Neco Economics 2002 Past Questions and Answers

Question 26:

• NECO 2002

The demand for labour in an economy is a depiction of ____________

A. Competitive demand
B. Composite demand
C. Complementary demand
D. Deductive demand
E. Derived demand

Question 27:

• NECO 2002

In production, total cost comprises of ____________

A. Averages cost and marginal cost
B. Variable cost and averages cost
C. Variable cost and fixed cost
D. Marginal cost and variable cost
E. Fixed cost and averages cost

Question 28:

• NECO 2002

The 1962-1968 development plan in nigerian failed because of ____________

A. Absence of indigenous bank
B. Higher exchange rate
C. Non availability of finance house
D. Movement of colonial masters
E. Over dependency on foreign capital

Question 29:

• NECO 2002

The main function of retailer in the distribution channel is ____________

A. Advertising the product on behalf of manufacturers
B. Bulk breaking
C. Branding and packaging of good
D. Direct customer services
E. Storage facilities for finished products

Question 30:

• NECO 2002

If government in a fiscal year has its revenue receipts less than the expenditure, such country is having ____________

A. Balanced budget
B. Deficit budget
C. Favorable budget
D. Surplus budget
E. Unfavorable budget