Economics 2003 Neco Past Questions and Answers

Question 16 :

• NECO 2003

Which of these is NOT a basic economic problem of society?

A. Efficiency of resource use
B. For whom to produces
C. How to produce
D. Scale of production
E. What to produce

Question 17 :

• NECO 2003

Economic growth is the ____________

A. Growth in a nation’s life expectancy
B. Increase in a nation’s population
C. Rate of increase in aggregate demand in a country
D. Rate of increase in a country’s full employment and real output
E. Rate of increase

Question 18 :

• NECO 2003

In the demographic transition theory, stage II represents a stage where ____________

A. Declining birth rates with low death rates lead to little or no population growth
B. High birth rate with low death rates lead to no population growth
C. There is population growth due to high birth rates and low death rates at that stages
D. There is a slow rate of population growth as a result of high birth rate accompanied by high but slightly fluctuating death rate
E. There is a very high growth as population as a result of high birth rates accompanied by high but slightly fluctuating death rates

Question 19 :

• NECO 2003

The central point of the Malthusian theory is that ____________

A. Everybody should become a farmer
B. Government should provide enough accommodation and food
C. Increasing population will get enough food
D. Population increase in geometric progression while food arithmetic progression
E. Wages has nothing to do with cost of living

Question 20 :

• NECO 2003

Which of the following is NOT a factor determining supply?

A. Cost of production
B. Climatic condition or weather
C. Income of the producers
D. Number of producers
E. Technological development