NECO SSCE - Economics - 2004 (Objective)

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 Correct answer

I, II & III only

II only

III only

Answer Details

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Economics As A Science

Economic Systems

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Question 6 Report

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 Correct answer

reduce economic dependence on foreign nations

achieve full employment

Answer Details

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Economic Development And Planning

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Question 7 Report

The indices used to measure the cost of living is

consumption expenditure

national income

per capital income

price index Correct answer

savings and investment

Answer Details

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Methods And Tools Of Economic Analysis

Money And Inflation

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Question 8 Report

The most generally accepted definition of Economics was given by

Adam Smith

David Ricardo

Lord Robinson Correct answer

Thomas Mathus

Sam Aluko

Answer Details

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Definition And Scope Of Economics

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Question 9 Report

A firm with a total of 54 employees produced 108 tonnes of toilet tissues in 3months. What is the average production per employee?

0.02 tonnes

0.2 tonnes

2 tonnes Correct answer

20 tonnes

200 tonnes

Answer Details

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Population And Labour Market

Population

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Question 10 Report

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

cyclical unemployment

frictional unemployment Correct answer

seasonal unemployment

structural unemployment

technological unemployment

Answer Details

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Economic Systems

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Question 11 Report

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

cooperative society Correct answer

partnership

private limited company

public corporation

public limited company

Answer Details

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Business Organizations

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Question 12 Report

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 Correct answer

resource allocation

what to produce

when to produce

Answer Details

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The Theory Of Production

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Question 13 Report

Arrangement of wants in order of importance is brought about by

excess supply of goods

interest in doing so

scarcity of resources Correct answer

opportunity cost

limited wants

Answer Details

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The Theory Of Demand

Economics As A Science

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Question 14 Report

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

motive Correct answer

aim

determination

self discipline

none of the above

Answer Details

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Public Finance

Money And Inflation

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Question 15 Report

The basic economics problem of what to produce arises as a result of

competing demands for scarce resources Correct answer

excessive supply

the availability of too many experts

the failure of the price system

the reduction of poverty

Answer Details

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Economics As A Science

Economic Systems

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Question 16 Report

Points outside the production possibility curves shows

unequal allocation of resources among factors

capital production level

under utilization of resources

unattainable production level Correct answer

effective consummation of resources

Answer Details

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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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Question 17 Report

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 Correct answer

Answer Details

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The Theory Of Demand

The Theory Of Price Determination

Economics As A Science

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Question 18 Report

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 Correct answer

Answer Details

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Banking

Market Structure

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Question 19 Report

A development planning which takes a long range view of the economy and covers a period of 10-20 years is regarded as

comprehensive planning Correct answer

indicative planning

perspective planning

regional planning

sectors planning

Answer Details

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Economic Development And Planning

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Question 20 Report

The main industrial cities in Nigeria are

Ikeja, Kano, Onitsha and Port-Harcourt Correct answer

Kaduna, Dutse, Ogbomoso a Calabar

Kano, Ilesa, Vadeikya and Afikpo

Maiduguri, Ikote Ekiti, Moniya and Akungba

Mokwa, Ijebu-ode, Warri and Gummel

Answer Details

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Industry And Industrialization

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Question 21 Report

Excise duties are taxes levied on

goods coming into the country

goods going out of the country

industrial incomes

locally manufactured goods Correct answer

selected consumer durable

Answer Details

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Economics As A Science

Economic Systems

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Question 22 Report

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

excessive demand Correct answer

hoarding of goods

long chain of distribution

poor storage facilities

poor transportation network

Answer Details

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Agriculture

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Question 23 Report

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 Correct answer

market

sources of power

transport facilities

Answer Details

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Factors Of Production

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Question 24 Report

A one-man business is controlled by

an active partner

board of trustees

board of directors

dormant partner

the owner Correct answer

Answer Details

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Business Organizations

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Question 25 Report

When total utility is at maximum, then marginal utility is

decreasing

increasing

maximum

negative

zero Correct answer

Answer Details

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The Theory Of Demand

Economics As A Science

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Question 26 Report

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

academicians

government Correct answer

individuals

judiciary

manufacturers

Answer Details

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Economic Systems

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Question 27 Report

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

perfectly elastic

unitary elastic

zero elastic

inelastic

elastic Correct answer

Answer Details

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The Theory Of Demand

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Question 28 Report

Which of the following is true about average cost?

Fixed cost/quantity

Marginal + Fixed cost

Quantity × Fixed cost

Total cost/quantity Correct answer

Total cost - fixed cost Quantity

Answer Details

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Theory Of Price Determination

Theory Of Costs

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Question 29 Report

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 Correct answer

Answer Details

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Theory Of Costs

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Question 30 Report

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

Bulk breaking

Direct contact with end users Correct answer

Feedback information to manufacturers

Public relations and advertising of products

Storage facilities for finished products

Answer Details

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Agriculture

Distributive Trade

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Question 31 Report

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

bears

brokers

bulls Correct answer

jobbers

stags

Answer Details

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Theory Of Consumer Behaviour

Economics As A Science

Economic Systems

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Question 32 Report

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 Correct answer

Answer Details

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Economics As A Science

Money And Inflation

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Question 33 Report

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

cost-push inflation Correct answer

creeping inflation

demand-pull inflation

hyper-inflation

runaway inflation

Answer Details

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Money And Inflation

Theory Of Costs

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Question 34 Report

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

accessibility of needs Correct answer

availability of goods

coincidence of wants

making deferred payments

measure and store of value

Answer Details

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Money And Inflation

Financial Institutions

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Question 35 Report

The unit of satisfaction dived from the consumption of an additional unit of a commodity is known as

average utility

marginal cost

marginal product

marginal utility Correct answer

total utility

Answer Details

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Theory Of Consumer Behaviour

The Theory Of Demand

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Question 36 Report

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

conversion of the economy into a mono product type Correct answer

development of infrastructures

encouragement of international recognition

provision of job opportunities

rapid industrialization

Answer Details

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Petroleum And The Nigerian Economy

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Question 37 Report

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 Correct answer

composite demand

independent demand

Answer Details

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The Theory Of Demand

Demand

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Question 38 Report

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

Communication hindrances

Easy conversion of currencies Correct answer

Geographical locations

Ideological differences

Imposition of duties and quotas

Answer Details

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International Trade

Economic Integration

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Question 39 Report

Which of the following is NOT a problem of population census in Nigeria?

inadequate transportation

High birth rate

High cost

Mass illiteracy

Political interest Correct answer

Answer Details

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Population

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