Neco Economics 2002 Past Questions and Answers

Question 11:

• NECO 2002

To discourage the consumption of harmful commodities, government should tax such commodities if they have ____________

A. Elastic demand
B. Inelastic demand
C. Negative demand
D. Positive demand
E. Unitary demand

Question 12:

• NECO 2002

The formular used by the Expenditure approach to calculate National income is ____________

A. Y=C + I + X - M –G
B. Y= C + X – M – I + G
C. Y = C + I + G + X – M
D. Y = C – I + X – M + G
E. Y = C + G – X + M – I

Question 13:

• NECO 2002

A producer who can only influence the price of his product but canNOT determine the quantity to be sold is referred to as ____________

A. Duopoly
B. Monopolist
C. Monopsonist
D. Oligopoly
E. Perfect competitor

Question 14:

• NECO 2002

Government expenditure on universal basic education and subsidy on agriculture are aimed at ____________

A. Encouraging growth of the economy
B. Projecting images of government
C. Re-allocation of resources
D. Redistribution of income and wealth
E. Stabilization of the economy

Question 15:

• NECO 2002

Which of the following measure will NOT serves as a control during inflation period?

A. Increase in personal income tax
B. Increase in bank rate and interest
C. Increase in government capital expenditure
D. Reduction in money supply
E. Reduction in government recurrent expenditure