Neco Economics Past Questions and Answers

Question 91:

• NECO 2003

Price legislation means ____________

A. Directing market specialist to fix prices
B. Interplay of either demand or supply
C. Producers are prices givers
D. Regulating the price system by the government
E. The use of market forces

Question 92:

• NECO 2003

Which of the following is NOT a function of taxation?

A. Make few people rich in the country
B. Raise revenue for the government
C. Redistribution of income
D. Reduces production and consumption of harmful goods
E. Used as anti-inflationary device

Question 93:

• NECO 2003

Using functional relationship in economics QX = f (px, po, y, T); po stand for ____________

A. Level of income of the consumer
B. Price of x
C. Price of other commodities
D. Production function of x
E. Price index

Question 94:

• NECO 2003

Which of the following is NOT an internal dis-economy of scales?

A. Easy management and less administrative cost
B. Large firm suffers from bureaucracy or red tapism
C. Less personal relationship between management and employees
D. Motivation may be lacking in the large firm
E. Slow response to changes

Question 95:

• NECO 2004

Arrangement of wants in order of importance is brought about by ____________

A. Excess supply of goods
B. Interest in doing so
C. Scarcity of resources
D. Opportunity cost
E. Limited wants