Neco Economics 2003 Past Questions and Answers

Question 26:

• NECO 2003

A shift of the demand curve leftward from its original position indicate ____________

A. An increase in quantity demanded
B. A decrease in quantity demanded
C. An expansion of demand
D. A fall in demand
E. Price effect on demand

Question 27:

• NECO 2003

ECOWAS Visa lasts for ____________

A. 14 days
B. 30 days
C. 60 days
D. 90 days
E. 100 days

Question 28:

• NECO 2003

Which of the following is NOT a sources of national income statistics?

A. Foreign trade figure
B. Pay-rolls of various establishment
C. Income tax return
D. Economic surveys
E. Level of infrastructural development

Question 29:

• NECO 2003

Which of the following is a characteristic of private enterprises?

A. Business risks are borne by the buyers
B. Capital is provided by the public
C. Control and management of the business is in the hands of customer
D. The business is owned and run by government
E. The main aim of setting up the business is to maximize profit

Question 30:

• NECO 2003

Averages cost (AC) equal to ____________

A. AC_TC
B. TC_AC
C. TC_AVC
D. TC_MC
E. TC_Q