NECO Economics 2013 Theory — Question 5

Question 5 of 18 from the National Examinations Council (NECO) Economics 2013 Theory paper, with the correct answer and a full explanation.

Essay Question 3(c). State three features of land as a factor of production.

Model answer

(i) Land is a fixed factor of production. (ii) Land is immobile. (iii) Land is fixed and limited in supply. (iv) Its reward is rent. (v) It is subject to the law of diminishing returns.

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