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Wednesday, 11 March 2026
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Economics Past Questions and Answers

Neco Economics Questions

Question 241:
NECO 2009
The following are qualities of money EXCEPT
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  • A Acceptability
  • B Divisibility
  • C Homogeneity
  • D Portability
  • E Rationality
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Question 242:
NECO 2009
The concept of choice in Economics refers to ____________
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  • A A decision between one thing and another
  • B Ranking of wants in an ascending order
  • C Selection of most pressing wants out of a range of alternatives
  • D Ranking of wants on a table of preference
  • E Separating defective commodities from non-defective ones
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Question 243:
NECO 2009
The demand for salt is ____________
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  • A Elastic
  • B Inelastic
  • C Unitary elastic
  • D Both a and b
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Question 244:
NECO 2009
A major feature of capitalism is ____________
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  • A Collective ownership of means of production
  • B Competition
  • C Equality or egalitarianism
  • D Redistribution of income
  • E Socialization and welfare
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Question 245:
NECO 2009
Production is best defined in economics as ____________
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  • A Creation of utility yielding goods and services
  • B Distribution of goods and services
  • C Manufacturing of goods by small factories
  • D Provision of basic amenities
  • E Rendering of services only
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