Neco Economics Past Questions and Answers

Question 241:

• NECO 2009

The following are qualities of money EXCEPT

A. Acceptability
B. Divisibility
C. Homogeneity
D. Portability
E. Rationality

Question 242:

• NECO 2009

The concept of choice in Economics refers to ____________

A. A decision between one thing and another
B. Ranking of wants in an ascending order
C. Selection of most pressing wants out of a range of alternatives
D. Ranking of wants on a table of preference
E. Separating defective commodities from non-defective ones

Question 243:

• NECO 2009

The demand for salt is ____________

A. Elastic
B. Inelastic
C. Unitary elastic
D. Both a and b

Question 244:

• NECO 2009

A major feature of capitalism is ____________

A. Collective ownership of means of production
B. Competition
C. Equality or egalitarianism
D. Redistribution of income
E. Socialization and welfare

Question 245:

• NECO 2009

Production is best defined in economics as ____________

A. Creation of utility yielding goods and services
B. Distribution of goods and services
C. Manufacturing of goods by small factories
D. Provision of basic amenities
E. Rendering of services only