NECO Economics Past Questions & Answers - Page 53

261.

The contribution of petroleum to the economy of nigerian is most prominent in the area of

A.

Employment generation

B.

Fuel provision

C.

Infrastructural development

D.

Revenue generation

E.

Technical know-how

Correct answer is D

No explanation has been provided for this answer.

262.

An economic system in which individual control the productive resources is known as

A.

Capitalism

B.

Communism

C.

Freedomism

D.

Socialism

E.

Welfarism

Correct answer is A

No explanation has been provided for this answer.

263.

The act of cultivating land and rearing of animal for man’s use is

A.

Agriculture

B.

Mono culture

C.

Forestry

D.

Aqua-science

E.

Horticulture

Correct answer is A

No explanation has been provided for this answer.

264.

If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

A.

Balanced budget

B.

Deficit budget

C.

Favorable budget

D.

Surplus budget

E.

Unfavorable budget

Correct answer is B

No explanation has been provided for this answer.