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Economics 2004 NECO Past Questions

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6
The assumptions of the principles of comparative cost advantage is based on

I. Absence of Trade Restrictions
II. No transport costs
III. Constant technology
  • A. II & III only
  • B. I & II only
  • C. I, II & III only
  • D. II only
  • E. III only
View Answer & Discuss (1) NECO 2004
7

When a change in the demand for commodity A leads to a change in demand for commodity B in the same direction, demand for A & B is

  • A. competitive demand
  • B. complementary demand
  • C. composite demand
  • D. independent demand
View Answer & Discuss (3) NECO 2004
8
In a socialist economic system, decisions relating to the fundamental economic problems are taken by
  • A. academicians
  • B. government
  • C. individuals
  • D. judiciary
  • E. manufacturers
View Answer & Discuss NECO 2004
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9
The most generally accepted definition of Economics was given by
  • A. Adam Smith
  • B. David Ricardo
  • C. Lord Robinson
  • D. Thomas Mathus
  • E. Sam Aluko
View Answer & Discuss (2) NECO 2004
10
Which of the following is true about average cost?
  • A. Fixed cost/quantity
  • B. Marginal + Fixed cost
  • C. Quantity × Fixed cost
  • D. Total cost/quantity
  • E. Total cost - fixed cost Quantity
View Answer & Discuss NECO 2004
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