NECO SSCE - Economics - 2002 (Objective)

If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, what is the price elasticity of demand for the commodity?

0.5

0.8 Correct answer

1.5

1.8

Answer Details

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

The Theory Of Demand

The Theory Of Price Determination

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Question 23 Report

Which of the following is NOT a factor that brings about changes in demand?

a change in real income

government policy Correct answer

increase in population

the price of the good or service

taste and fashion

Answer Details

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The Theory Of Demand

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Question 24 Report

Which of these is a necessary condition for trade by barter?

double coincidence of wants Correct answer

double exchange rate

durability of goods

divisibility of commodities

homogeneity of goods

Answer Details

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Demand

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Question 25 Report

One of the fundamental economic problem of every society is

allocation of scarce resource Correct answer

availability of market

consumption pattern of inhabitant

presence of middle man

inadequate labour force

Answer Details

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Read lesson note on Economics As A Science (JAMB)

Definition And Scope Of Economics

Economics As A Science

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Question 26 Report

Which of the following is NOT a feature of capitalism ?

detailed economics planning Correct answer

Free enterprise

competition

private ownership of property

Entrepreneurs and the pursuit of profit

Answer Details

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Question 27 Report

The 1962-1968 development plan in nigerian failed because of

absence of indigenous bank

higher exchange rate

non availability of finance house

movement of colonial masters

over dependency on foreign capital Correct answer

Answer Details

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Read lesson note on Banking (JAMB)

Public Finance

Banking

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Question 28 Report

Remuneration of labour based on number of hours worked is known as

fees

commission

time-rates Correct answer

salary

wages

Answer Details

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The Theory Of Demand

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Question 29 Report

The following are reward for factors of production EXCEPT

interests

profit

Rent and commissions

rates and deposits Correct answer

wage and salaries

Answer Details

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Read lesson note on Factors Of Production (WAEC)

Factors Of Production And Their Theories

Factors Of Production

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Question 30 Report

When combination of two goods which a consumer derive equal satisfaction is plotted on a graph, the graph is known as

demand curve

indifference curve Correct answer

opportunity curve

utility curve

supply curve

Answer Details

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Market Structures

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Question 31 Report

An economic system in which individual control the productive resources is known as

capitalism Correct answer

communism

freedomism

socialism

welfarism

Answer Details

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Question 32 Report

Which of the following measure will NOT serves as a control during inflation period?

increase in personal income tax

increase in bank rate and interest

increase in government capital expenditure Correct answer

reduction in money supply

reduction in government recurrent expenditure

Answer Details

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Money And Inflation

Public Finance

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Question 33 Report

Transcationary motive implies, holding money

for future investment

for day to day expenses Correct answer

for unforeseen contingencies

to settle previous debts

to buy share in the stock exchange market

Answer Details

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Read lesson note on National Income (WAEC)

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Money And Inflation

National Income

International Trade

Public Finance

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Question 34 Report

The bank established to finances project aimed at promoting economic and social development within the African continent is

African bank for commerce and industry

African development bank Correct answer

economic bank for African

recovery fund bank for Africa

Africa currency board bank

Answer Details

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Economic Development And Planning

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Question 35 Report

To discourage the consumption of harmful commodities, government should tax such commodities if they have

elastic demand

inelastic demand Correct answer

negative demand

positive demand

unitary demand

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

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Question 36 Report

The comparison of the standard of living between Nigeria and Ghana is best down through the use of

gross domestic product

gross National incomes

Net disposable income

Net National income

per capita income Correct answer

Answer Details

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Read lesson note on National Income (JAMB)

National Income

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Question 37 Report

Government expenditure on universal basic education and subsidy on agriculture are aimed at

encouraging growth of the economy

projecting images of government

re-allocation of resources Correct answer

redistribution of income and wealth

stabilization of the economy

Answer Details

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National Income

Public Finance

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Question 38 Report

Which of the folowing NOT among the objectives of OPEC?

to stabilize the revenue from oil to producing countries

to stabilize the price of iol in the world market Correct answer

to make sure that oil flows to all the consuming countries

to estabilished petroleum refineries in all member state

to co-ordinate and harmonize the oil policies of member countries

Answer Details

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International Economic Organizations

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Question 39 Report

Long-run in economic mean a period of time in which

all factor inputs are not being used

all factor inputs are variable Correct answer

all factor inputs are fixed

only few factor inputs are variable

firms are not producing at all

Answer Details

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Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Factors Of Production (WAEC)

Factors Of Production And Their Theories

The Theory Of Production

Factors Of Production

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Question 40 Report

What is the median term in the distribution below ;14, 13 29 ,15 ,13,17 ,12,

14 Correct answer

Answer Details

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Question 41 Report

Which of the following factors will NOT account for an outward shift of production possibility curve?

budgeting and planning based on expectations Correct answer

expansion in employment

discovering and exploration of new resources

introduction of improved production techniques

skill improvement through education and training

Answer Details

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Factors Of Production (WAEC)

The Theory Of Production

Factors Of Production

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Question 42 Report

The main disadvantages of deflationary policies is

full employment in the country

increasing cost of living

improved standard of living

unemployment in the country Correct answer

under employment in the country

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 43 Report

An economic system in which the decision on what and how to produce is determined by the individual is called

capitalism Correct answer

communism

Socialism

traditionalism

welfarism

Answer Details

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Question 44 Report

The formular used by the Expenditure approach to calculate National income is

Y=C + I + X - M –G

Y= C + X – M – I + G

Y = C + I + G + X – M Correct answer

Y = C – I + X – M + G

Y = C + G – X + M – I

Answer Details

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