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Economics Past Questions and Answers

Neco Economics Questions

Question 56:
NECO 2003
In a free market economy, wages are determined by ____________
SchoolNGR Classroom
  • A The employees
  • B The employers
  • C Trade unions
  • D Interaction of demand and supply forces
  • E The government
View Answer & Explanation
Question 57:
NECO 2003
Of what importance is a wholesaler in the chain of distribution?
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  • 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 & Explanation
Question 58:
NECO 2003
For a monopolist, the demand curve is ____________
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  • A Inelastic
  • B Perfectly elastic
  • C Perfectly inelastic
  • D Elastic
  • E Unitary elastic
View Answer & Explanation
Question 59:
NECO 2003
Total revenue can be obtained by multiplying ____________
SchoolNGR Classroom
  • A Price by quantity sold
  • B Averages revenue by the demand
  • C Marginal revenue by marginal cost
  • D Average revenue plus marginal revenue
  • E Average cost by variable cost
View Answer & Explanation
Question 60:
NECO 2003
Which of these is NOT a basic economic problem of society?
SchoolNGR Classroom
  • A Efficiency of resource use
  • B For whom to produces
  • C How to produce
  • D Scale of production
  • E What to produce
View Answer & Explanation

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