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Economics 2002 NECO Past Questions

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31
Tc/Q =
  • A. marginal cost
  • B. Average coat
  • C. total cost
  • D. equilibrium level
View Answer & Discuss NECO 2002
32

The following are type of business organization EXCEPT

  • A. co-operative society
  • B. Entrepreneurship
  • C. partnership
  • D. public corporation
  • E. Sole proprietorship
View Answer & Discuss (2) NECO 2002
33
Which of the folowing NOT among the objectives of OPEC?
  • A. to stabilize the revenue from oil to producing countries
  • B. to stabilize the price of iol in the world market
  • C. to make sure that oil flows to all the consuming countries
  • D. to estabilished petroleum refineries in all member state
  • E. to co-ordinate and harmonize the oil policies of member countries
View Answer & Discuss (1) NECO 2002
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34
If the consumer demand for product X increases, as the demand for product, Y increases then the goods X and Y are
  • A. complimentary goods
  • B. composite goods
  • C. derived good
  • D. independent goods
  • E. substitute good
View Answer & Discuss NECO 2002
35

An economic system in which the decision on what and how to produce is determined by the individual is called

  • A. capitalism
  • B. communism
  • C. Socialism
  • D. traditionalism
  • E. welfarism
View Answer & Discuss (2) NECO 2002
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