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2321
The concept of opportunity cost is also referred to as
  • A. social cost
  • B. real cost
  • C. fixed cost
  • D. variable cost
View Answer & Discuss WAEC 2009
2322
choice is necessitated by
  • A. demand and supply
  • B. cost of production
  • C. production possibility curve
  • D. scarcity of resources
View Answer & Discuss WAEC 2009
2323
A type of unemployment which occurs due to technological progress is called
  • A. frictional unemployment
  • B. residual unemployment
  • C. structural unemployment
  • D. mass unemployment
View Answer & Discuss (5) WAEC 2009
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2324
All the following are features of market economies except
  • A. competition among producers
  • B. demand and supply force guiding production decision
  • C. that profit motive is paramount
  • D. public ownership of capital
View Answer & Discuss WAEC 2009
2325
the economic system which relies mainly on the price mechanism for the allocation of scarce resources is known as
  • A. capital economic system
  • B. command economic system
  • C. combined economic system
  • D. traditional
View Answer & Discuss WAEC 2009
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