Neco Economics Past Questions and Answers

Question 131:

• NECO 2004

The excess profit made by a firm in a competitive market situation in the short-term is known as ____________

A. Break even
B. Marginal profit
C. Net profit
D. Normal profit
E. Super normal profit

Question 132:

• NECO 2004

The amount of money required for the day-to-day running of a business is known as ____________

A. Economics capital
B. Fixed capital
C. Paid- up capital
D. Reserve capital
E. Working capital

Question 133:

• NECO 2004

Which of the following is NOT a factor to be considered in siting an industry in a particular area?

A. Access to raw material
B. Availability of recreational facilities
C. Market
D. Sources of power
E. Transport facilities

Question 134:

• NECO 2005

Which of the following is a disadvantage of localization of industries?

A. Aiding cooperation among firms
B. Creating structural unemployment
C. Encouraging subsidiary industries
D. Encouraging the growth of skilled labour
E. Reducing cost of production

Question 135:

• NECO 2005

At the equilibrium price, ____________

A. Demand is greater than supply
B. Demand equates supply
C. Demand is less than supply
D. Price is equal to demand only
E. Price is equal to supply only