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

The satisfaction derived from Die consumption of a commodity is referred o as

consumption

demand

production

utility Correct answer

utilization

Answer Details

Read lesson note on Theory Of Consumer Behaviour (WAEC)

Theory Of Consumer Behaviour

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Question 34 Report

Which of the following is NOT a positive contribution a petroleum to Nigeria economy?

Development of bat infrastructures

Increase in National income

Major employer of labour

Major foreign exchange earned

Turning the nation to mono-product economy Correct answer

Answer Details

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

Petroleum And The Nigerian Economy

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Question 35 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 36 Report

The variance of a given set of numbers is defined as the

absolute value of the standard deviation

square of the standard deviation Correct answer

square root of the standard deviation

square of the mean deviation

square root of the mean deviation

Answer Details

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

Read lesson note on The Theory Of Demand (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Demand

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Question 37 Report

The following will occur when maximum price is fixed below the free market price EXCEPT that

black market will be encouraged

excess demand will occur

excess supply will occur Correct answer

rationing of commodities will occur

scarcity of goods will occur

Answer Details

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

Read lesson note on The Theory Of Supply (JAMB)

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

Read lesson note on Economics As A Science (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Supply

The Theory Of Price Determination

Economics As A Science

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Question 38 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 39 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 40 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

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Question 41 Report

Range is NOT the best method of measuring dispersion because it considers only the

first number

first two numbers

frequently occurred number

middle number

two extreme number Correct answer

Answer Details

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

Methods And Tools Of Economic Analysis

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Question 42 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 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

The trade-off between two commodities along the Production Possibility Curve (PPC) shows

opportunity cost principle

scarcity principle

transferable output

unattainable combination Correct answer

under utilization of resources

Answer Details

Read lesson note on International Trade (JAMB)

Read lesson note on The Theory Of Production (JAMB)

International Trade

The Theory Of Production

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Question 45 Report

Which of the following is NOT a major role of OPEC in production, and marketing of petroleum?

Coordinating and unifying petroleum policies of member countries

Ensuring efficient and regular supply of oil to the two market

Raising the revenue of member countries from oil through price increase

Refining of petroleum products in member countries Correct answer

Stabilizing oil prices putting a production ceiling

Answer Details

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

Read lesson note on Money And Inflation (JAMB)

Petroleum And The Nigerian Economy

Money And Inflation

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