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Economics Past Questions and Answers

Neco Economics Questions

Question 141:

Which of the following is NOT associated with minimum price legislation?

SchoolNGR Classroom

A Black market
B Excess demand
C Excess supply
D Unattainable equilibrium
E Unemployment

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Question 142:

The following are problems of development planning in Nigeria EXCEPT

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A Death of skilled manpower
B Inadequate capital
C Inadequate statistical data
D Poor implementation of economic planning
E Under-population

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Question 143:

Which of the following is NOT included in-measuring the National income through the income approach?

SchoolNGR Classroom

A Allowance given to an aged mother by a civil servant
B Income earned by a bricklayer
C Profit earned by Nigerian bottling company plc
D Profit earned by NITEL plc
E Salary earned by a doctor

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Question 144:

A major characteristics of a firm operating at a long-run equilibrium position is that ____________

SchoolNGR Classroom

A All costs can be varied
B Average variable cost is fixed
C Fixed cost can not be changed
D Marginal cost is fixed
E Only variable cost changes

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Question 145:

The problem of “how to produce” in any economy is solved by ____________

SchoolNGR Classroom

A Adopting the least cost method of production
B Combining capital and labour intensive methods of production
C Employing the services of a manager
D Using capital intensive method of production
E Using labour intensive method of production

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