NECO SSCE - Economics - 2005 (Objective)

If two bags of rice were sold for N1,250 a mouth ago and two weeks later, the same amount was used to procure one bag. This simply means that the value of money is

constant

decreasing Correct answer

fluctuating

increasing

proportional

Answer Details

Read lesson note on Money And Inflation (WAEC)

Read lesson note on The Theory Of Consumer Behaviour (JAMB)

Money And Inflation

The Theory Of Consumer Behaviour

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Question 33 Report

A business formation with a minimum of two and maximum of twenty persons is called

cooperative society

joint stock company

one man business

partnership Correct answer

public corporation

Answer Details

Read lesson note on Business Organizations (WAEC)

Read lesson note on Market Structure (JAMB)

Business Organizations

Market Structure

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Question 34 Report

The use of tax and expenditure policy to regulate the economy is known as

deregulation

fiscal policy Correct answer

monetary policy

physical measures

structural adjustment

Answer Details

Read lesson note on Public Finance (JAMB)

Public Finance

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Question 35 Report

Which of the following is NOT an objective of Economic planning?

Achieving economic self reliance

Achieving economic growth

Creating employment

Equitable allocation of resources

Widening the income gap Correct answer

Answer Details

Read lesson note on Public Finance (WAEC)

Public Finance

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Question 36 Report

The demand for factors of production is said to be

competitive

complementary

composite

derived Correct answer

joint

Answer Details

Read lesson note on Factors Of Production (WAEC)

Factors Of Production

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Question 37 Report

An economy in which decision of what to produce is taken partly by private individuals and state is referred to as Economy.

capitalist

communist

mixed Correct answer

socialist

welfarist

Answer Details

View Answer

Question 38 Report

Which of the following is the correct order in the chain of distribution?

Consumer —> Distributor → Retailer → Producer

Producer → Consumer → Retailer → Wholesaler

Producer → Wholesaler → Retailer → Consumer Correct answer

Retailer → Consumer → Producer → Wholesaler

Wholesaler → Retailer → Producer → Consume

Answer Details

Read lesson note on Distributive Trade (WAEC)

Distributive Trade

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Question 39 Report

Which of the following is a disadvantage of localization of industries?

Aiding cooperation among firms

Creating structural unemployment Correct answer

Encouraging subsidiary industries

Encouraging the growth of skilled labour

Reducing cost of production

Answer Details

Read lesson note on Market Structure (JAMB)

Market Structure

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Question 40 Report

The recent revolution of Cassava from ordinary food crop to export crop will lead to

decrease in price of cassava flour

decrease In production of cassava

decrease In production of local starch

increase In production of other crops

increase in the prices of cassava products Correct answer

Answer Details

Read lesson note on International Economic Organizations (JAMB)

Read lesson note on Money And Inflation (JAMB)

International Economic Organizations

Money And Inflation

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Question 41 Report

Which of the following will NOT bring about an increase in Labour force?

Better medical services

Decrease in death rate

Emigration Correct answer

Immigration

Increase in birth rate

Answer Details

Read lesson note on Population And Labour Market (WAEC)

Read lesson note on Population (JAMB)

Population And Labour Market

Population

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Question 42 Report

The formular (N + 1)/2 is used to determine the

mean

median Correct answer

mode

standard deviation

mean deviation

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

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Question 43 Report

Which of the following is NOT a function of marketing boards in Nigeria?

Fixing of prices for farm produce

Grading of farm produce

Importation of farm produce Correct answer

Marketing of farm produce

Price stabilization

Answer Details

Read lesson note on Industry And Industrialization (JAMB)

Industry And Industrialization

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Question 44 Report

Economic problem arises as a result of

choice

money cost

opportunity cost

scarcity Correct answer

scale of preference

Answer Details

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

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Question 45 Report

The following are rewards for factors of production EXCEPT

interest

profit

rent

subsidy Correct answer

wages

Answer Details

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

Factors Of Production And Their Theories

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