Neco Economics 2009 Past Questions and Answers

Question 31:

• NECO 2009

When the value of a country’s export exceeds her imports, there will be a ____________

A. Deficit current account
B. Excess visible imports only
C. Favorable balance of trade
D. Favourable capital account
E. Surplus current account

Question 32:

• NECO 2009

Which of the following is a determinant of elasticity of supply?

A. Consumer’s income
B. Degree of necessities
C. Durability of the product
D. Number of uses of the commodity
E. Proportion of income spent on the product

Question 33:

• NECO 2009

Entrepreneur is associated more with ____________

A. Capital management
B. Production of beverage
C. Profit making
D. Profit sharing
E. Risk bearing

Question 34:

• NECO 2009

Inflation is a ____________

A. General increase in the price of a single product
B. Period of economic recession
C. Period of hunger
D. Period of excessive money
E. Persistent rise in the general price level

Question 35:

• NECO 2009

The amount of satisfaction per unit of the commodity consumed is called ____________

A. Average cost
B. Average utility
C. Marginal cost
D. Marginal utility
E. Total utility