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 Correct answer

I, II & III only

II only

III only

Answer Details

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Economics As A Science

Economic Systems

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Question 28 Report

The amount of money required for the day-to-day running of a business is known as

economics capital

fixed capital

paid- up capital

reserve capital

working capital Correct answer

Answer Details

Read lesson note on Theory Of Costs (JAMB)

Theory Of Costs

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Question 29 Report

Which of the following is NOT a problem of population census in Nigeria?

inadequate transportation

High birth rate

High cost

Mass illiteracy

Political interest Correct answer

Answer Details

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Population

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Question 30 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 Correct answer

Weather and climatic condition

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Economic Systems (JAMB)

The Theory Of Supply

Economic Systems

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Question 31 Report

A one-man business is controlled by

an active partner

board of trustees

board of directors

dormant partner

the owner Correct answer

Answer Details

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Business Organizations

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Question 32 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 Correct answer

Answer Details

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Read lesson note on Money And Inflation (JAMB)

Economics As A Science

Money And Inflation

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Question 33 Report

A firm with a total of 54 employees produced 108 tonnes of toilet tissues in 3months. What is the average production per employee?

0.02 tonnes

0.2 tonnes

2 tonnes Correct answer

20 tonnes

200 tonnes

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 34 Report

Points outside the production possibility curves shows

unequal allocation of resources among factors

capital production level

under utilization of resources

unattainable production level Correct answer

effective consummation of resources

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Theory Of Price Determination (WAEC)

The Theory Of Supply

The Theory Of Production

Theory Of Price Determination

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Question 35 Report

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

cost-push inflation Correct answer

creeping inflation

demand-pull inflation

hyper-inflation

runaway inflation

Answer Details

Read lesson note on Money And Inflation (WAEC)

Read lesson note on Theory Of Costs (JAMB)

Money And Inflation

Theory Of Costs

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Question 36 Report

The main industrial cities in Nigeria are

Ikeja, Kano, Onitsha and Port-Harcourt Correct answer

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 37 Report

To an individual, the term cost will include expenditure on the following EXCEPT

clothing

Entertainment

housing

payment of school fees

settling national debts Correct answer

Answer Details

Read lesson note on Theory Of Costs (JAMB)

Theory Of Costs

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Question 38 Report

The basic economics problem of what to produce arises as a result of

competing demands for scarce resources Correct answer

excessive supply

the availability of too many experts

the failure of the price system

the reduction of poverty

Answer Details

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Economics As A Science

Economic Systems

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Question 39 Report

The decision of whether to use labour or capital intensive techniques in production process is a problem of

for whom to produce

how to produce Correct answer

resource allocation

what to produce

when to produce

Answer Details

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

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