NECO SSCE - Economics - 2003

In a free market economy, wages are determined by

The per capita income is calculated as

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

A problem of price control is

An economy is described as spend-rift if it

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

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

Minimum price control is aimed at

Central bank of Nigerian started operation

Which of the following is a motive for holding money?

ECOWAS Visa lasts for

The first commercial oil well in Nigeria was discovered in

The most generally accepted definition of economics is

Data presented in a circular chart is known as

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

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

Price legislation means

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

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

Economic growth is the

Which of the following is a characteristic of private enterprises?

The aim of indigenization policy was to

For a monopolist, the demand curve is

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

Which of the following is NOT a function of taxation?

The theory of income determination is traced to

In the equation MV = PT; V stand for

Which of the following is NOT a cause of inflation?

What is meant by utility?

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

The central point of the Malthusian theory is that

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

Which of the following is NOT a factor determining supply?

Equilibrium prices is

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

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

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

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

In calculating mean one should

Efficiency of labour implies

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

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

Averages cost (AC) equal to

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

The best way of presenting data in tabular form is in

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

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

Which of the following is NOT a component of agriculture?

Total revenue can be obtained by multiplying