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Economics Past Questions and Answers

Neco Economics Questions

Question 36:

One of the fundamental economic problem of every society is ____________

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A Allocation of scarce resource
B Availability of market
C Consumption pattern of inhabitant
D Presence of middle man
E Inadequate labour force

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Question 37:

Which of these is NOT associated with the problem of internal trade?

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A Bargaining
B Lack of specialization
C Market trade unions
D Natural barriers
E Large number of middlemen

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Question 38:

A market situation with few sellers and many buyers is called ____________

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A Monopoly
B Duopoly
C Oligopoly
D Perfect competition
E Monopsony

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Question 39:

In income determination theory, acceleration principles shows that

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A Income is the cause, while investment is the effect investment
B Income and investment are both causes
C Income and investment are both effects
D Incomes is of on effect on investment
E Investment is the causes, while income is the effects

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Question 40:

The main disadvantages of deflationary policies is ____________

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A Full employment in the country
B Increasing cost of living
C Improved standard of living
D Unemployment in the country
E Under employment in the country

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