NECO Economics Past Questions & Answers - Page 46

226.

ECOWAS Visa lasts for

A.

14 days

B.

30 days

C.

60 days

D.

90 days

E.

100 days

Correct answer is D

No explanation has been provided for this answer.

227.

A shift of the demand curve leftward from its original position indicate

A.

An increase in quantity demanded

B.

A decrease in quantity demanded

C.

An expansion of demand

D.

A fall in demand

E.

Price effect on demand

Correct answer is D

The curve shifts to the left if the determinant causes demand to drop or decrease.

228.

If the consumer demand for product X increases, as the demand for product, Y increases then the goods X and Y are

A.

Complimentary goods

B.

Composite goods

C.

Derived good

D.

Independent goods

E.

Substitute good

Correct answer is A

No explanation has been provided for this answer.

229.

Which of the folowing NOT among the objectives of OPEC?

A.

To stabilize the revenue from oil to producing countries

B.

To stabilize the price of iol in the world market

C.

To make sure that oil flows to all the consuming countries

D.

To estabilished petroleum refineries in all member state

E.

To co-ordinate and harmonize the oil policies of member countries

Correct answer is B

No explanation has been provided for this answer.

230.

In calculating mean one should

A.

Add the highest and the lowest number

B.

Divide the highest and the lowest number

C.

Divide the sum of the figure by the number of the figure

D.

Find the most common number

E.

Pick any number that has no partner

Correct answer is C

No explanation has been provided for this answer.