Neco Economics 2004 Past Questions and Answers

Question 11:

• NECO 2004

A development planning which takes a long range view of the economy and covers a period of 10-20 years is regarded as ____________

A. Comprehensive planning
B. Indicative planning
C. Perspective planning
D. Regional planning
E. Sectors planning

Question 12:

• NECO 2004

When Elasticity of Demand is greater than one, the demand is ____________

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

Question 13:

• NECO 2004

An inflation which occurs as a result of increase in production cost is known as ____________

A. Cost-push inflation
B. Creeping inflation
C. Demand-pull inflation
D. Hyper-inflation
E. Runaway inflation

Question 14:

• NECO 2004

A one-man business is controlled by ____________

A. An active partner
B. Board of trustees
C. Board of directors
D. Dormant partner
E. The owner

Question 15:

• NECO 2004

A firm with a total of 54 employees produced 108 tonnes of toilet tissues in 3months. What is the average production per employee?

A. 0.02 tonnes
B. 0.2 tonnes
C. 2 tonnes
D. 20 tonnes
E. 200 tonnes