NECO SSCE - Economics - 2003 (Objective)

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 Correct answer

N20

N30

N40

N50

Answer Details

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

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Question 41 Report

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

absolute cost advantages

absolute cost disadvantages

comparative cost advantages Correct answer

comparative cost disadvantages

the availability of labour

Answer Details

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

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Question 42 Report

Averages cost (AC) equal to

AC_TC

TC_AC

TC_AVC

TC_MC Correct answer

TC_Q

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 43 Report

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 Correct answer

production function of x

price index

Answer Details

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

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Question 44 Report

ECOWAS Visa lasts for

14 days

30 days

60 days

90 days Correct answer

100 days

Answer Details

Read lesson note on Economic Integration (WAEC)

Economic Integration

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Question 45 Report

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 Correct answer

the science that treats phenomena from the stand point of price

the practical science of production and distribution of wealth

Answer Details

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

Definition And Scope Of Economics

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Question 46 Report

The first commercial oil well in Nigeria was discovered in

1938

1951

1956 Correct answer

1958

1961

Answer Details

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

Petroleum And The Nigerian Economy

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Question 47 Report

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 Correct answer

used as anti-inflationary device

Answer Details

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Question 48 Report

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

creation of artificial scarcity

bulk breaking Correct answer

formation of trade unionism

hoarding of goods

making prompt payment to producers

Answer Details

Read lesson note on Distributive Trade (WAEC)

Distributive Trade

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Question 49 Report

Total revenue can be obtained by multiplying

price by quantity sold Correct answer

averages revenue by the demand

marginal revenue by marginal cost

average revenue plus marginal revenue

average cost by variable cost

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 50 Report

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

accountant

cashier

economist Correct answer

manager

tax collector

Answer Details

Read lesson note on Theory Of Costs (JAMB)

Theory Of Costs

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