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Economics Past Questions and Answers

Neco Economics Questions

Question 176:

An industry operating in a perfect competitive market situation will maximum profit when ____________

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A DD = SS
B DD < SS
C MC > AC
D MC < AR
E MC = MR

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Question 177:

The satisfaction derived from Die consumption of a commodity is referred of as ____________

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A Consumption
B Demand
C Production
D Utility
E Utilization

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Question 178:

The demand for factors of production is said to be ____________

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A Competitive
B Complementary
C Composite
D Derived
E Joint

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Question 179:

Which of the following is a disadvantage of sole proprietorship?

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A Does not enjoy limited liability
B Decisions are easily made and implemented
C Easy to set up
D Enjoys secrecy
E Maintains dose relationship with workers and customers

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Question 180:

which of the following measures can be used to control inflation?

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A Decrease in bank rate
B Decrease in taxation
C Deficit budget
D Export drive
E Increase in government expenditure

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