Neco Economics Past Questions and Answers

Question 106:

• NECO 2004

When Elasticity of Demand is greater than one, the demand is ____________

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

Question 107:

• NECO 2004

An inflation which occurs as a result of increase in production cost is known as ____________

A. Cost-push inflation
B. Creeping inflation
C. Demand-pull inflation
D. Hyper-inflation
E. Runaway inflation

Question 108:

• NECO 2004

A one-man business is controlled by ____________

A. An active partner
B. Board of trustees
C. Board of directors
D. Dormant partner
E. The owner

Question 109:

• NECO 2004

A firm with a total of 54 employees produced 108 tonnes of toilet tissues in 3months. What is the average production per employee?

A. 0.02 tonnes
B. 0.2 tonnes
C. 2 tonnes
D. 20 tonnes
E. 200 tonnes

Question 110:

• NECO 2004

All the following are the objectives of economic planning EXCEPT to ____________

A. Reduce the rate of inflation and achieve stable value for the naira
B. Encourage inflow of public and private capital
C. Evolve a sequential political transition and enthronement of popular government
D. Reduce economic dependence on foreign nations
E. Achieve full employment