NECO SSCE - Economics - 2003 | Green Bridge CBT

Abdul is faced with a choice between buying a new NOTE book and a pen with N10. Since the N10 can NOT give him both items he decide to buy NOTE book. The money cost to him is

N10

N20

N30

N40

N50

Détails de la réponse

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

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

Read lesson note on Supply (WAEC)

The Theory Of Supply

Theory Of Price Determination

The Theory Of Demand

The Theory Of Price Determination

Supply

Voir la réponse

Question 14 Rapport

In economics, electricity, water supply, communication networks, road, etc are known as

capital structure

development induces

development projects

infrastructural facilities

project growth

Détails de la réponse

Read lesson note on Market Structure (JAMB)

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Market Structure

Economics As A Science

Economic Systems

Voir la réponse

Question 15 Rapport

Which of the following is a motive for holding money?

celebration

daily purchases

election campaign

payment of taxes

Détails de la réponse

Read lesson note on Money And Inflation (JAMB)

Money And Inflation

Voir la réponse

Question 16 Rapport

Averages cost (AC) equal to

AC_TC

TC_AC

TC_AVC

TC_MC

TC_Q

Détails de la réponse

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

Voir la réponse

Question 17 Rapport

In the equation MV = PT; V stand for

velocity of circulation of money

velocity of price change

volume of goods produced

volume of money

volume of transaction

Détails de la réponse

Read lesson note on Money And Inflation (WAEC)

Money And Inflation

Voir la réponse

Question 18 Rapport

A problem of price control is

development of black-market

increased earning and higher profit

increase in employment

increase investment

redistribution of income

Détails de la réponse

Voir la réponse

Question 19 Rapport

Data presented in a circular chart is known as

circular chart

component chart

histogram

pictograph

pie chart

Détails de la réponse

Read lesson note on Market Structure (JAMB)

Market Structure

Voir la réponse

Question 20 Rapport

The law of variable proportion state that if the quantities of variable factor of production are used with fixed factor, after a certain point,

each successive unit of the variable factor brings about a decreasing marginal product

each successive unit of the variable factor bring about equal increase in marginal product

each successive unit of the variable factor bring about an increasing marginal product

each successive unit of the variable factor bring about four time increase in marginal product

each successive unit of the variable factor bring about more than equal increase in marginal product

Détails de la réponse

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

Voir la réponse

Question 21 Rapport

Which of the following is NOT a factor determining supply?

cost of production

climatic condition or weather

income of the producers

number of producers

technological development

Détails de la réponse

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Economic Development And Planning (WAEC)

The Theory Of Supply

Economic Development And Planning

Voir la réponse

Question 22 Rapport

Minimum price control is aimed at

increasing the size of the market

minimizing the profit level

punishing the consumers

protecting the consumer

reducing the size of the market

Détails de la réponse

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Economics As A Science

Economic Systems

Voir la réponse

Question 23 Rapport

One of the following is NOT a reason for increase in public expenditure

decrease arising from public debt and its servicing

increase in capital expenditure to provide social services

increase financial commitment for defence and security

increase in recurrent expenditure with regard to wages and salary paid to public servant

returns on viable public corporation

Détails de la réponse

Voir la réponse

Question 24 Rapport

The first commercial oil well in Nigeria was discovered in

1938

1951

1956

1958

1961

Détails de la réponse

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

Petroleum And The Nigerian Economy

Voir la réponse

Question 25 Rapport

A tax system which takes lesser percentage of a tax payers income as his income increase is known as

direct tax

indirect tax

progressive tax

proportional tax

regressive tax

Détails de la réponse

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

Voir la réponse

Question 26 Rapport

In the demographic transition theory, stage II represents a stage where

declining birth rates with low death rates lead to little or no population growth

high birth rate with low death rates lead to no population growth

there is population growth due to high birth rates and low death rates at that stages

there is a slow rate of population growth as a result of high birth rate accompanied by high but slightly fluctuating death rate

there is a very high growth as population as a result of high birth rates accompanied by high but slightly fluctuating death rates

Détails de la réponse

Read lesson note on Population (JAMB)

Population

Voir la réponse

Question 27 Rapport

The professional that view cost in term of alternatives sacrificed is the

accountant

cashier

economist

manager

tax collector

Détails de la réponse

Read lesson note on Theory Of Costs (JAMB)

Theory Of Costs

Voir la réponse

Question 28 Rapport

Price legislation means

directing market specialist to fix prices

interplay of either demand or supply

producers are prices givers

regulating the price system by the government

the use of market forces

Détails de la réponse

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

Read lesson note on Economic Systems (JAMB)

The Theory Of Price Determination

Economic Systems

Voir la réponse

Question 29 Rapport

Efficiency of labour implies

education and training

good working condition

healthier workforce

increased productivity worker accompanied by improvement in the quality of output

the amount of incentives or remuneration given to workers

Détails de la réponse

Read lesson note on Theory Of Consumer Behaviour (WAEC)

Read lesson note on Business Organizations (JAMB)

Read lesson note on Theory Of Production (WAEC)

Read lesson note on Population And Labour Market (WAEC)

Theory Of Consumer Behaviour

Business Organizations

Theory Of Production

Population And Labour Market

Voir la réponse

Question 30 Rapport

Of what importance is a wholesaler in the chain of distribution?

creation of artificial scarcity

bulk breaking

formation of trade unionism

hoarding of goods

making prompt payment to producers

Détails de la réponse

Read lesson note on Distributive Trade (WAEC)

Distributive Trade

Voir la réponse

Question 31 Rapport

Which of these is NOT a basic economic problem of society?

efficiency of resource use

for whom to produces

how to produce

scale of production

what to produce

Détails de la réponse

Read lesson note on Definition And Scope Of Economics (WAEC)

Definition And Scope Of Economics

Voir la réponse

Question 32 Rapport

What is meant by utility?

amount of money derived by a manufacture

A number of things a consumer will enjoy at a time

amount of satisfaction derive from the consumption of a commodity at a particular time

amount of satisfaction giving to a producer

total profit producers will get at a particular time

Détails de la réponse

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

Read lesson note on Market Structures (WAEC)

Read lesson note on Demand (WAEC)

Factors Of Production And Their Theories

Market Structures

Demand

Voir la réponse

Question 33 Rapport

According to the theory of comparative advantages, countries are to specialize based on their

absolute cost advantages

absolute cost disadvantages

comparative cost advantages

comparative cost disadvantages

the availability of labour

Détails de la réponse

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Types And Basic Features Of Economic Systems (WAEC)

Economics As A Science

Types And Basic Features Of Economic Systems

Voir la réponse

Question 34 Rapport

An economic system where both the public and individuals own and control means of production is known as ……… system

capitalism

communist

mixed

socialist

welfarist

Détails de la réponse

Read lesson note on Economic Systems (JAMB)

Economic Systems

Voir la réponse

Question 35 Rapport

The per capita income is calculated as

GNP- working age population

GNP- real national income

GNP- total capital expenditure

GNP- dependency ratio

GNP- population

Détails de la réponse

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

Read lesson note on National Income (WAEC)

Read lesson note on Money And Inflation (JAMB)

Factors Of Production And Their Theories

National Income

Money And Inflation

Voir la réponse

Question 36 Rapport

Which of the following is NOT a component of agriculture?

crop farming

drilling

fishing

forestry

livestock farming

Détails de la réponse

Read lesson note on Agriculture (WAEC)

Read lesson note on Money And Inflation (JAMB)

Agriculture

Money And Inflation

Voir la réponse

Question 37 Rapport

Total revenue can be obtained by multiplying

price by quantity sold

averages revenue by the demand

marginal revenue by marginal cost

average revenue plus marginal revenue

average cost by variable cost

Détails de la réponse

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

Voir la réponse

Question 38 Rapport

The aim of indigenization policy was to

build more industries in the economy

increase the drain in foreign exchange

increase foreign domination of the economy

increase the participation of Nigerians in commerce and industry

send all the foreigners away from Nigeria

Détails de la réponse

Read lesson note on Industry And Industrialization (JAMB)

Industry And Industrialization

Voir la réponse

Question 39 Rapport

Using functional relationship in economics QX = f (px, po, y, T); po stand for

level of income of the consumer

price of x

price of other commodities

production function of x

price index

Détails de la réponse

Read lesson note on Banking (JAMB)

Read lesson note on Theory Of Production (WAEC)

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Agriculture In Nigeria (JAMB)

Banking

Theory Of Production

Economics As A Science

Agriculture In Nigeria

Voir la réponse

Question 40 Rapport

Equilibrium prices is

a price which equates demand with supply

a price where there is excess demand

where consumers gain much

where producers gain much

where supply is more than demand

Détails de la réponse

Voir la réponse

Question 41 Rapport

Which of the following is NOT a sources of national income statistics?

Foreign trade figure

pay-rolls of various establishment

income tax return

Economic surveys

level of infrastructural development

Détails de la réponse

Read lesson note on National Income (WAEC)

Read lesson note on Financial Institutions (WAEC)

National Income

Financial Institutions

Voir la réponse

Question 42 Rapport

Economic growth is the

growth in a nation’s life expectancy

increase in a nation’s population

rate of increase in aggregate demand in a country

rate of increase in a country’s full employment and real output

rate of increase

Détails de la réponse

Read lesson note on Economic Growth And Development (JAMB)

Economic Growth And Development

Voir la réponse

Question 43 Rapport

To finance a deficit balance of payment, a country may decide to

borrow from abroad

increase its foreign investment

privatizes its economy

reduce domestic consumption

secure more factor of production

Détails de la réponse

Read lesson note on Public Finance (JAMB)

Read lesson note on Factors Of Production (WAEC)

Read lesson note on Market Structures (WAEC)

Read lesson note on International Trade And Balance Of Payments (WAEC)

Public Finance

Factors Of Production

Market Structures

International Trade And Balance Of Payments

Voir la réponse

Question 44 Rapport

The best way of presenting data in tabular form is in

bars and columns

charts and lines

maps and rows

pictographs and histogram

rows and columns

Détails de la réponse

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

Read lesson note on Basic Tools Of Economic Analysis (WAEC)

Methods And Tools Of Economic Analysis

Basic Tools Of Economic Analysis

Voir la réponse

Question 45 Rapport

Which of the following is NOT a function of taxation?

make few people rich in the country

raise revenue for the government

redistribution of income

reduces production and consumption of harmful goods

used as anti-inflationary device

Détails de la réponse

Read lesson note on Economic Systems (JAMB)

Economic Systems

Voir la réponse

Question 46 Rapport

In calculating mean one should

add the highest and the lowest number

divide the highest and the lowest number

divide the sum of the figure by the number of the figure

find the most common number

pick any number that has no partner

Détails de la réponse

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

Read lesson note on International Trade (JAMB)

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on Theory Of Production (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Methods And Tools Of Economic Analysis

International Trade

Theory Of Price Determination

Theory Of Production

The Theory Of Demand

Voir la réponse

Question 47 Rapport

Which of the following is a major export crop in Nigeria?

cocoa

coffee

copper

kola nut

soy beans

Détails de la réponse

Read lesson note on Money And Inflation (JAMB)

Read lesson note on Agriculture In Nigeria (JAMB)

Money And Inflation

Agriculture In Nigeria

Voir la réponse

Question 48 Rapport

The most generally accepted definition of economics is

an inquiry into the nature and causes of the wealth of nations

the science of material welfare

the science which studies human behavior as a relationship between ends and scarce means which have alternative use

the science that treats phenomena from the stand point of price

the practical science of production and distribution of wealth

Détails de la réponse

Read lesson note on Definition And Scope Of Economics (WAEC)

Definition And Scope Of Economics

Voir la réponse

Question 49 Rapport

The theory of income determination is traced to

Rev Thomas Mathus

Lord John Mynard Keynes

Prof Adam Smith

R G Lipsey

Prof Umar SI

Détails de la réponse

Read lesson note on National Income (WAEC)

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

National Income

The Theory Of Price Determination

Voir la réponse

Question 50 Rapport

Which of the following is NOT a cause of inflation?

excessive bank lending

excessive deficit financing

increase in domestics productivity

increase in wages and salaries of workers

increase in government expenditure

Détails de la réponse

Read lesson note on Money And Inflation (WAEC)

Read lesson note on International Trade And Balance Of Payments (WAEC)

Read lesson note on Financial Institutions (WAEC)

Money And Inflation

International Trade And Balance Of Payments

Financial Institutions

Voir la réponse






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