NECO SSCE - Economics - 2002 (Objective)

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 Correct answer

1.5

1.8

Answer Details

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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Question 39 Report

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

capitalism Correct answer

communism

freedomism

socialism

welfarism

Answer Details

Read lesson note on Economic Systems (JAMB)

Economic Systems

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Question 40 Report

One of the function of united nation conference on trade and development (UNTAD) is to

carry out feasibility study for projects in less developed countries

increase impact of developed countries over less developed countries

increase share of less developed countries in world trade Correct answer

make goods available in developed countries

transfer technology from developed to less developed countries

Answer Details

Read lesson note on Major Natural Resources (WAEC)

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Major Natural Resources

International Economic Organizations

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Question 41 Report

A market situation with few sellers and many buyers is called

monopoly

duopoly

oligopoly Correct answer

perfect competition

monopsony

Answer Details

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

Read lesson note on Market Structures (WAEC)

Read lesson note on Market Structure (JAMB)

Factors Of Production And Their Theories

Market Structures

Market Structure

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Question 42 Report

The Nigerian indigenization decree process involves

5 phases

6 phases

4 phases

3 phases Correct answer

2 phases

Answer Details

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Question 43 Report

Which of the following is NOT a factor that brings about changes in demand?

a change in real income

government policy Correct answer

increase in population

the price of the good or service

taste and fashion

Answer Details

Read lesson note on The Theory Of Demand (JAMB)

The Theory Of Demand

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Question 44 Report

In income determination theory, acceleration principles shows that

income is the cause, while investment is the effect investment Correct answer

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

Answer Details

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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