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896
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
897
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
898
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
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899
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
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900
In a capitalist economy, resources are
  • A. collectively owned
  • B. jointly owned
  • C. privately owned
  • D. communally owned
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