Neco Economics 2004 Past Questions and Answers

Question 1:

• NECO 2004

Arrangement of wants in order of importance is brought about by ____________

A. Excess supply of goods
B. Interest in doing so
C. Scarcity of resources
D. Opportunity cost
E. Limited wants

Question 2:

• NECO 2004

The decision of whether to use labour or capital intensive techniques in production process is a problem of ____________

A. For whom to produce
B. How to produce
C. Resource allocation
D. What to produce
E. When to produce

Question 3:

• NECO 2004

The desire to hold cash balances in order to meet expenditures which arises due to unforeseen circumstances is ____________

A. Motive
B. Aim
C. Determination
D. Self discipline
E. None of the above

Question 4:

• NECO 2004

The indices used to measure the cost of living is ____________

A. Consumption expenditure
B. National income
C. Per capital income
D. Price index
E. Savings and investment

Question 5:

• NECO 2004

In Economics, want means ____________ aspiration

A. Endless
B. Qualitative
C. Quantifiable
D. Satisfied