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Economics Past Questions and Answers

Neco Economics Questions

Question 256:

Which of the following is a determinant of elasticity of supply?

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A Consumer’s income
B Degree of necessities
C Durability of the product
D Number of uses of the commodity
E Proportion of income spent on the product

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Question 257:

Entrepreneur is associated more with ____________

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A Capital management
B Production of beverage
C Profit making
D Profit sharing
E Risk bearing

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Question 258:

Inflation is a ____________

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A General increase in the price of a single product
B Period of economic recession
C Period of hunger
D Period of excessive money
E Persistent rise in the general price level

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Question 259:

The amount of satisfaction per unit of the commodity consumed is called ____________

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A Average cost
B Average utility
C Marginal cost
D Marginal utility
E Total utility

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Question 260:

In a given set of data, if the variance is 25, what is the standard deviation?

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A 45
B 5
C 55
D 10
E 12

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