Neco Economics 2004 Past Questions and Answers

Question 31:

• NECO 2004

The assumptions of the principles of comparative cost advantage is based on

I. Absence of Trade Restrictions
II. No transport costs
III. Constant technology

A. II & III only
B. I & II only
C. I, II & III only
D. II only
E. III only

Question 32:

• NECO 2004

When a change in the demand for commodity A leads to a change in demand for commodity B in the same direction, demand for A & B is ____________

A. Competitive demand
B. Complementary demand
C. Composite demand
D. Independent demand

Question 33:

• NECO 2004

In a socialist economic system, decisions relating to the fundamental economic problems are taken by ____________

A. Academicians
B. Government
C. Individuals
D. Judiciary
E. Manufacturers

Question 34:

• NECO 2004

The most generally accepted definition of Economics was given by ____________

A. Adam Smith
B. David Ricardo
C. Lord Robinson
D. Thomas Mathus
E. Sam Aluko

Question 35:

• NECO 2004

Which of the following is true about average cost?

A. Fixed cost/quantity
B. Marginal + Fixed cost
C. Quantity × Fixed cost
D. Total cost/quantity
E. Total cost - fixed cost Quantity