Neco Economics 2003 Past Questions and Answers

Question 1:

• NECO 2003

Abdul is faced with a choice between buying a new NOTE book and a pen with N10. Since the N10 can NOT give him both items he decide to buy NOTE book. The money cost to him is ____________

A. N10
B. N20
C. N30
D. N40
E. N50

Question 2:

• NECO 2003

The theory of income determination is traced to ____________

A. Rev Thomas Mathus
B. Lord John Mynard Keynes
C. Prof Adam Smith
D. R G Lipsey
E. Prof Umar SI

Question 3:

• NECO 2003

The per capita income is calculated as ____________

A. GNP- working age population
B. GNP- real national income
C. GNP- total capital expenditure
D. GNP- dependency ratio
E. GNP- population

Question 4:

• NECO 2003

To finance a deficit balance of payment, a country may decide to ____________

A. Borrow from abroad
B. Increase its foreign investment
C. Privatizes its economy
D. Reduce domestic consumption
E. Secure more factor of production

Question 5:

• NECO 2003

A problem of price control is ____________

A. Development of black-market
B. Increased earning and higher profit
C. Increase in employment
D. Increase investment
E. Redistribution of income