Neco Economics 2003 Past Questions and Answers

Question 11:

• NECO 2003

Which of the following is NOT a reason for the absence of an industry in the rural areas?

A. Absence of financial institution
B. Restricted market
C. Inadequate power and water supply
D. Inadequate transportation
E. Presence of external economies

Question 12:

• NECO 2003

In a free market economy, wages are determined by ____________

A. The employees
B. The employers
C. Trade unions
D. Interaction of demand and supply forces
E. The government

Question 13:

• NECO 2003

Of what importance is a wholesaler in the chain of distribution?

A. Creation of artificial scarcity
B. Bulk breaking
C. Formation of trade unionism
D. Hoarding of goods
E. Making prompt payment to producers

Question 14:

• NECO 2003

For a monopolist, the demand curve is ____________

A. Inelastic
B. Perfectly elastic
C. Perfectly inelastic
D. Elastic
E. Unitary elastic

Question 15:

• NECO 2003

Total revenue can be obtained by multiplying ____________

A. Price by quantity sold
B. Averages revenue by the demand
C. Marginal revenue by marginal cost
D. Average revenue plus marginal revenue
E. Average cost by variable cost