NECO Economics Past Questions & CBT Practice

A tax system in which the rich pay a higher percentage of income as tax than the poor is known as

1. A.capital gains tax
2. B.progressive taxation✓ Correct
3. C.proportional taxation
4. D.regressive taxation
5. E.sales tax

The mean of the following scores 30, 32, 34, 36, 38, 40 and 42 What is the mean deviation?

1. A.4.21
2. B.3.24
3. C.3.42✓ Correct
4. D.4.54

One of the positive contributions of the petroleum industry to Nigeria’s economic development is that it

1. A.creates ecological problems
2. B.creates political unrest
3. C.creates uncertainties in government revenues
4. D.is a major foreign exchange earner✓ Correct
5. E.suppresses agricultural development

The concept of choice in Economics refers to

1. A.a decision between one thing and another
2. B.ranking of wants in an ascending order
3. C.selection of most pressing wants out of a range of alternatives✓ Correct
4. D.ranking of wants on a table of preference
5. E.separating defective commodities from non-defective ones

The following are rewards for factors of production EXCEPT

1. A.interest
2. B.profit
3. C.rent
4. D.subsidy✓ Correct
5. E.wages

Which of the following is NOT a function of marketing boards in Nigeria?

1. A.Fixing of prices for farm produce
2. B.Grading of farm produce
3. C.Importation of farm produce✓ Correct
4. D.Marketing of farm produce
5. E.Price stabilization