Neco Economics 2005 Past Questions and Answers

Question 41:

• NECO 2005

An economy in which decision of what to produce is taken partly by private individuals and state is referred to as Economy.

A. Capitalist
B. Communist
C. Mixed
D. Socialist
E. Welfarist

Question 42:

• NECO 2005

The 2nd National Development plan in Nigeria was between ____________

A. 1962 — 1968
B. 1970 — 1974
C. 1975 — 1980
D. 1980 — 1985
E. 1985 — 1990

Question 43:

• NECO 2005

An industry operating in a perfect competitive market situation will maximum profit when ____________

A. DD = SS
B. DD < SS
C. MC > AC
D. MC < AR
E. MC = MR

Question 44:

• NECO 2005

The satisfaction derived from Die consumption of a commodity is referred of as ____________

A. Consumption
B. Demand
C. Production
D. Utility
E. Utilization

Question 45:

• NECO 2005

The demand for factors of production is said to be ____________

A. Competitive
B. Complementary
C. Composite
D. Derived
E. Joint