Neco Economics 2007 Past Questions and Answers

Question 6:

• NECO 2007

The creation of physical and concrete goods that can be seen and handled is ____________

A. Diminishing returns
B. Division of labour
C. Industrialization
D. Production
E. Specialization

Question 7:

• NECO 2007

Which of the following is NOT a contribution of agriculture to industrial development?

A. Provision of food for the industrial sector
B. Provision of funds for industrial development
C. Provision of raw materials
D. Supply of labour to the industrial sector
E. Supply of machinery to the industrial sector

Question 8:

• NECO 2007

Branding and packaging of goods Is the function of ____________

A. Brokers
B. Consumers
C. Manufactures
D. Retailers
E. Wholesalers

Question 9:

• NECO 2007

The solution to problem of how to produce in a capitalist economy is solved by ____________

A. Combining aid labour means of production
B. The producers involves
C. Using capital Intensive method of production
D. Using labour intensive method of production
E. Using the method of production with the least cost

Question 10:

• NECO 2007

Which of the following is a condition necessary

A. Few sellers and buyers
B. Free entry and exist
C. Homogeneous goods
D. Lack of preferential treatment
E. Many callers and buyers