Neco Economics 2003 Past Questions and Answers

Question 31:

• NECO 2003

An economy is described as spend-rift if it ____________

A. Does not concern itself with savings and investment
B. Has a great ability to generate foreign exchange from investment
C. Has greater opportunity to receive large income from investment
D. Invests in income generating industries
E. Has trade connection with other countries

Question 32:

• NECO 2003

Data presented in a circular chart is known as ____________

A. Circular chart
B. Component chart
C. Histogram
D. Pictograph
E. Pie chart

Question 33:

• NECO 2003

Which of the following is NOT a component of agriculture?

A. Crop farming
B. Drilling
C. Fishing
D. Forestry
E. Livestock farming

Question 34:

• NECO 2003

The professional that view cost in term of alternatives sacrificed is the ____________

A. Accountant
B. Cashier
C. Economist
D. Manager
E. Tax collector

Question 35:

• NECO 2003

Which of the following is true of a perfect market situation?

A. Price = AR=MC=AC
B. Price = DD = MC = AC
C. Price = AC = MC = AR
D. Price = AR = MR = DD
E. Price = MR but MR < AR