NECO Economics Past Questions & Answers - Page 31

151.

All the following are the objectives of economic planning EXCEPT to

A.

Reduce the rate of inflation and achieve stable value for the naira

B.

Encourage inflow of public and private capital

C.

Evolve a sequential political transition and enthronement of popular government

D.

Reduce economic dependence on foreign nations

E.

Achieve full employment

Correct answer is C

No explanation has been provided for this answer.

152.

A firm with a total of 54 employees produced 108 tonnes of toilet tissues in 3months. What is the average production per employee?

A.

0.02 tonnes

B.

0.2 tonnes

C.

2 tonnes

D.

20 tonnes

E.

200 tonnes

Correct answer is C

No explanation has been provided for this answer.

153.

A one-man business is controlled by

A.

An active partner

B.

Board of trustees

C.

Board of directors

D.

Dormant partner

E.

The owner

Correct answer is E

No explanation has been provided for this answer.

154.

An inflation which occurs as a result of increase in production cost is known as

A.

Cost-push inflation

B.

Creeping inflation

C.

Demand-pull inflation

D.

Hyper-inflation

E.

Runaway inflation

Correct answer is A

No explanation has been provided for this answer.

155.

When Elasticity of Demand is greater than one, the demand is

A.

Perfectly elastic

B.

Unitary elastic

C.

Zero elastic

D.

Inelastic

E.

Elastic

Correct answer is E

No explanation has been provided for this answer.