Neco Economics 2009 Past Questions and Answers

Question 21:

• NECO 2009

Production is best defined in economics as ____________

A. Creation of utility yielding goods and services
B. Distribution of goods and services
C. Manufacturing of goods by small factories
D. Provision of basic amenities
E. Rendering of services only

Question 22:

• NECO 2009

Data presented in tables are usually arranged in ____________ and ____________

A. Charts, tables
B. , graphs, rows
C. Pictograms, columns
D. Rows, columns

Question 23:

• NECO 2009

The additional satisfaction derived from the consumption of one more unit of a good is called ____________

A. Marginal cost
B. Marginal product
C. Marginal revenue
D. Marginal utility
E. Total Utility

Question 24:

• NECO 2009

When the demand for foreign exchange exceeds its supply, the value of the domestic currency

A. Appreciates
B. Depreciates
C. Expands
D. Increases
E. Inflates

Question 25:

• NECO 2009

Time deposit is the same thing as ____________

A. Bank rate
B. Current account
C. Demand deposited
D. Fixed deposit
E. Saving account