NECO SSCE - Economics - 2002 (Objective)

Question 1 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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Question 2 Report

If commodities A & B are jointly demanded, what will be the effect of an increase in the price of A on the demand for commodity B?

decrease in demand for commodity B Correct answer

decrease in price of commodity B

demand for commodity B remain constant

increase in demand for commodity B

increase in the price of commodity B

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

The Theory Of Demand

Demand

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Question 3 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 4 Report

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

double coincidence of wants Correct answer

double exchange rate

durability of goods

divisibility of commodities

homogeneity of goods

Answer Details

Read lesson note on Demand (WAEC)

Demand

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Question 5 Report

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

budgeting and planning based on expectations Correct answer

expansion in employment

discovering and exploration of new resources

introduction of improved production techniques

skill improvement through education and training

Answer Details

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Factors Of Production (WAEC)

The Theory Of Production

Factors Of Production

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Question 6 Report

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 Correct answer

Answer Details

Read lesson note on Public Finance (JAMB)

Read lesson note on Banking (JAMB)

Public Finance

Banking

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Question 7 Report

The main disadvantages of deflationary policies is

full employment in the country

increasing cost of living

improved standard of living

unemployment in the country Correct answer

under employment in the country

Answer Details

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Economics As A Science

Economic Systems

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Question 8 Report

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 Correct answer

promote imports into the country

sell out its foreign assets

Answer Details

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Question 9 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 10 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 11 Report

Disposable income in national income accounting is an income which

cannot be used again

is available for consumption and saving Correct answer

is a available to disabled people

must be wasted once and for all

pensioners receive from the treasury board

Answer Details

Read lesson note on National Income (WAEC)

National Income

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Question 12 Report

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

a change in real income

government policy Correct answer

increase in population

the price of the good or service

taste and fashion

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

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Question 13 Report

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

bargaining

lack of specialization

market trade unions

natural barriers Correct answer

large number of middlemen

Answer Details

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Economics As A Science

Economic Systems

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Question 14 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 15 Report

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 16 Report

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

demand

desire

effective demand Correct answer

utility

want

Answer Details

Read lesson note on Demand (WAEC)

Read lesson note on Economics As A Science (JAMB)

Demand

Economics As A Science

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Question 17 Report

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 Correct answer

monopsonist

oligopoly

perfect competitor

Answer Details

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Theory Of Price Determination (WAEC)

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

The Theory Of Production

Theory Of Price Determination

The Theory Of Price Determination

View Answer

Question 18 Report

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 Correct answer

economic bank for African

recovery fund bank for Africa

Africa currency board bank

Answer Details

Read lesson note on Economic Development And Planning (WAEC)

Economic Development And Planning

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Question 19 Report

Which of the following is NOT a feature of capitalism ?

detailed economics planning Correct answer

Free enterprise

competition

private ownership of property

Entrepreneurs and the pursuit of profit

Answer Details

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Question 20 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 21 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 22 Report

Tc/Q =

marginal cost

Average coat Correct answer

total cost

equilibrium level

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Theory Of Costs (JAMB)

Read lesson note on Market Structure (JAMB)

The Theory Of Supply

Theory Of Costs

Market Structure

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Question 23 Report

Transcationary motive implies, holding money

for future investment

for day to day expenses Correct answer

for unforeseen contingencies

to settle previous debts

to buy share in the stock exchange market

Answer Details

Read lesson note on Money And Inflation (WAEC)

Read lesson note on National Income (WAEC)

Read lesson note on International Trade (JAMB)

Read lesson note on Public Finance (JAMB)

Money And Inflation

National Income

International Trade

Public Finance

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Question 24 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

View Answer

Question 25 Report

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 Correct answer

storage facilities for finished products

Answer Details

Read lesson note on Distributive Trade (WAEC)

Distributive Trade

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Question 26 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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Question 27 Report

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

complimentary goods Correct answer

composite goods

derived good

independent goods

substitute good

Answer Details

Read lesson note on Theory Of Consumer Behaviour (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

Theory Of Consumer Behaviour

The Theory Of Demand

Demand

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Question 28 Report

The demand for labour in an economy is a depiction of

competitive demand

Composite demand

Complementary demand

Deductive demand

derived demand Correct answer

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

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Question 29 Report

In production, total cost comprises of

averages cost and marginal cost

variable cost and averages cost

variable cost and fixed cost Correct answer

marginal cost and variable cost

fixed cost and averages cost

Answer Details

Read lesson note on Theory Of Costs (JAMB)

Read lesson note on Theory Of Production (WAEC)

Theory Of Costs

Theory Of Production

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Question 30 Report

Long-run in economic mean a period of time in which

all factor inputs are not being used

all factor inputs are variable Correct answer

all factor inputs are fixed

only few factor inputs are variable

firms are not producing at all

Answer Details

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

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Factors Of Production (WAEC)

Factors Of Production And Their Theories

The Theory Of Production

Factors Of Production

View Answer

Question 31 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

View Answer

Question 32 Report

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 Correct answer

Y = C – I + X – M + G

Y = C + G – X + M – I

Answer Details

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Question 33 Report

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 Correct answer

make goods available in developed countries

transfer technology from developed to less developed countries

Answer Details

Read lesson note on Major Natural Resources (WAEC)

Read lesson note on International Economic Organizations (WAEC)

Major Natural Resources

International Economic Organizations

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Question 34 Report

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 Correct answer

redistribution of income and wealth

stabilization of the economy

Answer Details

Read lesson note on National Income (WAEC)

Read lesson note on Public Finance (JAMB)

National Income

Public Finance

View Answer

Question 35 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 36 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

View Answer

Question 37 Report

The Nigerian indigenization decree process involves

5 phases

6 phases

4 phases

3 phases Correct answer

2 phases

Answer Details

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Question 38 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

View Answer

Question 39 Report

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

fees

commission

time-rates Correct answer

salary

wages

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

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Question 40 Report

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

elastic demand

inelastic demand Correct answer

negative demand

positive demand

unitary demand

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

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Question 41 Report

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

capitalism Correct answer

communism

freedomism

socialism

welfarism

Answer Details

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Question 42 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 43 Report

One of the fundamental economic problem of every society is

allocation of scarce resource Correct answer

availability of market

consumption pattern of inhabitant

presence of middle man

inadequate labour force

Answer Details

Read lesson note on Definition And Scope Of Economics (WAEC)

Read lesson note on Economics As A Science (JAMB)

Definition And Scope Of Economics

Economics As A Science

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Question 44 Report

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

consumption + investment Correct answer

consumption + investment + tax

consumption + investment + expenditure

consumption + exports + imports

saving + investment

Answer Details

Read lesson note on Public Finance (JAMB)

Read lesson note on The Theory Of Demand (JAMB)

Public Finance

The Theory Of Demand

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