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Economics 2005 NECO Past Questions

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11
The demand for factors of production is said to be
  • A. competitive
  • B. complementary
  • C. composite
  • D. derived
  • E. joint
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12
Which of the following is a disadvantage of localization of industries?
  • A. Aiding cooperation among firms
  • B. Creating structural unemployment
  • C. Encouraging subsidiary industries
  • D. Encouraging the growth of skilled labour
  • E. Reducing cost of production
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13
At the equilibrium price,
  • A. demand is greater than supply
  • B. demand equates supply
  • C. demand is less than supply
  • D. price is equal to demand only
  • E. price is equal to supply only
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14
Which of the following is the correct order in the chain of distribution?
  • A. Consumer —> Distributor → Retailer → Producer
  • B. Producer → Consumer → Retailer → Wholesaler
  • C. Producer → Wholesaler → Retailer → Consumer
  • D. Retailer → Consumer → Producer → Wholesaler
  • E. Wholesaler → Retailer → Producer → Consume
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15
The following are rewards for factors of production EXCEPT
  • A. interest
  • B. profit
  • C. rent
  • D. subsidy
  • E. wages
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