Neco Economics Past Questions and Answers

Question 51:

• NECO 2003

The demand for a commodity for the sake of what it will yield is ____________

A. Competitive demand
B. Composite demand
C. Effective demand
D. Joint demand

Question 52:

• NECO 2003

The first commercial oil well in Nigeria was discovered in ____________

A. 1938
B. 1951
C. 1956
D. 1958
E. 1961

Question 53:

• NECO 2003

An economic system where both the public and individuals own and control means of production is known as ____________ system

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

Question 54:

• NECO 2003

The law of variable proportion state that if the quantities of variable factor of production are used with fixed factor, after a certain point, ____________

A. Each successive unit of the variable factor brings about a decreasing marginal product
B. Each successive unit of the variable factor bring about equal increase in marginal product
C. Each successive unit of the variable factor bring about an increasing marginal product
D. Each successive unit of the variable factor bring about four time increase in marginal product
E. Each successive unit of the variable factor bring about more than equal increase in marginal product

Question 55:

• NECO 2003

Which of the following is NOT a reason for the absence of an industry in the rural areas?

A. Absence of financial institution
B. Restricted market
C. Inadequate power and water supply
D. Inadequate transportation
E. Presence of external economies