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 22 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 23 Report

An industry engaged in the extraction of raw materials and its conversion into semi-finished goods is called industry.

construction

conversion

manufacturing Correct answer

mining

processing

Answer Details

Read lesson note on Agriculture (WAEC)

Agriculture

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Question 24 Report

At the equilibrium price,

demand is greater than supply

demand equates supply Correct answer

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 25 Report

Production is said to be complete when goods and services gets to the

consumers Correct answer

distributors

retailers

warehouses

wholesalers

Answer Details

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Business Organizations (JAMB)

The Theory Of Production

Business Organizations

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Question 26 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 Correct answer

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 27 Report

The following determine the level of consumption EXCEPT

expectation of price changes

level of income

savings

the rate of taxes paid

the political climate Correct answer

Answer Details

Read lesson note on Theory Of Consumer Behaviour (WAEC)

Read lesson note on Theory Of Production (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Theory Of Consumer Behaviour

Theory Of Production

The Theory Of Demand

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Question 28 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 29 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 Correct answer

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 30 Report

Persistent fail In the general price level Is known as

deflation Correct answer

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 31 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 32 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 33 Report

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

DD = SS

DD < SS

MC > AC

MC < AR

MC = MR Correct answer

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 34 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 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 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 37 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 38 Report

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

204

224

240 Correct answer

244

248

Answer Details

Read lesson note on Population (JAMB)

Population

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Question 39 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 40 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 Correct answer

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 41 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 Correct answer

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 42 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 43 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 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

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

all costs can be varied Correct answer

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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