NECO SSCE - Economics - 2003

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

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

The most generally accepted definition of economics is

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

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

The theory of income determination is traced to

Which of the following is NOT a component of agriculture?

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

The first commercial oil well in Nigeria was discovered in

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

Equilibrium prices is

Data presented in a circular chart is known as

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

Averages cost (AC) equal to

Which of the following is NOT a function of taxation?

ECOWAS Visa lasts for

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

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

The aim of indigenization policy was to

A problem of price control is

In calculating mean one should

The best way of presenting data in tabular form is in

Which of the following is NOT a cause of inflation?

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

In a free market economy, wages are determined by

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

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

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

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

An economy is described as spend-rift if it

Efficiency of labour implies

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

Central bank of Nigerian started operation

Which of the following is a characteristic of private enterprises?

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

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

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

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

Which of the following is a motive for holding money?

Price legislation means

What is meant by utility?

Economic growth is the

The per capita income is calculated as

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

For a monopolist, the demand curve is

Total revenue can be obtained by multiplying

In the equation MV = PT; V stand for

Minimum price control is aimed at

Which of the following is NOT a factor determining supply?