Variance

Answer Details

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on Theory Of Costs (JAMB)

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

Theory Of Price Determination

Theory Of Costs

The Theory Of Price Determination

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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 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 40 Report

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

agriculture Correct answer

mono culture

forestry

aqua-science

horticulture

Answer Details

Read lesson note on Agriculture (WAEC)

Read lesson note on International Economic Organizations (JAMB)

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

Read lesson note on Agriculture In Nigeria (JAMB)

Agriculture

International Economic Organizations

Petroleum And The Nigerian Economy

Agriculture In Nigeria

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Question 41 Report

A market situation with few sellers and many buyers is called

monopoly

duopoly

oligopoly Correct answer

perfect competition

monopsony

Answer Details

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

Read lesson note on Market Structures (WAEC)

Read lesson note on Market Structure (JAMB)

Factors Of Production And Their Theories

Market Structures

Market Structure

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Question 42 Report

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 Correct answer

opportunity curve

utility curve

supply curve

Answer Details

Read lesson note on Market Structures (WAEC)

Market Structures

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Question 43 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 44 Report

The following are type of business organization EXCEPT

co-operative society

Entrepreneurship Correct answer

partnership

public corporation

Sole proprietorship

Answer Details

Read lesson note on Business Organizations (WAEC)

Business Organizations

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