NECO SSCE - Economics - 2003

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

The central point of the Malthusian theory is that

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

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

Which of the following is a characteristic of private enterprises?

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

Which of the following is a major export crop in Nigeria?

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

Equilibrium prices is

Efficiency of labour implies

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

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

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

In a free market economy, wages are determined by

Economic growth is the

What is meant by utility?

The best way of presenting data in tabular form is in

In the demographic transition theory, stage II represents a stage where

The aim of indigenization policy was to

The demand for a commodity for the sake of what it will yield is

Total revenue can be obtained by multiplying

Price legislation means

Which of the following is NOT a cause of inflation?

Which of the following is NOT an internal dis-economy of scales?

Of what importance is a wholesaler in the chain of distribution?

ECOWAS Visa lasts for

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

Which of the following is NOT a component of agriculture?

In calculating mean one should

Central bank of Nigerian started operation

The per capita income is calculated as

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

One of the following is NOT a reason for increase in public expenditure

Which of the following is NOT a sources of national income statistics?

Averages cost (AC) equal to

The most generally accepted definition of economics is

Which of the following is a motive for holding money?

Which of the following is NOT a function of taxation?

Which of the following is NOT a factor determining supply?

An economy is described as spend-rift if it

The theory of income determination is traced to

For a monopolist, the demand curve is

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

Minimum price control is aimed at

The first commercial oil well in Nigeria was discovered in

Data presented in a circular chart is known as

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

In the equation MV = PT; V stand for

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

A problem of price control is