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

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 20 Report

A major characteristics of a firm operating at a long-run equilibrium position is that

all costs can be varied

average variable cost is fixed

fixed cost can not be changed

marginal cost is fixed

only variable cost changes

Answer Details

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

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Question 21 Report

ECOWAS secretariat is located in

Abuja, Nigeria

Accra, Ghana

Conakry, Guinea

Freetown, Sierra Leone

Monrovia, Liberia V

Answer Details

Read lesson note on International Economic Organizations (JAMB)

International Economic Organizations

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Question 22 Report

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

Better medical services

Decrease in death rate

Emigration

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 23 Report

The demand for factors of production is said to be

competitive

complementary

composite

derived

joint

Answer Details

Read lesson note on Factors Of Production (WAEC)

Factors Of Production

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Question 24 Report

When an increase in the price of a commodity lead to a fall In the demand for aNOTher, the demand for the two commodities are said to be

abnormal

competitive

composite

derived

joint

Answer Details

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

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Question 25 Report

Economic problem arises as a result of

choice

money cost

opportunity cost

scarcity

scale of preference

Answer Details

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

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Question 26 Report

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

consumption

demand

production

utility

utilization

Answer Details

Read lesson note on Theory Of Consumer Behaviour (WAEC)

Theory Of Consumer Behaviour

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Question 27 Report

The following are rewards for factors of production EXCEPT

interest

profit

rent

subsidy

wages

Answer Details

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

Factors Of Production And Their Theories

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Question 28 Report

The following are the objectives of agricultural policies in Nigeria EXCEPT

provision of food

provision of agricultural raw materials to industrial sectors

increasing prices of agricultural Inputs

creation of rural employment

Answer Details

Read lesson note on Agriculture (WAEC)

Read lesson note on Money And Inflation (JAMB)

Agriculture

Money And Inflation

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Question 29 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

socialist

welfarist

Answer Details

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Question 30 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

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 31 Report

In the equation Q = a - bp + e; Q and P are .... Variables respectively.

constant and dependent

dependent and independent

error term and independent

independent and constant

independent and dependent

Answer Details

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Theory Of Price Determination (WAEC)

The Theory Of Production

Theory Of Price Determination

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Question 32 Report

The 2nd National Development plan in Nigeria was between

1962 — 1968

1970 — 1974

1975 — 1980

1980 — 1985

1985 — 1990

Answer Details

Read lesson note on National Income (WAEC)

Read lesson note on Economic Development And Planning (WAEC)

National Income

Economic Development And Planning

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Question 33 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

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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Question 34 Report

Stock exchange market deals with

exchange of commodities

exchange of stock fish for stock

exchange of treasury bills

sales of foreign exchange

sales of second hand securities

Answer Details

Read lesson note on Supply (WAEC)

Read lesson note on Economics As A Science (JAMB)

Supply

Economics As A Science

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Question 35 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

Answer Details

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

Methods And Tools Of Economic Analysis

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Question 36 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

Answer Details

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

Petroleum And The Nigerian Economy

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Question 37 Report

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

absolute value of the standard deviation

square of the standard deviation

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 38 Report

If the population of a school is 600 and 60% are In JSS, how many students are in SSS?

204

224

240

244

248

Answer Details

Read lesson note on Population (JAMB)

Population

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Question 39 Report

The problem of “how to produce” in any economy is solved by

adopting the least cost method of production

combining capital and labour intensive methods of production

employing the services of a manager

using capital intensive method of production

using labour intensive method of production

Answer Details

Read lesson note on Theory Of Production (WAEC)

Read lesson note on Market Structures (WAEC)

Theory Of Production

Market Structures

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Question 40 Report

An industry operating in a perfect competitive market situation will maximum profit when

DD = SS

DD < SS

MC > AC

MC < AR

MC = MR

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on The Theory Of Demand (JAMB)

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

Read lesson note on Economics As A Science (JAMB)

The Theory Of Supply

The Theory Of Demand

The Theory Of Price Determination

Economics As A Science

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Question 41 Report

At the equilibrium price,

demand is greater than supply

demand equates supply

demand is less than supply

price is equal to demand only

price is equal to supply only

Answer Details

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

Read lesson note on Economics As A Science (JAMB)

The Theory Of Price Determination

Economics As A Science

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Question 42 Report

Which of the following is NOT associated with minimum price legislation?

Black market

Excess demand

Excess supply

Unattainable equilibrium

Unemployment

Answer Details

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

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

The Theory Of Price Determination

Economics As A Science

Economic Systems

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Question 43 Report

If the standard deviation of a set of numbers is 3.6, what is the variance?

12.49

12.69

12.9

12.96

12.98

Answer Details

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

Methods And Tools Of Economic Analysis

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Question 44 Report

Persistent fail In the general price level Is known as

deflation

devaluation

general price Increase

inflation

price index

Answer Details

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Agriculture In Nigeria (JAMB)

Economics As A Science

Agriculture In Nigeria

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Question 45 Report

Which of the following is NOT included in-measuring the National income through the income approach?

Allowance given to an aged mother by a civil servant

Income earned by a bricklayer

Profit earned by Nigerian bottling company plc

profit earned by NITEL plc

Salary earned by a doctor

Answer Details

Read lesson note on National Income (WAEC)

National Income

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