Neco Economics 2007 Past Questions and Answers

Question 11:

• NECO 2007

Economics is regarded as a social science because it ____________

A. Helps people to be acceptable In the society
B. Is associated with social dubs
C. Is used by sociologist
D. Studies human behavior
E. Uses controlled experiment

Question 12:

• NECO 2007

If the price Index of export is 140% and import is 200%, what is ____________

A. 60
B. 70
C. 100
D. 140
E. 280

Question 13:

• NECO 2007

Which of the following is NOT a feature of land?

A. Free gift of nature
B. Fixed in supply
C. Geographically immobile
D. Returns on land is wages
E. Subject to law of diminishing returns

Question 14:

• NECO 2007

The first oil refinery in Nigeria was established at ____________

A. Alesa Eleme
B. Araromi
C. Kaduna
D. Oloibiri
E. Warri

Question 15:

• NECO 2007

The function muv/muz = py/pz represents ____________

A. Consumer’s average utility level
B. Diminishing marginal utility
C. Increasing marginal utility
D. Marginal theory of price
E. Utility maximization