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Economics 2007 NECO Past Questions

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31
The function muv/muz = py/pz represents
  • A. consumer’s average utility level
  • B. diminishing marginal utility
  • C. increasing marginal utility
  • D. marginal theory of price
  • E. utility maximization
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32
The theory of absolute advantage was propounded by
  • A. Adam Smith
  • B. David Ricardo
  • C. Irving Fisher
  • D. JB Kynes
  • E. Thomas Malthus
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33
The following are the objectives of economic planning EXCEPT
  • A. achieving balanced growth
  • B. diversification of the economy
  • C. creation of more employment opportunities
  • D. equitable allocation of resources
  • E. rapid population growth
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34
The following are bye-products of crude oil EXCEPT
  • A. bitumen
  • B. kerosene
  • C. paraffin wax
  • D. perfume
  • E. petrol
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35
The following are types of monopolies EXCEPT
  • A. cartels
  • B. holding companies
  • C. syndicates
  • D. thrifts
  • E. trusts
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