NECO SSCE - Economics - 2004 | Green Bridge CBT

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

I, II & III only

II only

III only

Detalhes da Resposta

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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Pergunta 8 Relatório

Which of the following is NOT a factor to be considered in siting an industry in a particular area?

access to raw material

availability of recreational facilities

market

sources of power

transport facilities

Detalhes da Resposta

Read lesson note on Factors Of Production (WAEC)

Factors Of Production

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Pergunta 9 Relatório

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

clothing

Entertainment

housing

payment of school fees

settling national debts

Detalhes da Resposta

Read lesson note on Theory Of Costs (JAMB)

Theory Of Costs

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Pergunta 10 Relatório

Which of the following will NOT be a barrier to international trade?

Communication hindrances

Easy conversion of currencies

Geographical locations

Ideological differences

Imposition of duties and quotas

Detalhes da Resposta

Read lesson note on International Trade (JAMB)

Read lesson note on Economic Integration (WAEC)

International Trade

Economic Integration

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Pergunta 11 Relatório

A one-man business is controlled by

an active partner

board of trustees

board of directors

dormant partner

the owner

Detalhes da Resposta

Read lesson note on Business Organizations (WAEC)

Business Organizations

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Pergunta 12 Relatório

The desire to hold cash balances in order to meet expenditures which arises due to unforeseen circumstances is

motive

aim

determination

self discipline

none of the above

Detalhes da Resposta

Read lesson note on Public Finance (JAMB)

Read lesson note on Money And Inflation (JAMB)

Public Finance

Money And Inflation

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Pergunta 13 Relatório

All the following are the objectives of economic planning EXCEPT to

reduce the rate of inflation and achieve stable value for the naira

encourage inflow of public and private capital

evolve a sequential political transition and enthronement of popular government

reduce economic dependence on foreign nations

achieve full employment

Detalhes da Resposta

Read lesson note on Economic Development And Planning (WAEC)

Economic Development And Planning

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Pergunta 14 Relatório

The types of unemployment that evolved the use of machines to replaces human labour is known as

cyclical unemployment

frictional unemployment

seasonal unemployment

structural unemployment

technological unemployment

Detalhes da Resposta

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Pergunta 15 Relatório

The main differences between money market and capital market is that money markets

acts as advisers to investor while capital markets teleguides

are owned by individuals, while capital markets are owned by government

accepts collateral, while capital markets does not accept such

accepts funds while capital markets disburse fun to investors

provide short term loans, while capital markets provide long-term loans

Detalhes da Resposta

Read lesson note on Banking (JAMB)

Read lesson note on Market Structure (JAMB)

Banking

Market Structure

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Pergunta 16 Relatório

The following are the main problems of distribution of essential commodities in Nigeria EXCEPT

excessive demand

hoarding of goods

long chain of distribution

poor storage facilities

poor transportation network

Detalhes da Resposta

Read lesson note on Agriculture (WAEC)

Agriculture

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Pergunta 17 Relatório

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

Weather and climatic condition

Detalhes da Resposta

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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Pergunta 18 Relatório

When total utility is at maximum, then marginal utility is

decreasing

increasing

maximum

negative

zero

Detalhes da Resposta

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

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Pergunta 19 Relatório

A negative effect of the discovery of petroleum on the Nigerian economy is

conversion of the economy into a mono product type

development of infrastructures

encouragement of international recognition

provision of job opportunities

rapid industrialization

Detalhes da Resposta

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

Petroleum And The Nigerian Economy

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Pergunta 20 Relatório

When Elasticity of Demand is greater than one, the demand is

perfectly elastic

unitary elastic

zero elastic

inelastic

elastic

Detalhes da Resposta

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

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Pergunta 21 Relatório

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

Detalhes da Resposta

Read lesson note on Theory Of Costs (JAMB)

Theory Of Costs

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Pergunta 22 Relatório

Which of the following is true about average cost?

Fixed cost/quantity

Marginal + Fixed cost

Quantity × Fixed cost

Total cost/quantity

Total cost - fixed cost Quantity

Detalhes da Resposta

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on Theory Of Costs (JAMB)

Theory Of Price Determination

Theory Of Costs

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Pergunta 23 Relatório

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

resource allocation

what to produce

when to produce

Detalhes da Resposta

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

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Pergunta 24 Relatório

The indices used to measure the cost of living is

consumption expenditure

national income

per capital income

price index

savings and investment

Detalhes da Resposta

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

Read lesson note on Money And Inflation (JAMB)

Methods And Tools Of Economic Analysis

Money And Inflation

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Pergunta 25 Relatório

Points outside the production possibility curves shows

unequal allocation of resources among factors

capital production level

under utilization of resources

unattainable production level

effective consummation of resources

Detalhes da Resposta

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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Pergunta 26 Relatório

The main industrial cities in Nigeria are

Ikeja, Kano, Onitsha and Port-Harcourt

Kaduna, Dutse, Ogbomoso a Calabar

Kano, Ilesa, Vadeikya and Afikpo

Maiduguri, Ikote Ekiti, Moniya and Akungba

Mokwa, Ijebu-ode, Warri and Gummel

Detalhes da Resposta

Read lesson note on Industry And Industrialization (JAMB)

Industry And Industrialization

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Pergunta 27 Relatório

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

cost-push inflation

creeping inflation

demand-pull inflation

hyper-inflation

runaway inflation

Detalhes da Resposta

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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Pergunta 28 Relatório

A business organization set up for the mutual benefits of member with similar interest is known as

cooperative society

partnership

private limited company

public corporation

public limited company

Detalhes da Resposta

Read lesson note on Business Organizations (WAEC)

Business Organizations

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Pergunta 29 Relatório

Demand for labour depends on the following factors EXCEPT

number of industries/enterprises

nature of industries/business enterprises

price of labour

demand for labour output and prices

the period of training

Detalhes da Resposta

Read lesson note on The Theory Of Demand (JAMB)

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

Read lesson note on Economics As A Science (JAMB)

The Theory Of Demand

The Theory Of Price Determination

Economics As A Science

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Pergunta 30 Relatório

The most generally accepted definition of Economics was given by

Adam Smith

David Ricardo

Lord Robinson

Thomas Mathus

Sam Aluko

Detalhes da Resposta

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

Definition And Scope Of Economics

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Pergunta 31 Relatório

When a change in the demand for commodity A leads to a change in demand for commodity B in the same direction, demand for A & B is

competitive demand

complementary demand

composite demand

independent demand

Detalhes da Resposta

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

The Theory Of Demand

Demand

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Pergunta 32 Relatório

Excise duties are taxes levied on

goods coming into the country

goods going out of the country

industrial incomes

locally manufactured goods

selected consumer durable

Detalhes da Resposta

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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Pergunta 33 Relatório

Which of the following is NOT a function of the wholesaler in the distributive channel?

Bulk breaking

Direct contact with end users

Feedback information to manufacturers

Public relations and advertising of products

Storage facilities for finished products

Detalhes da Resposta

Read lesson note on Agriculture (WAEC)

Read lesson note on Distributive Trade (WAEC)

Agriculture

Distributive Trade

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Pergunta 34 Relatório

The introduction of money into the economy has helped to resolve the following problems EXCEPT

accessibility of needs

availability of goods

coincidence of wants

making deferred payments

measure and store of value

Detalhes da Resposta

Read lesson note on Money And Inflation (WAEC)

Read lesson note on Financial Institutions (WAEC)

Money And Inflation

Financial Institutions

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Pergunta 35 Relatório

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

Detalhes da Resposta

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Money And Inflation (JAMB)

Economics As A Science

Money And Inflation

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Pergunta 36 Relatório

In international trade, when payments of a country are higher than the receipts, then the balance of payment is

favourable

in equilibrium

perfect

unfavourable

uniform

Detalhes da Resposta

Read lesson note on International Trade (JAMB)

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

International Trade

International Trade And Balance Of Payments

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Pergunta 37 Relatório

Individuals who buy new shares in anticipation of reselling at higher prices in the stock exchange market are called

bears

brokers

bulls

jobbers

stags

Detalhes da Resposta

Read lesson note on Theory Of Consumer Behaviour (WAEC)

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Theory Of Consumer Behaviour

Economics As A Science

Economic Systems

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Pergunta 38 Relatório

In a socialist economic system, decisions relating to the fundamental economic problems are taken by

academicians

government

individuals

judiciary

manufacturers

Detalhes da Resposta

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Pergunta 39 Relatório

In Economics, want means…………aspiration

endless

qualitative

quantifiable

satisfied

Detalhes da Resposta

Read lesson note on Theory Of Consumer Behaviour (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Economics As A Science (JAMB)

Theory Of Consumer Behaviour

The Theory Of Demand

Economics As A Science

Ver Resposta






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