Neco Economics Past Questions and Answers

Question 56:

• NECO 2003

In a free market economy, wages are determined by ____________

A. The employees
B. The employers
C. Trade unions
D. Interaction of demand and supply forces
E. The government

Question 57:

• NECO 2003

Of what importance is a wholesaler in the chain of distribution?

A. Creation of artificial scarcity
B. Bulk breaking
C. Formation of trade unionism
D. Hoarding of goods
E. Making prompt payment to producers

Question 58:

• NECO 2003

For a monopolist, the demand curve is ____________

A. Inelastic
B. Perfectly elastic
C. Perfectly inelastic
D. Elastic
E. Unitary elastic

Question 59:

• NECO 2003

Total revenue can be obtained by multiplying ____________

A. Price by quantity sold
B. Averages revenue by the demand
C. Marginal revenue by marginal cost
D. Average revenue plus marginal revenue
E. Average cost by variable cost

Question 60:

• NECO 2003

Which of these is NOT a basic economic problem of society?

A. Efficiency of resource use
B. For whom to produces
C. How to produce
D. Scale of production
E. What to produce