Neco Economics Past Questions and Answers

Question 191:

• NECO 2007

Which of the following is NOT a feature of land?

A. Free gift of nature
B. Fixed in supply
C. Geographically immobile
D. Returns on land is wages
E. Subject to law of diminishing returns

Question 192:

• NECO 2007

The first oil refinery in Nigeria was established at ____________

A. Alesa Eleme
B. Araromi
C. Kaduna
D. Oloibiri
E. Warri

Question 193:

• NECO 2007

The function muv/muz = py/pz represents ____________

A. Consumer’s average utility level
B. Diminishing marginal utility
C. Increasing marginal utility
D. Marginal theory of price
E. Utility maximization

Question 194:

• NECO 2007

The theory of absolute advantage was propounded by ____________

A. Adam Smith
B. David Ricardo
C. Irving Fisher
D. JB Kynes
E. Thomas Malthus

Question 195:

• NECO 2007

The following are the objectives of economic planning EXCEPT

A. Achieving balanced growth
B. Diversification of the economy
C. Creation of more employment opportunities
D. Equitable allocation of resources
E. Rapid population growth