NECO Economics Past Questions & Answers - Page 12

56.

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.

57.

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.

58.

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.

59.

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.

60.

Which of the following goods are NOT examples of joint supply?

A.

Beef and hides

B.

Fuel and kerosene

C.

Palm oil and kernel

D.

Tea and coffee

E.

Wool and Mutton

Correct answer is D

No explanation has been provided for this answer.