Neco Economics Past Questions and Answers

Question 176:

• NECO 2005

An industry operating in a perfect competitive market situation will maximum profit when ____________

A. DD = SS
B. DD < SS
C. MC > AC
D. MC < AR
E. MC = MR

Question 177:

• NECO 2005

The satisfaction derived from Die consumption of a commodity is referred of as ____________

A. Consumption
B. Demand
C. Production
D. Utility
E. Utilization

Question 178:

• NECO 2005

The demand for factors of production is said to be ____________

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

Question 179:

• NECO 2007

Which of the following is a disadvantage of sole proprietorship?

A. Does not enjoy limited liability
B. Decisions are easily made and implemented
C. Easy to set up
D. Enjoys secrecy
E. Maintains dose relationship with workers and customers

Question 180:

• NECO 2007

which of the following measures can be used to control inflation?

A. Decrease in bank rate
B. Decrease in taxation
C. Deficit budget
D. Export drive
E. Increase in government expenditure