Neco Economics 2002 Past Questions and Answers

Question 36:

• NECO 2002

One of the fundamental economic problem of every society is ____________

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

Question 37:

• NECO 2002

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

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

Question 38:

• NECO 2002

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

A. Monopoly
B. Duopoly
C. Oligopoly
D. Perfect competition
E. Monopsony

Question 39:

• NECO 2002

In income determination theory, acceleration principles shows that

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

Question 40:

• NECO 2002

The main disadvantages of deflationary policies is ____________

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