Neco Economics Past Questions and Answers

Question 266:

• NECO 2009

Taxes levied on locally manufactured goods are called ____________

A. Custom duties
B. Excise duties
C. Purchase tax
D. Sales tax
E. VAT

Question 267:

• NECO 2009

Which of the following is a form of business enterprise?

A. Cartel
B. Entrepreneurship
C. Partnership
D. Stock exchange
E. Supermarket

Question 268:

• NECO 2009

The demand curve of a perfect competitive market is infinitely elastic indicating that the firm can ____________

A. Refuse to sell any quantity
B. Sell any quantity of output at the prevailing price
C. Sell fixed quantity of output at the prevailing market price
D. Sell less quantity
E. Sell more quantity at a higher price

Question 269:

• NECO 2009

Through membership of the Economic Community of West African States (ECOWAS) countries have achieved ____________

A. A large market for their products
B. Emancipation of Africa
C. Full employment of resources
D. Higher transportation cost of goods within the region
E. Military superiority over other African countries

Question 270:

• NECO 2009

Economic growth can be defined as ____________

A. A rapid and sustained rise in real output per head
B. A rise in real income per head
C. An increase in technology only
D. Insufficiency in food production
E. Over population in a country