Neco Economics 2005 Past Questions and Answers

Question 21:

• NECO 2005

The following can be used to improve a country’s balance of payment EXCEPT

A. Anti-dumping policies
B. Decreasing taxation on personal income
C. Granting subsidies to export producers
D. Increasing import duties
E. Removing export duties

Question 22:

• NECO 2005

Which of the following is NOT a function of marketing boards in Nigeria?

A. Fixing of prices for farm produce
B. Grading of farm produce
C. Importation of farm produce
D. Marketing of farm produce
E. Price stabilization

Question 23:

• NECO 2005

The trade-off between two commodities along the Production Possibility Curve (PPC) shows ____________

A. Opportunity cost principle
B. Scarcity principle
C. Transferable output
D. Unattainable combination
E. Under utilization of resources

Question 24:

• NECO 2005

Economic problem arises as a result of ____________

A. Choice
B. Money cost
C. Opportunity cost
D. Scarcity
E. Scale of preference

Question 25:

• NECO 2005

When an increase in the price of a commodity lead to a fall In the demand for aNOTher, the demand for the two commodities are said to be ____________

A. Abnormal
B. Competitive
C. Composite
D. Derived
E. Joint