Neco Economics Past Questions and Answers

Question 206:

• NECO 2007

Goods that are useful, scarce and can command price are called ____________ goods.

A. Capital
B. Consumer
C. Economic
D. Free
E. Scarce

Question 207:

• NECO 2007

The equation MV PT is known as ____________

A. Demand and supply equation
B. Equilibrium equation
C. Equation of exchange
D. Money supply equation
E. Price index numbers

Question 208:

• NECO 2007

Plantation farming can best be defined as cultivation of ____________

A. Crops using hoes and cutlasses for farming
B. Food crops for personal consumption
C. Food for use by the family
D. Large scale farms of cash crops
E. Livestock for commercial purposes

Question 209:

• NECO 2007

Which of the following is NOT an advantage of localization of industry?

A. Availability of social amenities
B. Development of subsidiary industries
C. Highly organized markets
D. Supply of skilled labour
E. Traffic De-congestion

Question 210:

• NECO 2007

If the Income flow of a country exceeds the expenditure flow in international transactions, the balance of payment is ____________

A. Balanced
B. Deficit
C. Restricted
D. Surplus