Economics 2002 NECO Past Questions

21

Remuneration of labour based on number of hours worked is known as

A. fees
B. commission
C. time-rates
D. salary
E. wages

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22

Which of the following is NOT a feature of capitalism ?

A. detailed economics planning
B. Free enterprise
C. competition
D. private ownership of property
E. Entrepreneurs and the pursuit of profit

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23

If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, what is the price elasticity of demand for the commodity?

A. 0.5
B. 0.8
C. 1
D. 1.5
E. 1.8

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24

When combination of two goods which a consumer derive equal satisfaction is plotted on a graph, the graph is known as

A. demand curve
B. indifference curve
C. opportunity curve
D. utility curve
E. supply curve

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25

Long-run in economic mean a period of time in which

A. all factor inputs are not being used
B. all factor inputs are variable
C. all factor inputs are fixed
D. only few factor inputs are variable
E. firms are not producing at all

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Economics 2002 NECO Past Questions

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