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Economics 2009 NECO Past Questions

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6
The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by the
  • A. ECOWAS
  • B. IMF
  • C. OPEC
  • D. NNPC
  • E. none
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7
Taxes levied on locally manufactured goods are called
  • A. custom duties
  • B. excise duties
  • C. purchase tax
  • D. sales tax
  • E. VAT
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8
Which of the following is a form of business enterprise?
  • A. Cartel
  • B. Entrepreneurship
  • C. Partnership
  • D. Stock exchange
  • E. Supermarket
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9
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
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10
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
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