Neco Economics Past Questions and Answers

Question 6:

• NECO 2002

Remuneration of labour based on number of hours worked is known as ____________

A. Fees
B. Commission
C. Time-rates
D. Salary
E. Wages

Question 7:

• NECO 2002

Which of the following is NOT a feature of capitalism ?

A. Detailed economics planning
B. Free enterprise
C. Competition
D. Private ownership of property
E. Entrepreneurs and the pursuit of profit

Question 8:

• NECO 2002

If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, what is the price elasticity of demand for the commodity?

A. 0.5
B. 0.8
C. 1
D. 1.5
E. 1.8

Question 9:

• NECO 2002

When combination of two goods which a consumer derive equal satisfaction is plotted on a graph, the graph is known as ____________

A. Demand curve
B. Indifference curve
C. Opportunity curve
D. Utility curve
E. Supply curve

Question 10:

• NECO 2002

Long-run in economic mean a period of time in which ____________

A. All factor inputs are not being used
B. All factor inputs are variable
C. All factor inputs are fixed
D. Only few factor inputs are variable
E. Firms are not producing at all