Neco Economics Past Questions and Answers

Question 156:

• NECO 2005

The trade-off between two commodities along the Production Possibility Curve (PPC) shows ____________

A. Opportunity cost principle
B. Scarcity principle
C. Transferable output
D. Unattainable combination
E. Under utilization of resources

Question 157:

• NECO 2005

Economic problem arises as a result of ____________

A. Choice
B. Money cost
C. Opportunity cost
D. Scarcity
E. Scale of preference

Question 158:

• NECO 2005

When an increase in the price of a commodity lead to a fall In the demand for aNOTher, the demand for the two commodities are said to be ____________

A. Abnormal
B. Competitive
C. Composite
D. Derived
E. Joint

Question 159:

• NECO 2005

Production is said to be complete when goods and services gets to the ____________

A. Consumers
B. Distributors
C. Retailers
D. Warehouses
E. Wholesalers

Question 160:

• NECO 2005

An industry engaged in the extraction of raw materials and its conversion into semi-finished goods is called industry.

A. Construction
B. Conversion
C. Manufacturing
D. Mining
E. Processing