Neco Economics Past Questions and Answers

Question 116:

• NECO 2004

Demand for labour depends on the following factors EXCEPT

A. Number of industries/enterprises
B. Nature of industries/business enterprises
C. Price of labour
D. Demand for labour output and prices
E. The period of training

Question 117:

• NECO 2004

The main industrial cities in Nigeria are ____________

A. Ikeja, Kano, Onitsha and Port-Harcourt
B. Kaduna, Dutse, Ogbomoso a Calabar
C. Kano, Ilesa, Vadeikya and Afikpo
D. Maiduguri, Ikote Ekiti, Moniya and Akungba
E. Mokwa, Ijebu-ode, Warri and Gummel

Question 118:

• NECO 2004

The basic economics problem of what to produce arises as a result of ____________

A. Competing demands for scarce resources
B. Excessive supply
C. The availability of too many experts
D. The failure of the price system
E. The reduction of poverty

Question 119:

• NECO 2004

In international trade, when payments of a country are higher than the receipts, then the balance of payment is ____________

A. Favourable
B. In equilibrium
C. Perfect
D. Unfavourable
E. Uniform

Question 120:

• NECO 2004

When total utility is at maximum, then marginal utility is ____________

A. Decreasing
B. Increasing
C. Maximum
D. Negative
E. Zero