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,

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

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

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

The per capita income is calculated as

The theory of income determination is traced to

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

For a monopolist, the demand curve is

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

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

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

The best way of presenting data in tabular form is in

Which of the following is a motive for holding money?

Which of the following is NOT a factor determining supply?

In a free market economy, wages are determined by

The most generally accepted definition of economics is

Minimum price control is aimed at

The first commercial oil well in Nigeria was discovered in

Price legislation means

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

What is meant by utility?

A problem of price control is

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

The aim of indigenization policy was to

Equilibrium prices is

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

Which of the following is NOT a component of agriculture?

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

Total revenue can be obtained by multiplying

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

Economic growth is the

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

Which of the following is NOT a function of taxation?

Averages cost (AC) equal to

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

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

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

The central point of the Malthusian theory is that

Which of the following is a characteristic of private enterprises?

Which of the following is NOT a cause of inflation?

In calculating mean one should

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

Data presented in a circular chart is known as

In the equation MV = PT; V stand for

Central bank of Nigerian started operation

An economy is described as spend-rift if it

Efficiency of labour implies

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

ECOWAS Visa lasts for

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