NECO SSCE - Economics - 2004 (Objective)

The assumptions of the principles of comparative cost advantage is based on

I. Absence of Trade Restrictions
II. No transport costs
III. Constant technology

II & III only

I & II only

I, II & III only

II only

III only

Answer Details

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Economics As A Science

Economic Systems

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Question 25 Report

A one-man business is controlled by

an active partner

board of trustees

board of directors

dormant partner

the owner

Answer Details

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Business Organizations

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Question 26 Report

When total utility is at maximum, then marginal utility is

decreasing

increasing

maximum

negative

zero

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 27 Report

A negative effect of the discovery of petroleum on the Nigerian economy is

conversion of the economy into a mono product type

development of infrastructures

encouragement of international recognition

provision of job opportunities

rapid industrialization

Answer Details

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Petroleum And The Nigerian Economy

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Question 28 Report

Which of the following will NOT be a barrier to international trade?

Communication hindrances

Easy conversion of currencies

Geographical locations

Ideological differences

Imposition of duties and quotas

Answer Details

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Read lesson note on Economic Integration (WAEC)

International Trade

Economic Integration

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Question 29 Report

Which of the following is NOT a factor to be considered in siting an industry in a particular area?

access to raw material

availability of recreational facilities

market

sources of power

transport facilities

Answer Details

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Factors Of Production

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Question 30 Report

An inflation which occurs as a result of increase in production cost is known as

cost-push inflation

creeping inflation

demand-pull inflation

hyper-inflation

runaway inflation

Answer Details

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Read lesson note on Theory Of Costs (JAMB)

Money And Inflation

Theory Of Costs

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Question 31 Report

Which of the following factors will NOT affect supply of maize in Nigeria?

Extension services to farmers

Improve technology

Price of maize

Quantity of wheat produced

Weather and climatic condition

Answer Details

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The Theory Of Supply

Economic Systems

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Question 32 Report

A development planning which takes a long range view of the economy and covers a period of 10-20 years is regarded as

comprehensive planning

indicative planning

perspective planning

regional planning

sectors planning

Answer Details

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Economic Development And Planning

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Question 33 Report

The types of unemployment that evolved the use of machines to replaces human labour is known as

cyclical unemployment

frictional unemployment

seasonal unemployment

structural unemployment

technological unemployment

Answer Details

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Economic Systems

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Question 34 Report

Excise duties are taxes levied on

goods coming into the country

goods going out of the country

industrial incomes

locally manufactured goods

selected consumer durable

Answer Details

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Read lesson note on Economic Systems (JAMB)

Economics As A Science

Economic Systems

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Question 35 Report

The main industrial cities in Nigeria are

Ikeja, Kano, Onitsha and Port-Harcourt

Kaduna, Dutse, Ogbomoso a Calabar

Kano, Ilesa, Vadeikya and Afikpo

Maiduguri, Ikote Ekiti, Moniya and Akungba

Mokwa, Ijebu-ode, Warri and Gummel

Answer Details

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Industry And Industrialization

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Question 36 Report

When a change in the demand for commodity A leads to a change in demand for commodity B in the same direction, demand for A & B is

competitive demand

complementary demand

composite demand

independent demand

Answer Details

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Read lesson note on Demand (WAEC)

The Theory Of Demand

Demand

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Question 37 Report

The excess profit made by a firm in a competitive market situation in the short-term is known as

break even

marginal profit

net profit

normal profit

super normal profit

Answer Details

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Economics As A Science

Money And Inflation

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Question 38 Report

The most generally accepted definition of Economics was given by

Adam Smith

David Ricardo

Lord Robinson

Thomas Mathus

Sam Aluko

Answer Details

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Definition And Scope Of Economics

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Question 39 Report

When Elasticity of Demand is greater than one, the demand is

perfectly elastic

unitary elastic

zero elastic

inelastic

elastic

Answer Details

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The Theory Of Demand

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