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Economics Past Questions and Answers

Neco Economics Questions

Question 91:

Price legislation means ____________

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A Directing market specialist to fix prices
B Interplay of either demand or supply
C Producers are prices givers
D Regulating the price system by the government
E The use of market forces

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Question 92:

Which of the following is NOT a function of taxation?

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A Make few people rich in the country
B Raise revenue for the government
C Redistribution of income
D Reduces production and consumption of harmful goods
E Used as anti-inflationary device

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Question 93:

Using functional relationship in economics QX = f (px, po, y, T); po stand for ____________

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A Level of income of the consumer
B Price of x
C Price of other commodities
D Production function of x
E Price index

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Question 94:

Which of the following is NOT an internal dis-economy of scales?

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A Easy management and less administrative cost
B Large firm suffers from bureaucracy or red tapism
C Less personal relationship between management and employees
D Motivation may be lacking in the large firm
E Slow response to changes

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Question 95:

Arrangement of wants in order of importance is brought about by ____________

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A Excess supply of goods
B Interest in doing so
C Scarcity of resources
D Opportunity cost
E Limited wants

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