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Economics 2004 NECO Past Questions

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26
When Elasticity of Demand is greater than one, the demand is
  • A. perfectly elastic
  • B. unitary elastic
  • C. zero elastic
  • D. inelastic
  • E. elastic
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27
An inflation which occurs as a result of increase in production cost is known as
  • A. cost-push inflation
  • B. creeping inflation
  • C. demand-pull inflation
  • D. hyper-inflation
  • E. runaway inflation
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28
A one-man business is controlled by
  • A. an active partner
  • B. board of trustees
  • C. board of directors
  • D. dormant partner
  • E. the owner
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29
A firm with a total of 54 employees produced 108 tonnes of toilet tissues in 3months. What is the average production per employee?
  • A. 0.02 tonnes
  • B. 0.2 tonnes
  • C. 2 tonnes
  • D. 20 tonnes
  • E. 200 tonnes
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30
All the following are the objectives of economic planning EXCEPT to
  • A. reduce the rate of inflation and achieve stable value for the naira
  • B. encourage inflow of public and private capital
  • C. evolve a sequential political transition and enthronement of popular government
  • D. reduce economic dependence on foreign nations
  • E. achieve full employment
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