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,

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The most generally accepted definition of economics is

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Efficiency of labour implies

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The theory of income determination is traced to

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In a free market economy, wages are determined by

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Which of the following is a characteristic of private enterprises?

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Economic growth is the

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

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The per capita income is calculated as

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Which of the following is NOT a factor determining supply?

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Which of the following is NOT a cause of inflation?

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Which of the following is NOT a function of taxation?

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In the equation MV = PT; V stand for

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

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A problem of price control is

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

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Averages cost (AC) equal to

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The central point of the Malthusian theory is that

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

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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

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

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

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Data presented in a circular chart is known as

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

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

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Total revenue can be obtained by multiplying

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

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The aim of indigenization policy was to

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

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The best way of presenting data in tabular form is in

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An economy is described as spend-rift if it

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Which of the following is a motive for holding money?

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Central bank of Nigerian started operation

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

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Price legislation means

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

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What is meant by utility?

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ECOWAS Visa lasts for

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Equilibrium prices is

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Minimum price control is aimed at

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

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For a monopolist, the demand curve is

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

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

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

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

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In calculating mean one should

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The first commercial oil well in Nigeria was discovered in

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

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Which of the following is NOT a component of agriculture?

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