NECO SSCE - Economics - 2003 (Objective)

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 Correct answer

N20

N30

N40

N50

Answer Details

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

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Question 39 Report

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

creation of artificial scarcity

bulk breaking Correct answer

formation of trade unionism

hoarding of goods

making prompt payment to producers

Answer Details

Read lesson note on Distributive Trade (WAEC)

Distributive Trade

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Question 40 Report

A problem of price control is

development of black-market

increased earning and higher profit

increase in employment Correct answer

increase investment

redistribution of income

Answer Details

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Question 41 Report

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

cocoa Correct answer

coffee

copper

kola nut

soy beans

Answer Details

Read lesson note on Money And Inflation (JAMB)

Read lesson note on Agriculture In Nigeria (JAMB)

Money And Inflation

Agriculture In Nigeria

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Question 42 Report

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

Easy management and less administrative cost Correct answer

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

Answer Details

Read lesson note on Theory Of Costs (JAMB)

Read lesson note on Market Structure (JAMB)

Theory Of Costs

Market Structure

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Question 43 Report

Which of the following is a motive for holding money?

celebration

daily purchases Correct answer

election campaign

payment of taxes

Answer Details

Read lesson note on Money And Inflation (JAMB)

Money And Inflation

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Question 44 Report

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

competitive demand Correct answer

composite demand

effective demand

joint demand

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

The Theory Of Demand

Demand

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Question 45 Report

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 Correct answer

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

Answer Details

Read lesson note on Population (JAMB)

Population

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Question 46 Report

Minimum price control is aimed at

increasing the size of the market

minimizing the profit level Correct answer

punishing the consumers

protecting the consumer

reducing the size of the market

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 47 Report

One of the following is NOT a reason for increase in public expenditure

decrease arising from public debt and its servicing

increase in capital expenditure to provide social services

increase financial commitment for defence and security

increase in recurrent expenditure with regard to wages and salary paid to public servant Correct answer

returns on viable public corporation

Answer Details

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Question 48 Report

Data presented in a circular chart is known as

circular chart

component chart

histogram

pictograph

pie chart Correct answer

Answer Details

Read lesson note on Market Structure (JAMB)

Market Structure

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Question 49 Report

For a monopolist, the demand curve is

inelastic

perfectly elastic

perfectly inelastic Correct answer

elastic

unitary elastic

Answer Details

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Demand (WAEC)

The Theory Of Production

Demand

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Question 50 Report

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 Correct answer

Answer Details

Read lesson note on National Income (WAEC)

Read lesson note on Financial Institutions (WAEC)

National Income

Financial Institutions

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