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Economics 2009 NECO Past Questions

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31
The following are qualities of money EXCEPT
  • A. acceptability
  • B. divisibility
  • C. homogeneity
  • D. portability
  • E. rationality
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32
The concept of choice in Economics refers to
  • A. a decision between one thing and another
  • B. ranking of wants in an ascending order
  • C. selection of most pressing wants out of a range of alternatives
  • D. ranking of wants on a table of preference
  • E. separating defective commodities from non-defective ones
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33
The demand for salt is …………
  • A. Elastic
  • B. Inelastic
  • C. Unitary elastic
  • D. both a and b
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34
A major feature of capitalism is
  • A. collective ownership of means of production
  • B. competition
  • C. equality or egalitarianism
  • D. redistribution of income
  • E. socialization and welfare
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35
Production is best defined in economics as
  • A. creation of utility yielding goods and services
  • B. distribution of goods and services
  • C. manufacturing of goods by small factories
  • D. provision of basic amenities
  • E. rendering of services only
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