NECO Economics Past Questions & Answers - Page 11

51.

The Industrial strategy of producing locally those goods that could have been imported is known as

A.

Balance growth

B.

Export promotion

C.

Import substitution

D.

Industrialization

E.

Urbanization

Correct answer is C

No explanation has been provided for this answer.

52.

The African Development Bank was set up in 1964 and has its headquarters in

A.

Burkina Faso

B.

Ivory Coast

C.

Liberia

D.

Niger Republic

E.

Senegal

Correct answer is B

No explanation has been provided for this answer.

53.

A comprehensive statement of Income and expenditure on international accounts for one financial year is called

A.

Balance of payments

B.

Balance of trade

C.

Budget

D.

Index of trade

E.

Terms of trade

Correct answer is A

No explanation has been provided for this answer.

54.

A tax system in which the income earner pays a fixed percentage of his income annually is known as …………. tax.

A.

Direct

B.

Indirect

C.

Progressive

D.

Proportional

E.

Regressive

Correct answer is D

No explanation has been provided for this answer.

55.

The following countries are members of ECOWAS EXCEPT

A.

Angola

B.

Ghana

C.

Ivory Coast

D.

Liberia

E.

Niger Republic

Correct answer is A

No explanation has been provided for this answer.