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Economics 2003 NECO Past Questions

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31
To finance a deficit balance of payment, a country may decide to
  • A. borrow from abroad
  • B. increase its foreign investment
  • C. privatizes its economy
  • D. reduce domestic consumption
  • E. secure more factor of production
View Answer & Discuss NECO 2003
32
A problem of price control is
  • A. development of black-market
  • B. increased earning and higher profit
  • C. increase in employment
  • D. increase investment
  • E. redistribution of income
View Answer & Discuss (4) NECO 2003
33
The most generally accepted definition of economics is
  • A. an inquiry into the nature and causes of the wealth of nations
  • B. the science of material welfare
  • C. the science which studies human behavior as a relationship between ends and scarce means which have alternative use
  • D. the science that treats phenomena from the stand point of price
  • E. the practical science of production and distribution of wealth
View Answer & Discuss (7) NECO 2003
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34
The demand for a commodity for the sake of what it will yield is
  • A. competitive demand
  • B. composite demand
  • C. effective demand
  • D. joint demand
View Answer & Discuss (7) NECO 2003
35
The first commercial oil well in Nigeria was discovered in
  • A. 1938
  • B. 1951
  • C. 1956
  • D. 1958
  • E. 1961
View Answer & Discuss (1) NECO 2003
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