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Economics Past Questions and Answers

Neco Economics Questions

Question 1:

If commodities A & B are jointly demanded, what will be the effect of an increase in the price of A on the demand for commodity B?

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A Decrease in demand for commodity B
B Decrease in price of commodity B
C Demand for commodity B remain constant
D Increase in demand for commodity B
E Increase in the price of commodity B

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Question 2:

Which of the following factors will NOT account for an outward shift of production possibility curve?

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A Budgeting and planning based on expectations
B Expansion in employment
C Discovering and exploration of new resources
D Introduction of improved production techniques
E Skill improvement through education and training

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Question 3:

The willingness of an individual backed up with purchasing power at a given time is ____________

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A Demand
B Desire
C Effective demand
D Utility
E Want

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Question 4:

Which of the following is NOT a factor that brings about changes in demand?

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A A change in real income
B Government policy
C Increase in population
D The price of the good or service
E Taste and fashion

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Question 5:

When an economy is having a balance of payment surplus the best alternative opened to it is to ____________

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A Borrow from abroad
B Devalue its currency
C Increase its foreign reserve
D Promote imports into the country
E Sell out its foreign assets

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