Neco Economics Past Questions and Answers

Question 46:

• NECO 2003

The theory of income determination is traced to ____________

A. Rev Thomas Mathus
B. Lord John Mynard Keynes
C. Prof Adam Smith
D. R G Lipsey
E. Prof Umar SI

Question 47:

• NECO 2003

The per capita income is calculated as ____________

A. GNP- working age population
B. GNP- real national income
C. GNP- total capital expenditure
D. GNP- dependency ratio
E. GNP- population

Question 48:

• NECO 2003

To finance a deficit balance of payment, a country may decide to ____________

A. Borrow from abroad
B. Increase its foreign investment
C. Privatizes its economy
D. Reduce domestic consumption
E. Secure more factor of production

Question 49:

• NECO 2003

A problem of price control is ____________

A. Development of black-market
B. Increased earning and higher profit
C. Increase in employment
D. Increase investment
E. Redistribution of income

Question 50:

• NECO 2003

The most generally accepted definition of economics is ____________

A. An inquiry into the nature and causes of the wealth of nations
B. The science of material welfare
C. The science which studies human behavior as a relationship between ends and scarce means which have alternative use
D. The science that treats phenomena from the stand point of price
E. The practical science of production and distribution of wealth