NECO SSCE - Economics - 2004 (Objective)

The assumptions of the principles of comparative cost advantage is based on

I. Absence of Trade Restrictions
II. No transport costs
III. Constant technology

II & III only

I & II only Correct answer

I, II & III only

II only

III only

Answer Details

Read lesson note on Economics As A Science (JAMB)

Read lesson note on Economic Systems (JAMB)

Economics As A Science

Economic Systems

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Question 37 Report

In Economics, want means…………aspiration

endless Correct answer

qualitative

quantifiable

satisfied

Answer Details

Read lesson note on Theory Of Consumer Behaviour (WAEC)

Read lesson note on The Theory Of Demand (JAMB)

Read lesson note on Economics As A Science (JAMB)

Theory Of Consumer Behaviour

The Theory Of Demand

Economics As A Science

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Question 38 Report

The decision of whether to use labour or capital intensive techniques in production process is a problem of

for whom to produce

how to produce Correct answer

resource allocation

what to produce

when to produce

Answer Details

Read lesson note on The Theory Of Production (JAMB)

The Theory Of Production

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Question 39 Report

Which of the following is true about average cost?

Fixed cost/quantity

Marginal + Fixed cost

Quantity × Fixed cost

Total cost/quantity Correct answer

Total cost - fixed cost Quantity

Answer Details

Read lesson note on Theory Of Price Determination (WAEC)

Read lesson note on Theory Of Costs (JAMB)

Theory Of Price Determination

Theory Of Costs

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