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3076
An economic system where both the public and individuals own and control means of production is known as ……… system
  • A. capitalism
  • B. communist
  • C. mixed
  • D. socialist
  • E. welfarist
View Answer & Discuss (3) NECO 2003
3077
The law of variable proportion state that if the quantities of variable factor of production are used with fixed factor, after a certain point,
  • A. each successive unit of the variable factor brings about a decreasing marginal product
  • B. each successive unit of the variable factor bring about equal increase in marginal product
  • C. each successive unit of the variable factor bring about an increasing marginal product
  • D. each successive unit of the variable factor bring about four time increase in marginal product
  • E. each successive unit of the variable factor bring about more than equal increase in marginal product
View Answer & Discuss (6) NECO 2003
3078

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

  • A. Absence of financial institution
  • B. restricted market
  • C. inadequate power and water supply
  • D. inadequate transportation
  • E. presence of external economies
View Answer & Discuss (2) NECO 2003
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3079
In a free market economy, wages are determined by
  • A. the employees
  • B. the employers
  • C. trade unions
  • D. interaction of demand and supply forces
  • E. the government
View Answer & Discuss NECO 2003
3080
Of what importance is a wholesaler in the chain of distribution?
  • A. creation of artificial scarcity
  • B. bulk breaking
  • C. formation of trade unionism
  • D. hoarding of goods
  • E. making prompt payment to producers
View Answer & Discuss (4) NECO 2003
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts