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Economics 2002 NECO Past Questions

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16
If commodities A & B are jointly demanded, what will be the effect of an increase in the price of A on the demand for commodity B?
  • A. decrease in demand for commodity B
  • B. decrease in price of commodity B
  • C. demand for commodity B remain constant
  • D. increase in demand for commodity B
  • E. increase in the price of commodity B
View Answer & Discuss NECO 2002
17
Which of the following factors will NOT account for an outward shift of production possibility curve?
  • A. budgeting and planning based on expectations
  • B. expansion in employment
  • C. discovering and exploration of new resources
  • D. introduction of improved production techniques
  • E. skill improvement through education and training
View Answer & Discuss NECO 2002
18
The willingness of an individual backed up with purchasing power at a given time is
  • A. demand
  • B. desire
  • C. effective demand
  • D. utility
  • E. want
View Answer & Discuss (1) NECO 2002
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19

Which of the following is NOT a factor that brings about changes in demand?

  • A. a change in real income
  • B. government policy
  • C. increase in population
  • D. the price of the good or service
  • E. taste and fashion
View Answer & Discuss (8) NECO 2002
20
When an economy is having a balance of payment surplus the best alternative opened to it is to
  • A. borrow from abroad
  • B. devalue its currency
  • C. increase its foreign reserve
  • D. promote imports into the country
  • E. sell out its foreign assets
View Answer & Discuss NECO 2002
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