Neco Economics 2007 Past Questions and Answers

Question 1:

• NECO 2007

Which of the following is a disadvantage of sole proprietorship?

A. Does not enjoy limited liability
B. Decisions are easily made and implemented
C. Easy to set up
D. Enjoys secrecy
E. Maintains dose relationship with workers and customers

Question 2:

• NECO 2007

which of the following measures can be used to control inflation?

A. Decrease in bank rate
B. Decrease in taxation
C. Deficit budget
D. Export drive
E. Increase in government expenditure

Question 3:

• NECO 2007

The following methods are used in calculation of National Income EXCEPT

A. Depreciation
B. Expenditure
C. Income
D. Output
E. Value added

Question 4:

• NECO 2007

A deliberate government policy to exclude foreign participation in certain economic activity is known as ____________

A. Commercialization
B. Indigenization
C. Liberalization
D. Localization
E. Privatization

Question 5:

• NECO 2007

The following measures used to check deflation EXCEPT

A. Deficit financing
B. Improving distribution system
C. Increasing wages and salaries
D. Raising the bank rate
E. Reducing taxation