Neco Economics Past Questions and Answers

Question 81:

• NECO 2003

In the equation MV = PT; V stand for ____________

A. Velocity of circulation of money
B. Velocity of price change
C. Volume of goods produced
D. Volume of money
E. Volume of transaction

Question 82:

• NECO 2003

Which of the following is a major export crop in Nigeria?

A. Cocoa
B. Coffee
C. Copper
D. Kola nut
E. Soy beans

Question 83:

• NECO 2003

According to the theory of comparative advantages, countries are to specialize based on their

A. Absolute cost advantages
B. Absolute cost disadvantages
C. Comparative cost advantages
D. Comparative cost disadvantages
E. The availability of labour

Question 84:

• NECO 2003

Equilibrium prices is ____________

A. A price which equates demand with supply
B. A price where there is excess demand
C. Where consumers gain much
D. Where producers gain much
E. Where supply is more than demand

Question 85:

• NECO 2003

In economics, electricity, water supply, communication networks, road, etc are known as ____________

A. Capital structure
B. Development induces
C. Development projects
D. Infrastructural facilities
E. Project growth