NECO SSCE - Economics - 2003 | Green Bridge CBT

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

N20

N30

N40

N50

Detalhes da Resposta

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

Ver Resposta

Pergunta 9 Relatório

Which of the following is NOT a sources of national income statistics?

Foreign trade figure

pay-rolls of various establishment

income tax return

Economic surveys

level of infrastructural development

Detalhes da Resposta

Read lesson note on National Income (WAEC)

Read lesson note on Financial Institutions (WAEC)

National Income

Financial Institutions

Ver Resposta

Pergunta 10 Relatório

Central bank of Nigerian started operation

1958

1959

1960

1963

1973

Detalhes da Resposta

Read lesson note on Banking (JAMB)

Banking

Ver Resposta

Pergunta 11 Relatório

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

accountant

cashier

economist

manager

tax collector

Detalhes da Resposta

Read lesson note on Theory Of Costs (JAMB)

Theory Of Costs

Ver Resposta

Pergunta 12 Relatório

Economic growth is the

growth in a nation’s life expectancy

increase in a nation’s population

rate of increase in aggregate demand in a country

rate of increase in a country’s full employment and real output

rate of increase

Detalhes da Resposta

Read lesson note on Economic Growth And Development (JAMB)

Economic Growth And Development

Ver Resposta

Pergunta 13 Relatório

The aim of indigenization policy was to

build more industries in the economy

increase the drain in foreign exchange

increase foreign domination of the economy

increase the participation of Nigerians in commerce and industry

send all the foreigners away from Nigeria

Detalhes da Resposta

Read lesson note on Industry And Industrialization (JAMB)

Industry And Industrialization

Ver Resposta

Pergunta 14 Relatório

Which of the following is NOT a component of agriculture?

crop farming

drilling

fishing

forestry

livestock farming

Detalhes da Resposta

Read lesson note on Agriculture (WAEC)

Read lesson note on Money And Inflation (JAMB)

Agriculture

Money And Inflation

Ver Resposta

Pergunta 15 Relatório

The theory of income determination is traced to

Rev Thomas Mathus

Lord John Mynard Keynes

Prof Adam Smith

R G Lipsey

Prof Umar SI

Detalhes da Resposta

Read lesson note on National Income (WAEC)

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

National Income

The Theory Of Price Determination

Ver Resposta

Pergunta 16 Relatório

The first commercial oil well in Nigeria was discovered in

1938

1951

1956

1958

1961

Detalhes da Resposta

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

Petroleum And The Nigerian Economy

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Pergunta 17 Relatório

ECOWAS Visa lasts for

14 days

30 days

60 days

90 days

100 days

Detalhes da Resposta

Read lesson note on Economic Integration (WAEC)

Economic Integration

Ver Resposta

Pergunta 18 Relatório

The law of variable proportion state that if the quantities of variable factor of production are used with fixed factor, after a certain point,

each successive unit of the variable factor brings about a decreasing marginal product

each successive unit of the variable factor bring about equal increase in marginal product

each successive unit of the variable factor bring about an increasing marginal product

each successive unit of the variable factor bring about four time increase in marginal product

each successive unit of the variable factor bring about more than equal increase in marginal product

Detalhes da Resposta

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

Ver Resposta

Pergunta 19 Relatório

A shift of the demand curve leftward from its original position indicate

an increase in quantity demanded

a decrease in quantity demanded

an expansion of demand

a fall in demand

price effect on demand

Detalhes da Resposta

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

Theory Of Price Determination

The Theory Of Demand

Demand

Ver Resposta

Pergunta 20 Relatório

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

used as anti-inflationary device

Detalhes da Resposta

Read lesson note on Economic Systems (JAMB)

Economic Systems

Ver Resposta

Pergunta 21 Relatório

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

creation of artificial scarcity

bulk breaking

formation of trade unionism

hoarding of goods

making prompt payment to producers

Detalhes da Resposta

Read lesson note on Distributive Trade (WAEC)

Distributive Trade

Ver Resposta

Pergunta 22 Relatório

Which of the following is a characteristic of private enterprises?

business risks are borne by the buyers

capital is provided by the public

control and management of the business is in the hands of customer

the business is owned and run by government

The main aim of setting up the business is to maximize profit

Detalhes da Resposta

Read lesson note on Business Organizations (JAMB)

Business Organizations

Ver Resposta

Pergunta 23 Relatório

Which of the following is a major export crop in Nigeria?

cocoa

coffee

copper

kola nut

soy beans

Detalhes da Resposta

Read lesson note on Money And Inflation (JAMB)

Read lesson note on Agriculture In Nigeria (JAMB)

Money And Inflation

Agriculture In Nigeria

Ver Resposta

Pergunta 24 Relatório

The best way of presenting data in tabular form is in

bars and columns

charts and lines

maps and rows

pictographs and histogram

rows and columns

Detalhes da Resposta

Read lesson note on Methods And Tools Of Economic Analysis (JAMB)

Read lesson note on Basic Tools Of Economic Analysis (WAEC)

Methods And Tools Of Economic Analysis

Basic Tools Of Economic Analysis

Ver Resposta

Pergunta 25 Relatório

Efficiency of labour implies

education and training

good working condition

healthier workforce

increased productivity worker accompanied by improvement in the quality of output

the amount of incentives or remuneration given to workers

Detalhes da Resposta

Read lesson note on Theory Of Consumer Behaviour (WAEC)

Read lesson note on Business Organizations (JAMB)

Read lesson note on Theory Of Production (WAEC)

Read lesson note on Population And Labour Market (WAEC)

Theory Of Consumer Behaviour

Business Organizations

Theory Of Production

Population And Labour Market

Ver Resposta

Pergunta 26 Relatório

Which of the following is a motive for holding money?

celebration

daily purchases

election campaign

payment of taxes

Detalhes da Resposta

Read lesson note on Money And Inflation (JAMB)

Money And Inflation

Ver Resposta

Pergunta 27 Relatório

Which of the following is NOT a factor determining supply?

cost of production

climatic condition or weather

income of the producers

number of producers

technological development

Detalhes da Resposta

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Economic Development And Planning (WAEC)

The Theory Of Supply

Economic Development And Planning

Ver Resposta

Pergunta 28 Relatório

In a free market economy, wages are determined by

the employees

the employers

trade unions

interaction of demand and supply forces

the government

Detalhes da Resposta

Read lesson note on Methods And Tools Of Economic Analysis (JAMB)

Read lesson note on Economics As A Science (JAMB)

Methods And Tools Of Economic Analysis

Economics As A Science

Ver Resposta

Pergunta 29 Relatório

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

the science that treats phenomena from the stand point of price

the practical science of production and distribution of wealth

Detalhes da Resposta

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

Definition And Scope Of Economics

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Pergunta 30 Relatório

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

production function of x

price index

Detalhes da Resposta

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

Ver Resposta

Pergunta 31 Relatório

The central point of the Malthusian theory is that

everybody should become a farmer

government should provide enough accommodation and food

increasing population will get enough food

population increase in geometric progression while food arithmetic progression

wages has nothing to do with cost of living

Detalhes da Resposta

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

Ver Resposta

Pergunta 32 Relatório

An economy is described as spend-rift if it

does not concern itself with savings and investment

has a great ability to generate foreign exchange from investment

has greater opportunity to receive large income from investment

invests in income generating industries

has trade connection with other countries

Detalhes da Resposta

Read lesson note on Distributive Trade (WAEC)

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Types And Basic Features Of Economic Systems (WAEC)

Distributive Trade

Economics As A Science

Types And Basic Features Of Economic Systems

Ver Resposta

Pergunta 33 Relatório

What is meant by utility?

amount of money derived by a manufacture

A number of things a consumer will enjoy at a time

amount of satisfaction derive from the consumption of a commodity at a particular time

amount of satisfaction giving to a producer

total profit producers will get at a particular time

Detalhes da Resposta

Read lesson note on Factors Of Production And Their Theories (JAMB)

Read lesson note on Market Structures (WAEC)

Read lesson note on Demand (WAEC)

Factors Of Production And Their Theories

Market Structures

Demand

Ver Resposta

Pergunta 34 Relatório

An economic system where both the public and individuals own and control means of production is known as ……… system

capitalism

communist

mixed

socialist

welfarist

Detalhes da Resposta

Read lesson note on Economic Systems (JAMB)

Economic Systems

Ver Resposta

Pergunta 35 Relatório

Which of the following is true of a perfect market situation?

price = AR=MC=AC

price = DD = MC = AC

price = AC = MC = AR

price = AR = MR = DD

price = MR but MR < AR

Detalhes da Resposta

Read lesson note on Market Structures (WAEC)

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

Market Structures

The Theory Of Price Determination

Ver Resposta

Pergunta 36 Relatório

Price legislation means

directing market specialist to fix prices

interplay of either demand or supply

producers are prices givers

regulating the price system by the government

the use of market forces

Detalhes da Resposta

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

Read lesson note on Economic Systems (JAMB)

The Theory Of Price Determination

Economic Systems

Ver Resposta

Pergunta 37 Relatório

The demand for a commodity for the sake of what it will yield is

competitive demand

composite demand

effective demand

joint demand

Detalhes da Resposta

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

The Theory Of Demand

Demand

Ver Resposta

Pergunta 38 Relatório

Equilibrium prices is

a price which equates demand with supply

a price where there is excess demand

where consumers gain much

where producers gain much

where supply is more than demand

Detalhes da Resposta

Ver Resposta

Pergunta 39 Relatório

Which of the following is NOT a reason for the absence of an industry in the rural areas?

Absence of financial institution

restricted market

inadequate power and water supply

inadequate transportation

presence of external economies

Detalhes da Resposta

Read lesson note on Agriculture (WAEC)

Read lesson note on Banking (JAMB)

Agriculture

Banking

Ver Resposta

Pergunta 40 Relatório

A problem of price control is

development of black-market

increased earning and higher profit

increase in employment

increase investment

redistribution of income

Detalhes da Resposta

Ver Resposta

Pergunta 41 Relatório

For a monopolist, the demand curve is

inelastic

perfectly elastic

perfectly inelastic

elastic

unitary elastic

Detalhes da Resposta

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Demand (WAEC)

The Theory Of Production

Demand

Ver Resposta

Pergunta 42 Relatório

The per capita income is calculated as

GNP- working age population

GNP- real national income

GNP- total capital expenditure

GNP- dependency ratio

GNP- population

Detalhes da Resposta

Read lesson note on Factors Of Production And Their Theories (JAMB)

Read lesson note on National Income (WAEC)

Read lesson note on Money And Inflation (JAMB)

Factors Of Production And Their Theories

National Income

Money And Inflation

Ver Resposta

Pergunta 43 Relatório

In the demographic transition theory, stage II represents a stage where

declining birth rates with low death rates lead to little or no population growth

high birth rate with low death rates lead to no population growth

there is population growth due to high birth rates and low death rates at that stages

there is a slow rate of population growth as a result of high birth rate accompanied by high but slightly fluctuating death rate

there is a very high growth as population as a result of high birth rates accompanied by high but slightly fluctuating death rates

Detalhes da Resposta

Read lesson note on Population (JAMB)

Population

Ver Resposta

Pergunta 44 Relatório

Which of the following is NOT a cause of inflation?

excessive bank lending

excessive deficit financing

increase in domestics productivity

increase in wages and salaries of workers

increase in government expenditure

Detalhes da Resposta

Read lesson note on Money And Inflation (WAEC)

Read lesson note on International Trade And Balance Of Payments (WAEC)

Read lesson note on Financial Institutions (WAEC)

Money And Inflation

International Trade And Balance Of Payments

Financial Institutions

Ver Resposta

Pergunta 45 Relatório

Which of the following is NOT an internal dis-economy of scales?

Easy management and less administrative cost

large firm suffers from bureaucracy or red tapism

less personal relationship between management and employees

Motivation may be lacking in the large firm

slow response to changes

Detalhes da Resposta

Read lesson note on Theory Of Costs (JAMB)

Read lesson note on Market Structure (JAMB)

Theory Of Costs

Market Structure

Ver Resposta

Pergunta 46 Relatório

To finance a deficit balance of payment, a country may decide to

borrow from abroad

increase its foreign investment

privatizes its economy

reduce domestic consumption

secure more factor of production

Detalhes da Resposta

Read lesson note on Public Finance (JAMB)

Read lesson note on Factors Of Production (WAEC)

Read lesson note on Market Structures (WAEC)

Read lesson note on International Trade And Balance Of Payments (WAEC)

Public Finance

Factors Of Production

Market Structures

International Trade And Balance Of Payments

Ver Resposta

Pergunta 47 Relatório

A tax system which takes lesser percentage of a tax payers income as his income increase is known as

direct tax

indirect tax

progressive tax

proportional tax

regressive tax

Detalhes da Resposta

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

Ver Resposta

Pergunta 48 Relatório

In the equation MV = PT; V stand for

velocity of circulation of money

velocity of price change

volume of goods produced

volume of money

volume of transaction

Detalhes da Resposta

Read lesson note on Money And Inflation (WAEC)

Money And Inflation

Ver Resposta

Pergunta 49 Relatório

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

absolute cost advantages

absolute cost disadvantages

comparative cost advantages

comparative cost disadvantages

the availability of labour

Detalhes da Resposta

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

Ver Resposta

Pergunta 50 Relatório

Which of these is NOT a basic economic problem of society?

efficiency of resource use

for whom to produces

how to produce

scale of production

what to produce

Detalhes da Resposta

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

Definition And Scope Of Economics

Ver Resposta






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