Neco Economics Past Questions and Answers

Question 141:

• NECO 2005

Which of the following is NOT associated with minimum price legislation?

A. Black market
B. Excess demand
C. Excess supply
D. Unattainable equilibrium
E. Unemployment

Question 142:

• NECO 2005

The following are problems of development planning in Nigeria EXCEPT

A. Death of skilled manpower
B. Inadequate capital
C. Inadequate statistical data
D. Poor implementation of economic planning
E. Under-population

Question 143:

• NECO 2005

Which of the following is NOT included in-measuring the National income through the income approach?

A. Allowance given to an aged mother by a civil servant
B. Income earned by a bricklayer
C. Profit earned by Nigerian bottling company plc
D. Profit earned by NITEL plc
E. Salary earned by a doctor

Question 144:

• NECO 2005

A major characteristics of a firm operating at a long-run equilibrium position is that ____________

A. All costs can be varied
B. Average variable cost is fixed
C. Fixed cost can not be changed
D. Marginal cost is fixed
E. Only variable cost changes

Question 145:

• NECO 2005

The problem of “how to produce” in any economy is solved by ____________

A. Adopting the least cost method of production
B. Combining capital and labour intensive methods of production
C. Employing the services of a manager
D. Using capital intensive method of production
E. Using labour intensive method of production