Neco Economics Past Questions and Answers

Question 126:

• NECO 2004

When a change in the demand for commodity A leads to a change in demand for commodity B in the same direction, demand for A & B is ____________

A. Competitive demand
B. Complementary demand
C. Composite demand
D. Independent demand

Question 127:

• NECO 2004

In a socialist economic system, decisions relating to the fundamental economic problems are taken by ____________

A. Academicians
B. Government
C. Individuals
D. Judiciary
E. Manufacturers

Question 128:

• NECO 2004

The most generally accepted definition of Economics was given by ____________

A. Adam Smith
B. David Ricardo
C. Lord Robinson
D. Thomas Mathus
E. Sam Aluko

Question 129:

• NECO 2004

Which of the following is true about average cost?

A. Fixed cost/quantity
B. Marginal + Fixed cost
C. Quantity × Fixed cost
D. Total cost/quantity
E. Total cost - fixed cost Quantity

Question 130:

• NECO 2004

Individuals who buy new shares in anticipation of reselling at higher prices in the stock exchange market are called ____________

A. Bears
B. Brokers
C. Bulls
D. Jobbers
E. Stags