NECO Past Questions and Answers

1.

A function of a retailer is to

A.

determine the prices of goods

B.

stock a variety of goods

C.

buy goods in large quantities

D.

make money available to the manufacturer

Correct answer is B

No explanation has been provided for this answer.

2.

In the Sale of Goods Act, goods which have been identified and agreed upon at the time of contract are called

A.

existing goods

B.

fixture goods

C.

unascertained goods

D.

specific

Correct answer is D

No explanation has been provided for this answer.

3.

The inflationary conditions of a country and her interest rate constitute her

A.

social variables

B.

economic variables

C.

political variables

D.

transformational variables

Correct answer is B

No explanation has been provided for this answer.

4.

Commerce aids the development of any economy as it

A.

provides for proper accountability

B.

improves the living standard

C.

enhances the even distribution of wealth

D.

encourages the reduction of inflation

Correct answer is B

No explanation has been provided for this answer.

5.

The trade that takes place when imported goods are re-exported is known as

A.

entrepot trade

B.

import trade

C.

export trade

D.

visible trade

Correct answer is A

No explanation has been provided for this answer.