Neco Economics 2009 Past Questions and Answers

Question 41:

• NECO 2009

The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by the ____________

A. ECOWAS
B. IMF
C. OPEC
D. NNPC
E. None

Question 42:

• NECO 2009

Taxes levied on locally manufactured goods are called ____________

A. Custom duties
B. Excise duties
C. Purchase tax
D. Sales tax
E. VAT

Question 43:

• NECO 2009

Which of the following is a form of business enterprise?

A. Cartel
B. Entrepreneurship
C. Partnership
D. Stock exchange
E. Supermarket

Question 44:

• NECO 2009

The demand curve of a perfect competitive market is infinitely elastic indicating that the firm can ____________

A. Refuse to sell any quantity
B. Sell any quantity of output at the prevailing price
C. Sell fixed quantity of output at the prevailing market price
D. Sell less quantity
E. Sell more quantity at a higher price

Question 45:

• NECO 2009

Through membership of the Economic Community of West African States (ECOWAS) countries have achieved ____________

A. A large market for their products
B. Emancipation of Africa
C. Full employment of resources
D. Higher transportation cost of goods within the region
E. Military superiority over other African countries