Neco Economics 2002 Past Questions and Answers

Question 16:

• NECO 2002

Tc/Q =

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

Question 17:

• NECO 2002

The following are type of business organization EXCEPT

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

Question 18:

• NECO 2002

Which of the folowing NOT among the objectives of OPEC?

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

Question 19:

• NECO 2002

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

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

Question 20:

• NECO 2002

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

A. Capitalism
B. Communism
C. Socialism
D. Traditionalism
E. Welfarism