NECO SSCE - Economics - 2003 (Objective)

Question 1 Report

ECOWAS Visa lasts for

14 days

30 days

60 days

90 days Correct answer

100 days

Answer Details

Read lesson note on Economic Integration (WAEC)

Economic Integration

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Question 2 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 3 Report

The central point of the Malthusian theory is that

everybody should become a farmer Correct answer

government should provide enough accommodation and food

increasing population will get enough food

population increase in geometric progression while food arithmetic progression

wages has nothing to do with cost of living

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

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Question 4 Report

The law of variable proportion state that if the quantities of variable factor of production are used with fixed factor, after a certain point,

each successive unit of the variable factor brings about a decreasing marginal product

each successive unit of the variable factor bring about equal increase in marginal product Correct answer

each successive unit of the variable factor bring about an increasing marginal product

each successive unit of the variable factor bring about four time increase in marginal product

each successive unit of the variable factor bring about more than equal increase in marginal product

Answer Details

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

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Question 5 Report

The aim of indigenization policy was to

build more industries in the economy

increase the drain in foreign exchange

increase foreign domination of the economy

increase the participation of Nigerians in commerce and industry Correct answer

send all the foreigners away from Nigeria

Answer Details

Read lesson note on Industry And Industrialization (JAMB)

Industry And Industrialization

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Question 6 Report

Which of the following is true of a perfect market situation?

price = AR=MC=AC Correct answer

price = DD = MC = AC

price = AC = MC = AR

price = AR = MR = DD

price = MR but MR < AR

Answer Details

Read lesson note on Market Structures (WAEC)

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

Market Structures

The Theory Of Price Determination

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Question 7 Report

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 8 Report

Which of the following is NOT a cause of inflation?

excessive bank lending

excessive deficit financing

increase in domestics productivity Correct answer

increase in wages and salaries of workers

increase in government expenditure

Answer Details

Read lesson note on Money And Inflation (WAEC)

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

Read lesson note on Financial Institutions (WAEC)

Money And Inflation

International Trade And Balance Of Payments

Financial Institutions

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Question 9 Report

The theory of income determination is traced to

Rev Thomas Mathus

Lord John Mynard Keynes Correct answer

Prof Adam Smith

R G Lipsey

Prof Umar SI

Answer Details

Read lesson note on National Income (WAEC)

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

National Income

The Theory Of Price Determination

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Question 10 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 11 Report

Price legislation means

directing market specialist to fix prices Correct answer

interplay of either demand or supply

producers are prices givers

regulating the price system by the government

the use of market forces

Answer Details

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

Read lesson note on Economic Systems (JAMB)

The Theory Of Price Determination

Economic Systems

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Question 12 Report

In a free market economy, wages are determined by

the employees

the employers

trade unions

interaction of demand and supply forces Correct answer

the government

Answer Details

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

Read lesson note on Economics As A Science (JAMB)

Methods And Tools Of Economic Analysis

Economics As A Science

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Question 13 Report

Averages cost (AC) equal to

AC_TC

TC_AC

TC_AVC

TC_MC Correct answer

TC_Q

Answer Details

Read lesson note on The Theory Of Production (JAMB)

Read lesson note on Theory Of Costs (JAMB)

The Theory Of Production

Theory Of Costs

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Question 14 Report

In economics, electricity, water supply, communication networks, road, etc are known as

capital structure

development induces

development projects

infrastructural facilities Correct answer

project growth

Answer Details

Read lesson note on Market Structure (JAMB)

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Market Structure

Economics As A Science

Economic Systems

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Question 15 Report

The first commercial oil well in Nigeria was discovered in

1938

1951

1956 Correct answer

1958

1961

Answer Details

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

Petroleum And The Nigerian Economy

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Question 16 Report

Central bank of Nigerian started operation

1958

1959 Correct answer

1960

1963

1973

Answer Details

Read lesson note on Banking (JAMB)

Banking

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Question 17 Report

According to the theory of comparative advantages, countries are to specialize based on their

absolute cost advantages

absolute cost disadvantages

comparative cost advantages Correct answer

comparative cost disadvantages

the availability of labour

Answer Details

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Types And Basic Features Of Economic Systems (WAEC)

Economics As A Science

Types And Basic Features Of Economic Systems

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Question 18 Report

Which of these is NOT a basic economic problem of society?

efficiency of resource use

for whom to produces

how to produce

scale of production Correct answer

what to produce

Answer Details

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

Definition And Scope Of Economics

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Question 19 Report

Which of the following is NOT a function of taxation?

make few people rich in the country

raise revenue for the government

redistribution of income

reduces production and consumption of harmful goods Correct answer

used as anti-inflationary device

Answer Details

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Question 20 Report

To finance a deficit balance of payment, a country may decide to

borrow from abroad

increase its foreign investment

privatizes its economy Correct answer

reduce domestic consumption

secure more factor of production

Answer Details

Read lesson note on Public Finance (JAMB)

Read lesson note on Factors Of Production (WAEC)

Read lesson note on Market Structures (WAEC)

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

Public Finance

Factors Of Production

Market Structures

International Trade And Balance Of Payments

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Question 21 Report

Which of the following is NOT a factor determining supply?

cost of production

climatic condition or weather

income of the producers Correct answer

number of producers

technological development

Answer Details

Read lesson note on The Theory Of Supply (JAMB)

Read lesson note on Economic Development And Planning (WAEC)

The Theory Of Supply

Economic Development And Planning

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Question 22 Report

Which of the following is a characteristic of private enterprises?

business risks are borne by the buyers

capital is provided by the public

control and management of the business is in the hands of customer

the business is owned and run by government

The main aim of setting up the business is to maximize profit Correct answer

Answer Details

Read lesson note on Business Organizations (JAMB)

Business Organizations

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Question 23 Report

Total revenue can be obtained by multiplying

price by quantity sold Correct answer

averages revenue by the demand

marginal revenue by marginal cost

average revenue plus marginal revenue

average cost by variable cost

Answer Details

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

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Question 24 Report

A shift of the demand curve leftward from its original position indicate

an increase in quantity demanded

a decrease in quantity demanded

an expansion of demand

a fall in demand Correct answer

price effect on demand

Answer Details

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Demand (WAEC)

Theory Of Price Determination

The Theory Of Demand

Demand

View Answer

Question 25 Report

Efficiency of labour implies

education and training

good working condition

healthier workforce

increased productivity worker accompanied by improvement in the quality of output Correct answer

the amount of incentives or remuneration given to workers

Answer Details

Read lesson note on Theory Of Consumer Behaviour (WAEC)

Read lesson note on Business Organizations (JAMB)

Read lesson note on Theory Of Production (WAEC)

Read lesson note on Population And Labour Market (WAEC)

Theory Of Consumer Behaviour

Business Organizations

Theory Of Production

Population And Labour Market

View Answer

Question 26 Report

Which of the following is NOT a reason for the absence of an industry in the rural areas?

Absence of financial institution

restricted market

inadequate power and water supply

inadequate transportation

presence of external economies Correct answer

Answer Details

Read lesson note on Agriculture (WAEC)

Read lesson note on Banking (JAMB)

Agriculture

Banking

View Answer

Question 27 Report

An economy is described as spend-rift if it

does not concern itself with savings and investment Correct answer

has a great ability to generate foreign exchange from investment

has greater opportunity to receive large income from investment

invests in income generating industries

has trade connection with other countries

Answer Details

Read lesson note on Distributive Trade (WAEC)

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Types And Basic Features Of Economic Systems (WAEC)

Distributive Trade

Economics As A Science

Types And Basic Features Of Economic Systems

View Answer

Question 28 Report

The most generally accepted definition of economics is

an inquiry into the nature and causes of the wealth of nations

the science of material welfare

the science which studies human behavior as a relationship between ends and scarce means which have alternative use Correct answer

the science that treats phenomena from the stand point of price

the practical science of production and distribution of wealth

Answer Details

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

Definition And Scope Of Economics

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Question 29 Report

Using functional relationship in economics QX = f (px, po, y, T); po stand for

level of income of the consumer

price of x

price of other commodities Correct answer

production function of x

price index

Answer Details

Read lesson note on Banking (JAMB)

Read lesson note on Theory Of Production (WAEC)

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Agriculture In Nigeria (JAMB)

Banking

Theory Of Production

Economics As A Science

Agriculture In Nigeria

View Answer

Question 30 Report

What is meant by utility?

amount of money derived by a manufacture

A number of things a consumer will enjoy at a time

amount of satisfaction derive from the consumption of a commodity at a particular time Correct answer

amount of satisfaction giving to a producer

total profit producers will get at a particular time

Answer Details

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

Read lesson note on Market Structures (WAEC)

Read lesson note on Demand (WAEC)

Factors Of Production And Their Theories

Market Structures

Demand

View Answer

Question 31 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

View Answer

Question 32 Report

The professional that view cost in term of alternatives sacrificed is the

accountant

cashier

economist Correct answer

manager

tax collector

Answer Details

Read lesson note on Theory Of Costs (JAMB)

Theory Of Costs

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Question 33 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

View Answer

Question 34 Report

The per capita income is calculated as

GNP- working age population

GNP- real national income

GNP- total capital expenditure

GNP- dependency ratio

GNP- population Correct answer

Answer Details

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

Read lesson note on National Income (WAEC)

Read lesson note on Money And Inflation (JAMB)

Factors Of Production And Their Theories

National Income

Money And Inflation

View Answer

Question 35 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 36 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

View Answer

Question 37 Report

Which of the following is NOT a component of agriculture?

crop farming

drilling Correct answer

fishing

forestry

livestock farming

Answer Details

Read lesson note on Agriculture (WAEC)

Read lesson note on Money And Inflation (JAMB)

Agriculture

Money And Inflation

View Answer

Question 38 Report

The best way of presenting data in tabular form is in

bars and columns

charts and lines

maps and rows Correct answer

pictographs and histogram

rows and columns

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 39 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 40 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 41 Report

Economic growth is the

growth in a nation’s life expectancy

increase in a nation’s population

rate of increase in aggregate demand in a country Correct answer

rate of increase in a country’s full employment and real output

rate of increase

Answer Details

Read lesson note on Economic Growth And Development (JAMB)

Economic Growth And Development

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Question 42 Report

An economic system where both the public and individuals own and control means of production is known as ……… system

capitalism

communist

mixed Correct answer

socialist

welfarist

Answer Details

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Question 43 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

View Answer

Question 44 Report

Equilibrium prices is

a price which equates demand with supply Correct answer

a price where there is excess demand

where consumers gain much

where producers gain much

where supply is more than demand

Answer Details

View Answer

Question 45 Report

In calculating mean one should

add the highest and the lowest number

divide the highest and the lowest number

divide the sum of the figure by the number of the figure Correct answer

find the most common number

pick any number that has no partner

Answer Details

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

Read lesson note on International Trade (JAMB)

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on Theory Of Production (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Methods And Tools Of Economic Analysis

International Trade

Theory Of Price Determination

Theory Of Production

The Theory Of Demand

View Answer

Question 46 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

View Answer

Question 47 Report

In the equation MV = PT; V stand for

velocity of circulation of money

velocity of price change Correct answer

volume of goods produced

volume of money

volume of transaction

Answer Details

Read lesson note on Money And Inflation (WAEC)

Money And Inflation

View Answer

Question 48 Report

A tax system which takes lesser percentage of a tax payers income as his income increase is known as

direct tax

indirect tax

progressive tax Correct answer

proportional tax

regressive tax

Answer Details

Read lesson note on Economics As A Science (JAMB)

Economics As A Science

View Answer

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

View Answer

Question 50 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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