Neco Economics 2007 Past Questions and Answers

Question 31:

• NECO 2007

Which of the following is NOT an advantage of localization of industry?

A. Availability of social amenities
B. Development of subsidiary industries
C. Highly organized markets
D. Supply of skilled labour
E. Traffic De-congestion

Question 32:

• NECO 2007

If the Income flow of a country exceeds the expenditure flow in international transactions, the balance of payment is ____________

A. Balanced
B. Deficit
C. Restricted
D. Surplus

Question 33:

• NECO 2007

Which of the following is an advantage of free enterprise economy?

A. Allocates resources better
B. Avoids extreme Inequality of income
C. Full employment
D. It is very competent In providing vital social services
E. No need of employing a host of officials to allocate resources

Question 34:

• NECO 2007

A tax system in which the rich pays a higher percentage income as tax than the poor is known as ____________

A. Capital gains tax
B. Progressive taxation
C. Proportional taxation
D. Regressive taxation
E. Sales tax

Question 35:

• NECO 2007

Population density refers to ____________

A. Total population
B. The total population divided by the total area of land
C. The total area of land divided by the total population
D. The population ratio of male and female
E. Optimum Population level