NECO SSCE - Economics - 2005

An economy in which decision of what to produce is taken partly by private individuals and state is referred to as Economy.

The satisfaction derived from Die consumption of a commodity is referred o as

The following are problems of development planning in Nigeria EXCEPT

Which of the following is NOT a positive contribution a petroleum to Nigeria economy?

An industry engaged in the extraction of raw materials and its conversion into semi-finished goods is called industry.

An industry operating in a perfect competitive market situation will maximum profit when

The demand for factors of production is said to be

The following will occur when maximum price is fixed below the free market price EXCEPT that

The system of farming which involves the use of a large hectare of land planted with economic crops is known as

At the equilibrium price,

When the total product starts falling, then the marginal product is

Economic problem arises as a result of

A major characteristics of a firm operating at a long-run equilibrium position is that

Which of the following is NOT an objective of Economic planning?

When an increase in the price of a commodity lead to a fall In the demand for aNOTher, the demand for the two commodities are said to be

Stock exchange market deals with

The following determine the level of consumption EXCEPT

Which of the following is NOT included in-measuring the National income through the income approach?

Which of the following will NOT bring about an increase in Labour force?

A business formation with a minimum of two and maximum of twenty persons is called

Which of the following is NOT a function of the IMF?

The variance of a given set of numbers is defined as the

Which of the following is NOT associated with minimum price legislation?

Which of the following is NOT a major role of OPEC in production, and marketing of petroleum?

Persistent fail In the general price level Is known as

Production is said to be complete when goods and services gets to the

The trade-off between two commodities along the Production Possibility Curve (PPC) shows

ECOWAS secretariat is located in

Which of the following is a disadvantage of localization of industries?

The formular (N + 1)/2 is used to determine the

The following are the objectives of agricultural policies in Nigeria EXCEPT

If two bags of rice were sold for N1,250 a mouth ago and two weeks later, the same amount was used to procure one bag. This simply means that the value of money is

The 2nd National Development plan in Nigeria was between

Under perfect competition, a profit maximizing firm will hire labour up to the point where the last unit of labor adds

If the standard deviation of a set of numbers is 3.6, what is the variance?

The following are rewards for factors of production EXCEPT

The recent revolution of Cassava from ordinary food crop to export crop will lead to

Which of the following is NOT a function of marketing boards in Nigeria?

The use of tax and expenditure policy to regulate the economy is known as

Which of the following is the correct order in the chain of distribution?

Range is NOT the best method of measuring dispersion because it considers only the

The following can be used to improve a country’s balance of payment EXCEPT

In the equation Q = a - bp + e; Q and P are .... Variables respectively.

The problem of “how to produce” in any economy is solved by

If the population of a school is 600 and 60% are In JSS, how many students are in SSS?