Neco Economics 2002 Past Questions and Answers

Question 21:

• NECO 2002

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

Question 22:

• NECO 2002

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

Question 23:

• NECO 2002

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

Question 24:

• NECO 2002

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

Question 25:

• NECO 2002

One of the function of united nation conference on trade and development (UNTAD) is to

A. Carry out feasibility study for projects in less developed countries
B. Increase impact of developed countries over less developed countries
C. Increase share of less developed countries in world trade
D. Make goods available in developed countries
E. Transfer technology from developed to less developed countries