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Economics Past Questions and Answers

Neco Economics Questions

Question 16:

Tc/Q =

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A Marginal cost
B Average coat
C Total cost
D Equilibrium level

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Question 17:

The following are type of business organization EXCEPT

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A Co-operative society
B Entrepreneurship
C Partnership
D Public corporation
E Sole proprietorship

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Question 18:

Which of the folowing NOT among the objectives of OPEC?

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A To stabilize the revenue from oil to producing countries
B To stabilize the price of iol in the world market
C To make sure that oil flows to all the consuming countries
D To estabilished petroleum refineries in all member state
E To co-ordinate and harmonize the oil policies of member countries

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Question 19:

If the consumer demand for product X increases, as the demand for product, Y increases then the goods X and Y are ____________

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A Complimentary goods
B Composite goods
C Derived good
D Independent goods
E Substitute good

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Question 20:

An economic system in which the decision on what and how to produce is determined by the individual is called ____________

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A Capitalism
B Communism
C Socialism
D Traditionalism
E Welfarism

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