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Economics Past Questions and Answers

Neco Economics Questions

Question 46:

The theory of income determination is traced to ____________

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A Rev Thomas Mathus
B Lord John Mynard Keynes
C Prof Adam Smith
D R G Lipsey
E Prof Umar SI

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Question 47:

The per capita income is calculated as ____________

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A GNP- working age population
B GNP- real national income
C GNP- total capital expenditure
D GNP- dependency ratio
E GNP- population

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Question 48:

To finance a deficit balance of payment, a country may decide to ____________

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A Borrow from abroad
B Increase its foreign investment
C Privatizes its economy
D Reduce domestic consumption
E Secure more factor of production

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Question 49:

A problem of price control is ____________

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A Development of black-market
B Increased earning and higher profit
C Increase in employment
D Increase investment
E Redistribution of income

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Question 50:

The most generally accepted definition of economics is ____________

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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

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