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

1.5

1.8

Answer Details

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The Theory Of Demand

The Theory Of Price Determination

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Question 12 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

redistribution of income and wealth

stabilization of the economy

Answer Details

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National Income

Public Finance

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Question 13 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

technical know-how

Answer Details

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Petroleum And The Nigerian Economy

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Question 14 Report

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

a change in real income

government policy

increase in population

the price of the good or service

taste and fashion

Answer Details

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The Theory Of Demand

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Question 15 Report

The following are reward for factors of production EXCEPT

interests

profit

Rent and commissions

rates and deposits

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 16 Report

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

bargaining

lack of specialization

market trade unions

natural barriers

large number of middlemen

Answer Details

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Read lesson note on Economic Systems (JAMB)

Economics As A Science

Economic Systems

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Question 17 Report

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

consumption + investment

consumption + investment + tax

consumption + investment + expenditure

consumption + exports + imports

saving + investment

Answer Details

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Public Finance

The Theory Of Demand

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Question 18 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

Y = C – I + X – M + G

Y = C + G – X + M – I

Answer Details

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Question 19 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

make goods available in developed countries

transfer technology from developed to less developed countries

Answer Details

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Major Natural Resources

International Economic Organizations

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Question 20 Report

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

double coincidence of wants

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 21 Report

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

agriculture

mono culture

forestry

aqua-science

horticulture

Answer Details

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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 22 Report

The Nigerian indigenization decree process involves

5 phases

6 phases

4 phases

3 phases

2 phases

Answer Details

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Question 23 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

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

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Question 24 Report

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

Answer Details

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Question 25 Report

A market situation with few sellers and many buyers is called

monopoly

duopoly

oligopoly

perfect competition

monopsony

Answer Details

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Read lesson note on Market Structure (JAMB)

Factors Of Production And Their Theories

Market Structures

Market Structure

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Question 26 Report

The following are type of business organization EXCEPT

co-operative society

Entrepreneurship

partnership

public corporation

Sole proprietorship

Answer Details

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Business Organizations

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Question 27 Report

Which of the following is NOT a feature of capitalism ?

detailed economics planning

Free enterprise

competition

private ownership of property

Entrepreneurs and the pursuit of profit

Answer Details

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Economic Systems

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Question 28 Report

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

demand

desire

effective demand

utility

want

Answer Details

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Read lesson note on Economics As A Science (JAMB)

Demand

Economics As A Science

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Question 29 Report

Tc/Q =

marginal cost

Average coat

total cost

equilibrium level

Answer Details

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The Theory Of Supply

Theory Of Costs

Market Structure

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Question 30 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

promote imports into the country

sell out its foreign assets

Answer Details

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Question 31 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

Answer Details

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Read lesson note on Banking (JAMB)

Public Finance

Banking

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Question 32 Report

One of the fundamental economic problem of every society is

allocation of scarce resource

availability of market

consumption pattern of inhabitant

presence of middle man

inadequate labour force

Answer Details

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Definition And Scope Of Economics

Economics As A Science

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Question 33 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

opportunity curve

utility curve

supply curve

Answer Details

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Market Structures

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Question 34 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

composite goods

derived good

independent goods

substitute good

Answer Details

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Read lesson note on Demand (WAEC)

Theory Of Consumer Behaviour

The Theory Of Demand

Demand

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Question 35 Report

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

balanced budget

deficit budget

favorable budget

surplus budget

unfavorable budget

Answer Details

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Public Finance

Economics As A Science

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Question 36 Report

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

budgeting and planning based on expectations

expansion in employment

discovering and exploration of new resources

introduction of improved production techniques

skill improvement through education and training

Answer Details

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Read lesson note on Factors Of Production (WAEC)

The Theory Of Production

Factors Of Production

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Question 37 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

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

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Read lesson note on Demand (WAEC)

The Theory Of Demand

Demand

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Question 38 Report

The demand for labour in an economy is a depiction of

competitive demand

Composite demand

Complementary demand

Deductive demand

derived demand

Answer Details

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The Theory Of Demand

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Question 39 Report

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

capitalism

communism

freedomism

socialism

welfarism

Answer Details

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Question 40 Report

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

all factor inputs are not being used

all factor inputs are variable

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

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Question 41 Report

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

equation

mean

Median

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 42 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

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 43 Report

Disposable income in national income accounting is an income which

cannot be used again

is available for consumption and saving

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 44 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

Answer Details

Read lesson note on National Income (WAEC)

Read lesson note on National Income (JAMB)

National Income

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