Neco Economics Past Questions and Answers

Question 71:

• NECO 2003

ECOWAS Visa lasts for ____________

A. 14 days
B. 30 days
C. 60 days
D. 90 days
E. 100 days

Question 72:

• NECO 2003

Which of the following is NOT a sources of national income statistics?

A. Foreign trade figure
B. Pay-rolls of various establishment
C. Income tax return
D. Economic surveys
E. Level of infrastructural development

Question 73:

• NECO 2003

Which of the following is a characteristic of private enterprises?

A. Business risks are borne by the buyers
B. Capital is provided by the public
C. Control and management of the business is in the hands of customer
D. The business is owned and run by government
E. The main aim of setting up the business is to maximize profit

Question 74:

• NECO 2003

Averages cost (AC) equal to ____________

A. AC_TC
B. TC_AC
C. TC_AVC
D. TC_MC
E. TC_Q

Question 75:

• NECO 2003

An economy is described as spend-rift if it ____________

A. Does not concern itself with savings and investment
B. Has a great ability to generate foreign exchange from investment
C. Has greater opportunity to receive large income from investment
D. Invests in income generating industries
E. Has trade connection with other countries