Neco Economics Past Questions and Answers

Question 166:

• NECO 2005

The system of farming which involves the use of a large hectare of land planted with economic crops is known as ____________

A. Cooperative farming
B. Mechanized farming
C. Peasant farming
D. Plantation farming
E. Tree planting

Question 167:

• NECO 2005

Which of the following is NOT a positive contribution a petroleum to Nigeria economy?

A. Development of bat infrastructures
B. Increase in National income
C. Major employer of labour
D. Major foreign exchange earned
E. Turning the nation to mono-product economy

Question 168:

• NECO 2005

Which of the following is NOT a major role of OPEC in production, and marketing of petroleum?

A. Coordinating and unifying petroleum policies of member countries
B. Ensuring efficient and regular supply of oil to the two market
C. Raising the revenue of member countries from oil through price increase
D. Refining of petroleum products in member countries
E. Stabilizing oil prices putting a production ceiling

Question 169:

• NECO 2005

A business formation with a minimum of two and maximum of twenty persons is called ____________

A. Cooperative society
B. Joint stock company
C. One man business
D. Partnership
E. Public corporation

Question 170:

• NECO 2005

Which of the following is NOT a function of the IMF?

A. Assisting member countries in printing and issuing their currency
B. Exchange rate stabilization
C. Promoting international monetary cooperation
D. Providing financial aid to members experiencing balance of payment difficulties
E. Serving as a clearing house f member countries