Neco Economics 2003 Past Questions and Answers

Question 36:

• NECO 2003

The best way of presenting data in tabular form is in ____________

A. Bars and columns
B. Charts and lines
C. Maps and rows
D. Pictographs and histogram
E. Rows and columns

Question 37:

• NECO 2003

In the equation MV = PT; V stand for ____________

A. Velocity of circulation of money
B. Velocity of price change
C. Volume of goods produced
D. Volume of money
E. Volume of transaction

Question 38:

• NECO 2003

Which of the following is a major export crop in Nigeria?

A. Cocoa
B. Coffee
C. Copper
D. Kola nut
E. Soy beans

Question 39:

• NECO 2003

According to the theory of comparative advantages, countries are to specialize based on their

A. Absolute cost advantages
B. Absolute cost disadvantages
C. Comparative cost advantages
D. Comparative cost disadvantages
E. The availability of labour

Question 40:

• NECO 2003

Equilibrium prices is ____________

A. A price which equates demand with supply
B. A price where there is excess demand
C. Where consumers gain much
D. Where producers gain much
E. Where supply is more than demand