Neco Economics 2003 Past Questions and Answers

Question 6:

• NECO 2003

The most generally accepted definition of economics is ____________

A. An inquiry into the nature and causes of the wealth of nations
B. The science of material welfare
C. The science which studies human behavior as a relationship between ends and scarce means which have alternative use
D. The science that treats phenomena from the stand point of price
E. The practical science of production and distribution of wealth

Question 7:

• NECO 2003

The demand for a commodity for the sake of what it will yield is ____________

A. Competitive demand
B. Composite demand
C. Effective demand
D. Joint demand

Question 8:

• NECO 2003

The first commercial oil well in Nigeria was discovered in ____________

A. 1938
B. 1951
C. 1956
D. 1958
E. 1961

Question 9:

• NECO 2003

An economic system where both the public and individuals own and control means of production is known as ____________ system

A. Capitalism
B. Communist
C. Mixed
D. Socialist
E. Welfarist

Question 10:

• NECO 2003

The law of variable proportion state that if the quantities of variable factor of production are used with fixed factor, after a certain point, ____________

A. Each successive unit of the variable factor brings about a decreasing marginal product
B. Each successive unit of the variable factor bring about equal increase in marginal product
C. Each successive unit of the variable factor bring about an increasing marginal product
D. Each successive unit of the variable factor bring about four time increase in marginal product
E. Each successive unit of the variable factor bring about more than equal increase in marginal product