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Economics 2005 NECO Past Questions

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21
Which of the following is NOT included in-measuring the National income through the income approach?
  • A. Allowance given to an aged mother by a civil servant
  • B. Income earned by a bricklayer
  • C. Profit earned by Nigerian bottling company plc
  • D. profit earned by NITEL plc
  • E. Salary earned by a doctor
View Answer & Discuss NECO 2005
22
A major characteristics of a firm operating at a long-run equilibrium position is that
  • A. all costs can be varied
  • B. average variable cost is fixed
  • C. fixed cost can not be changed
  • D. marginal cost is fixed
  • E. only variable cost changes
View Answer & Discuss (1) NECO 2005
23
The problem of “how to produce” in any economy is solved by
  • A. adopting the least cost method of production
  • B. combining capital and labour intensive methods of production
  • C. employing the services of a manager
  • D. using capital intensive method of production
  • E. using labour intensive method of production
View Answer & Discuss NECO 2005
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24
Which of the following is NOT an objective of Economic planning?
  • A. Achieving economic self reliance
  • B. Achieving economic growth
  • C. Creating employment
  • D. Equitable allocation of resources
  • E. Widening the income gap
View Answer & Discuss NECO 2005
25
The following will occur when maximum price is fixed below the free market price EXCEPT that
  • A. black market will be encouraged
  • B. excess demand will occur
  • C. excess supply will occur
  • D. rationing of commodities will occur
  • E. scarcity of goods will occur
View Answer & Discuss (3) NECO 2005
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