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3031

An economic system in which the decision on what and how to produce is determined by the individual is called

  • A. capitalism
  • B. communism
  • C. Socialism
  • D. traditionalism
  • E. welfarism
View Answer & Discuss (2) NECO 2002
3032
In a two-sector economy, income is a function of
  • A. consumption + investment
  • B. consumption + investment + tax
  • C. consumption + investment + expenditure
  • D. consumption + exports + imports
  • E. saving + investment
View Answer & Discuss NECO 2002
3033
Which of these is a necessary condition for trade by barter?
  • A. double coincidence of wants
  • B. double exchange rate
  • C. durability of goods
  • D. divisibility of commodities
  • E. homogeneity of goods
View Answer & Discuss NECO 2002
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3034
The following are reward for factors of production EXCEPT
  • A. interests
  • B. profit
  • C. Rent and commissions
  • D. rates and deposits
  • E. wage and salaries
View Answer & Discuss (2) NECO 2002
3035
Disposable income in national income accounting is an income which
  • A. cannot be used again
  • B. is available for consumption and saving
  • C. is a available to disabled people
  • D. must be wasted once and for all
  • E. pensioners receive from the treasury board
View Answer & Discuss NECO 2002
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