NECO SSCE - Economics - 2009 (Objective)

Question 1 Report

Price elasticity of supply measures the responsiveness of quantity supplied to

a change in the demand for the product V

a change in the price of the commodity Correct answer

changes in consumers

changes in prices of other commodities

changes in suppliers income

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Theory Of Price Determination (WAEC)

The Theory Of Supply

Theory Of Price Determination

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Question 2 Report

A firm is said to be a public joint-stock company when it

has unlimited liability

is administered by the public

is owned by the government

operates as a public corporation

sells its shares to members of the public Correct answer

Answer Details

Read lesson note on Business Organizations (WAEC)

Business Organizations

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Question 3 Report

The International Monetary Fund (IMF) was set up mainly to

cater for financial needs of developed countries

create conditions favourable for the growth of world trade Correct answer

create favourable balance of payment

develop domestic trade

offset foreign debts only

Answer Details

Read lesson note on International Economic Organizations (JAMB)

Read lesson note on International Economic Organizations (WAEC)

International Economic Organizations

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Question 4 Report

The amount of satisfaction per unit of the commodity consumed is called

average cost

average utility Correct answer

marginal cost

marginal utility

total utility

Answer Details

Read lesson note on The Theory Of Consumer Behaviour (JAMB)

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Consumer Behaviour

The Theory Of Demand

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Question 5 Report

Data presented in tables are usually arranged in ………… and …………

charts, tables

, graphs, rows

pictograms, columns

rows, columns Correct answer

Answer Details

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

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Question 6 Report

Time deposit is the same thing as

bank rate

current account

demand deposited

fixed deposit Correct answer

saving account

Answer Details

Read lesson note on Banking (JAMB)

Banking

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Question 7 Report

Taxes levied on locally manufactured goods are called

custom duties

excise duties Correct answer

purchase tax

sales tax

VAT

Answer Details

Read lesson note on Public Finance (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Public Finance

The Theory Of Demand

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Question 8 Report

The additional satisfaction derived from the consumption of one more unit of a good is called

marginal cost

marginal product

marginal revenue

marginal utility Correct answer

total Utility

Answer Details

Read lesson note on Theory Of Consumer Behaviour (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Theory Of Consumer Behaviour

The Theory Of Demand

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Question 9 Report

Economic growth can be defined as

a rapid and sustained rise in real output per head

A rise in real income per head Correct answer

an increase in technology only

insufficiency in food production

over population in a country

Answer Details

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Question 10 Report

Which of the following is NOT an advantage of tabular presentation of data?

Enables easy location of required figures

Helps to calculate derived quantities

Makes for easy comparison of figures

Occupies more space than mathematical equation Correct answer

Shows whether the figures are increasing or decreasing

Answer Details

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

Methods And Tools Of Economic Analysis

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Question 11 Report

One of the roles of industrialization in economic development of Nigeria is

employment generation Correct answer

environmental pollution

target of enemy’s attack

unemployment

uneven development

Answer Details

Read lesson note on Industry And Industrialization (JAMB)

Industry And Industrialization

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Question 12 Report

When the value of a country’s export exceeds her imports, there will be a

deficit current account

excess visible imports only

favorable balance of trade Correct answer

favourable capital account

surplus current account

Answer Details

Read lesson note on National Income (WAEC)

Read lesson note on International Economic Organizations (WAEC)

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

National Income

International Economic Organizations

International Trade And Balance Of Payments

View Answer

Question 13 Report

The demand for salt is …………

Elastic

Inelastic Correct answer

Unitary elastic

both a and b

Answer Details

Read lesson note on Demand (WAEC)

Demand

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Question 14 Report

The following are the differences between domestic and international trade EXCEPT

cultural differences

currency

land Correct answer

language

laws

Answer Details

Read lesson note on International Trade (JAMB)

International Trade

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Question 15 Report

The demand curve of a perfect competitive market is infinitely elastic indicating that the firm can

refuse to sell any quantity

sell any quantity of output at the prevailing price Correct answer

sell fixed quantity of output at the prevailing market price

sell less quantity

sell more quantity at a higher price

Answer Details

Read lesson note on Demand (WAEC)

Read lesson note on Economics As A Science (JAMB)

Demand

Economics As A Science

View Answer

Question 16 Report

Through membership of the Economic Community of West African States (ECOWAS) countries have achieved

a large market for their products Correct answer

emancipation of Africa

full employment of resources

higher transportation cost of goods within the region

military superiority over other African countries

Answer Details

View Answer

Question 17 Report

Oil was first discovered in commercial quantity in ……….. State.

Amasoma, Bayelsa

Bonny, Rivers

Oloibiri, Rivers Correct answer

Igbokoda, Ondo

Warri, Delta

Answer Details

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

Petroleum And The Nigerian Economy

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Question 18 Report

The process of building up country’s capacity to process raw materials for the production of goods is known as

firm

industry

industrialization Correct answer

location of industry

localization

Answer Details

Read lesson note on Industry And Industrialization (JAMB)

Industry And Industrialization

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Question 19 Report

The following are qualities of money EXCEPT

acceptability

divisibility

homogeneity

portability

rationality Correct answer

Answer Details

Read lesson note on Money And Inflation (WAEC)

Money And Inflation

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Question 20 Report

Inflation is a …………….

general increase in the price of a single product

period of economic recession

period of hunger

period of excessive money

persistent rise in the general price level Correct answer

Answer Details

Read lesson note on Money And Inflation (WAEC)

Read lesson note on The Theory Of Consumer Behaviour (JAMB)

Money And Inflation

The Theory Of Consumer Behaviour

View Answer

Question 21 Report

Which of the following is a form of business enterprise?

Cartel

Entrepreneurship

Partnership Correct answer

Stock exchange

Supermarket

Answer Details

Read lesson note on Business Organizations (WAEC)

Business Organizations

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Question 22 Report

In a given set of data, if the variance is 25, what is the standard deviation?

5 Correct answer

Answer Details

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

Methods And Tools Of Economic Analysis

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Question 23 Report

The concentration of firms in one area is referred to as of ……………. industries.

location

localization Correct answer

multiplication

proliferation

pluralization

Answer Details

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Question 24 Report

Production is best defined in economics as

creation of utility yielding goods and services Correct answer

distribution of goods and services

manufacturing of goods by small factories

provision of basic amenities

rendering of services only

Answer Details

Read lesson note on Theory Of Production (WAEC)

Theory Of Production

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Question 25 Report

Labour force simply means the

demand and supply of labour

efficiency of labour

job seekers

unemployable population

working population Correct answer

Answer Details

Read lesson note on Population And Labour Market (WAEC)

Population And Labour Market

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Question 26 Report

Entrepreneur is associated more with

capital management

production of beverage

profit making

profit sharing

risk bearing Correct answer

Answer Details

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

Read lesson note on Business Organizations (JAMB)

Factors Of Production And Their Theories

Business Organizations

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Question 27 Report

A monopolist is a

duopolist

group of producers of related goods

partnership business that produces a commodity with high demand

single producer or seller of a commodity at cheap rate

single producer or seller of a commodity that has no close substitute Correct answer

Answer Details

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on Market Structure (JAMB)

Theory Of Price Determination

Market Structure

View Answer

Question 28 Report

Which of the following hinder(s) effective distribution of goods in Nigeria?

Branding and packaging of goods

Good transportation network

Large quantity of goods

numerous middlemen Correct answer

Warehousing facilities

Answer Details

Read lesson note on Agriculture (WAEC)

Read lesson note on Distributive Trade (WAEC)

Agriculture

Distributive Trade

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Question 29 Report

One of the positive contributions of the petroleum industry to Nigeria’s economic development is that it

creates ecological problems

creates political unrest

creates uncertainties in government revenues

is a major foreign exchange earner Correct answer

suppresses agricultural development

Answer Details

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

Petroleum And The Nigerian Economy

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Question 30 Report

The purchasing power of the Naira will fall when

worker are retrenched

the colour of the Naira is changed

the military take over

there is inflation Correct answer

none

Answer Details

Read lesson note on Money And Inflation (WAEC)

Read lesson note on The Theory Of Consumer Behaviour (JAMB)

Money And Inflation

The Theory Of Consumer Behaviour

View Answer

Question 31 Report

Which of the following is a function of the central bank?

Accepting deposits from the public

Agent of payment for individuals

Discounting bills of exchange

Issuing of currency Correct answer

Provision of short term housing loans

Answer Details

Read lesson note on Public Finance (JAMB)

Read lesson note on Banking (JAMB)

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

Public Finance

Banking

The Theory Of Price Determination

View Answer

Question 32 Report

Average total cost can be expressed as

average fixed cost plus average variable cost

change in total cost divided by change in output

total cost divided by total output Correct answer

total fixed cost plus total variable cost

total variable cost divided by total output

Answer Details

Read lesson note on Theory Of Costs (JAMB)

Read lesson note on Theory Of Production (WAEC)

Theory Of Costs

Theory Of Production

View Answer

Question 33 Report

The concept of choice in Economics refers to

a decision between one thing and another

ranking of wants in an ascending order

selection of most pressing wants out of a range of alternatives Correct answer

ranking of wants on a table of preference

separating defective commodities from non-defective ones

Answer Details

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

View Answer

Question 34 Report

Disguised unemployment is the same thing as

residual unemployment

seasonal unemployment

structural unemployment

under-employment Correct answer

voluntary unemployment

Answer Details

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Economics As A Science

Economic Systems

View Answer

Question 35 Report

The correct relationship between income (Y), consumption (C) and savings (S) is

C = Y + S

S = Y + C

S = Y + S

Y = C + S Correct answer

Y = C – S

Answer Details

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

Read lesson note on Theory Of Costs (JAMB)

Methods And Tools Of Economic Analysis

Theory Of Costs

View Answer

Question 36 Report

A major feature of capitalism is

collective ownership of means of production

competition Correct answer

equality or egalitarianism

redistribution of income

socialization and welfare

Answer Details

Read lesson note on Market Structure (JAMB)

Read lesson note on Economic Systems (JAMB)

Market Structure

Economic Systems

View Answer

Question 37 Report

A production possibility curve shows the

resources used to produce a particular commodity

possible combinations of two commodities Correct answer

rate of inflation

rate of unemployment in the country

tabular illustration of production possibilities

Answer Details

Read lesson note on Theory Of Production (WAEC)

Read lesson note on Market Structures (WAEC)

Theory Of Production

Market Structures

View Answer

Question 38 Report

These are the objectives of industrial strategies in Nigeria EXCEPT

industrial financing

maximization of local value added Correct answer

promotion of export oriented industries

promotion of import oriented industries

provision of economic and social infrastructures

Answer Details

Read lesson note on Public Finance (JAMB)

Read lesson note on Distributive Trade (WAEC)

Read lesson note on Industry And Industrialization (JAMB)

Public Finance

Distributive Trade

Industry And Industrialization

View Answer

Question 39 Report

The first National development plan period was from

1955-1959

1962-1968 Correct answer

1965-1970

1970-1974

1975-1980

Answer Details

Read lesson note on National Income (WAEC)

National Income

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Question 40 Report

The mean of the following scores

30, 32, 34, 36, 38, 40 and 42

What is the mean deviation?

4.21

3.24

3.42 Correct answer

4.54

Answer Details

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

View Answer

Question 41 Report

When the demand for foreign exchange exceeds its supply, the value of the domestic currency

appreciates

depreciates Correct answer

expands

Increases

inflates

Answer Details

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

Read lesson note on Supply (WAEC)

Read lesson note on Economics As A Science (JAMB)

Definition And Scope Of Economics

Supply

Economics As A Science

View Answer

Question 42 Report

Which of the following is a determinant of elasticity of supply?

Consumer’s income

Degree of necessities

Durability of the product Correct answer

Number of uses of the commodity

Proportion of income spent on the product

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Supply (WAEC)

The Theory Of Supply

Supply

View Answer

Question 43 Report

The value of money is affected by

consumer’s income

effective demand

effective supply

equilibrium price

general price level Correct answer

Answer Details

Read lesson note on Banking (JAMB)

Read lesson note on The Theory Of Demand (JAMB)

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

Read lesson note on Money And Inflation (JAMB)

Banking

The Theory Of Demand

The Theory Of Price Determination

Money And Inflation

View Answer

Question 44 Report

The unit for measuring changes in prices and output is called ………………. index

capital

expenditure

income

money

price Correct answer

Answer Details

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on The Theory Of Consumer Behaviour (JAMB)

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

Theory Of Price Determination

The Theory Of Consumer Behaviour

The Theory Of Price Determination

View Answer

Question 45 Report

Which of these factors causes a change in the quantity demanded of a commodity?

Income

Population

Price of other commodities

Price of the commodity concerned Correct answer

Taste and fashion

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

The Theory Of Demand

Demand

View Answer

Question 46 Report

Using Expenditure Approach to estimate National Income, Y is equal to

C + l + G + X – M + P - V

C + l + G + X – M + P

C + l + G – X + P

C – 1 + G + X – M + P Correct answer

C + l – G + X – M – P

Answer Details

Read lesson note on National Income (WAEC)

National Income

View Answer

Question 47 Report

The growth of a country’s population is affected by

military might of the country

number of births per thousand of the population Correct answer

number of people willing to be counted

the amount of money in circulation

the number of men in the population

Answer Details

Read lesson note on Population And Labour Market (WAEC)

Read lesson note on Population (JAMB)

Population And Labour Market

Population

View Answer

Question 48 Report

The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by the

ECOWAS

IMF

OPEC Correct answer

NNPC

none

Answer Details

Read lesson note on International Trade (JAMB)

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

International Trade

Petroleum And The Nigerian Economy

View Answer






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