Neco Economics 2004 Past Questions and Answers

Question 21:

• NECO 2004

A negative effect of the discovery of petroleum on the Nigerian economy is ____________

A. Conversion of the economy into a mono product type
B. Development of infrastructures
C. Encouragement of international recognition
D. Provision of job opportunities
E. Rapid industrialization

Question 22:

• NECO 2004

Demand for labour depends on the following factors EXCEPT

A. Number of industries/enterprises
B. Nature of industries/business enterprises
C. Price of labour
D. Demand for labour output and prices
E. The period of training

Question 23:

• NECO 2004

The main industrial cities in Nigeria are ____________

A. Ikeja, Kano, Onitsha and Port-Harcourt
B. Kaduna, Dutse, Ogbomoso a Calabar
C. Kano, Ilesa, Vadeikya and Afikpo
D. Maiduguri, Ikote Ekiti, Moniya and Akungba
E. Mokwa, Ijebu-ode, Warri and Gummel

Question 24:

• NECO 2004

The basic economics problem of what to produce arises as a result of ____________

A. Competing demands for scarce resources
B. Excessive supply
C. The availability of too many experts
D. The failure of the price system
E. The reduction of poverty

Question 25:

• NECO 2004

In international trade, when payments of a country are higher than the receipts, then the balance of payment is ____________

A. Favourable
B. In equilibrium
C. Perfect
D. Unfavourable
E. Uniform