NECO SSCE - Economics - 2002 | Green Bridge CBT

If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, what is the price elasticity of demand for the commodity?

0.5

0.8

1.5

1.8

Detalhes da Resposta

Read lesson note on The Theory Of Demand (JAMB)

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

The Theory Of Demand

The Theory Of Price Determination

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Pergunta 21 Relatório

Tc/Q =

marginal cost

Average coat

total cost

equilibrium level

Detalhes da Resposta

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Theory Of Costs (JAMB)

Read lesson note on Market Structure (JAMB)

The Theory Of Supply

Theory Of Costs

Market Structure

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Pergunta 22 Relatório

Which of the following measure will NOT serves as a control during inflation period?

increase in personal income tax

increase in bank rate and interest

increase in government capital expenditure

reduction in money supply

reduction in government recurrent expenditure

Detalhes da Resposta

Read lesson note on Money And Inflation (WAEC)

Read lesson note on Public Finance (WAEC)

Money And Inflation

Public Finance

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Pergunta 23 Relatório

The comparison of the standard of living between Nigeria and Ghana is best down through the use of

gross domestic product

gross National incomes

Net disposable income

Net National income

per capita income

Detalhes da Resposta

Read lesson note on National Income (WAEC)

Read lesson note on National Income (JAMB)

National Income

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Pergunta 24 Relatório

The formular used by the Expenditure approach to calculate National income is

Y=C + I + X - M –G

Y= C + X – M – I + G

Y = C + I + G + X – M

Y = C – I + X – M + G

Y = C + G – X + M – I

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Pergunta 25 Relatório

An economic system in which the decision on what and how to produce is determined by the individual is called

capitalism

communism

Socialism

traditionalism

welfarism

Detalhes da Resposta

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Pergunta 26 Relatório

The act of cultivating land and rearing of animal for man’s use is

agriculture

mono culture

forestry

aqua-science

horticulture

Detalhes da Resposta

Read lesson note on Agriculture (WAEC)

Read lesson note on International Economic Organizations (JAMB)

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

Read lesson note on Agriculture In Nigeria (JAMB)

Agriculture

International Economic Organizations

Petroleum And The Nigerian Economy

Agriculture In Nigeria

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Pergunta 27 Relatório

The demand for labour in an economy is a depiction of

competitive demand

Composite demand

Complementary demand

Deductive demand

derived demand

Detalhes da Resposta

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

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Pergunta 28 Relatório

Transcationary motive implies, holding money

for future investment

for day to day expenses

for unforeseen contingencies

to settle previous debts

to buy share in the stock exchange market

Detalhes da Resposta

Read lesson note on Money And Inflation (WAEC)

Read lesson note on National Income (WAEC)

Read lesson note on International Trade (JAMB)

Read lesson note on Public Finance (JAMB)

Money And Inflation

National Income

International Trade

Public Finance

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Pergunta 29 Relatório

The following are reward for factors of production EXCEPT

interests

profit

Rent and commissions

rates and deposits

wage and salaries

Detalhes da Resposta

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

Read lesson note on Factors Of Production (WAEC)

Factors Of Production And Their Theories

Factors Of Production

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Pergunta 30 Relatório

The middle value of an array figure arranged in descending order is referred to as the

equation

mean

Median

mode

Variance

Detalhes da Resposta

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on Theory Of Costs (JAMB)

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

Theory Of Price Determination

Theory Of Costs

The Theory Of Price Determination

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Pergunta 31 Relatório

An economic system in which individual control the productive resources is known as

capitalism

communism

freedomism

socialism

welfarism

Detalhes da Resposta

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Pergunta 32 Relatório

In income determination theory, acceleration principles shows that

income is the cause, while investment is the effect investment

income and investment are both causes

income and investment are both effects

incomes is of on effect on investment

investment is the causes, while income is the effects

Detalhes da Resposta

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

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

Methods And Tools Of Economic Analysis

The Theory Of Price Determination

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Pergunta 33 Relatório

Which of the folowing NOT among the objectives of OPEC?

to stabilize the revenue from oil to producing countries

to stabilize the price of iol in the world market

to make sure that oil flows to all the consuming countries

to estabilished petroleum refineries in all member state

to co-ordinate and harmonize the oil policies of member countries

Detalhes da Resposta

Read lesson note on International Economic Organizations (JAMB)

International Economic Organizations

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Pergunta 34 Relatório

Government expenditure on universal basic education and subsidy on agriculture are aimed at

encouraging growth of the economy

projecting images of government

re-allocation of resources

redistribution of income and wealth

stabilization of the economy

Detalhes da Resposta

Read lesson note on National Income (WAEC)

Read lesson note on Public Finance (JAMB)

National Income

Public Finance

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Pergunta 35 Relatório

The main disadvantages of deflationary policies is

full employment in the country

increasing cost of living

improved standard of living

unemployment in the country

under employment in the country

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 36 Relatório

The willingness of an individual backed up with purchasing power at a given time is

demand

desire

effective demand

utility

want

Detalhes da Resposta

Read lesson note on Demand (WAEC)

Read lesson note on Economics As A Science (JAMB)

Demand

Economics As A Science

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Pergunta 37 Relatório

The following are type of business organization EXCEPT

co-operative society

Entrepreneurship

partnership

public corporation

Sole proprietorship

Detalhes da Resposta

Read lesson note on Business Organizations (WAEC)

Business Organizations

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Pergunta 38 Relatório

What is the median term in the distribution below ;14, 13 29 ,15 ,13,17 ,12,

Detalhes da Resposta

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Pergunta 39 Relatório

To discourage the consumption of harmful commodities, government should tax such commodities if they have

elastic demand

inelastic demand

negative demand

positive demand

unitary demand

Detalhes da Resposta

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

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Pergunta 40 Relatório

If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

balanced budget

deficit budget

favorable budget

surplus budget

unfavorable budget

Detalhes da Resposta

Read lesson note on Public Finance (WAEC)

Read lesson note on Economics As A Science (JAMB)

Public Finance

Economics As A Science

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Pergunta 41 Relatório

If commodities A & B are jointly demanded, what will be the effect of an increase in the price of A on the demand for commodity B?

decrease in demand for commodity B

decrease in price of commodity B

demand for commodity B remain constant

increase in demand for commodity B

increase in the price of commodity B

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 42 Relatório

When combination of two goods which a consumer derive equal satisfaction is plotted on a graph, the graph is known as

demand curve

indifference curve

opportunity curve

utility curve

supply curve

Detalhes da Resposta

Read lesson note on Market Structures (WAEC)

Market Structures

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Pergunta 43 Relatório

The bank established to finances project aimed at promoting economic and social development within the African continent is

African bank for commerce and industry

African development bank

economic bank for African

recovery fund bank for Africa

Africa currency board bank

Detalhes da Resposta

Read lesson note on Economic Development And Planning (WAEC)

Economic Development And Planning

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Pergunta 44 Relatório

Long-run in economic mean a period of time in which

all factor inputs are not being used

all factor inputs are variable

all factor inputs are fixed

only few factor inputs are variable

firms are not producing at all

Detalhes da Resposta

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

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Factors Of Production (WAEC)

Factors Of Production And Their Theories

The Theory Of Production

Factors Of Production

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