NECO Economics Exam Past Questions and Answers

Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.

• Question 141: Which of the following is a determinant of elasticity of supply? Options:
  A) Consumer’s income
  B) Degree of necessities
  C) Durability of the product
  D) Number of uses of the commodity
  E) Proportion of income spent on the product
  Show Answer
  The correct answer is C.
• Question 142: Entrepreneur is associated more with Options:
  A) capital management
  B) production of beverage
  C) profit making
  D) profit sharing
  E) risk bearing
  Show Answer
  The correct answer is E.
• Question 143: Inflation is a ……………. Options:
  A) general increase in the price of a single product
  B) period of economic recession
  C) period of hunger
  D) period of excessive money
  E) persistent rise in the general price level
  Show Answer
  The correct answer is E.
• Question 144: The correct relationship between income (Y), consumption (C) and savings (S) is Options:
  A) C = Y + S
  B) S = Y + C
  C) S = Y + S
  D) Y = C + S
  E) Y = C – S
  Show Answer
  The correct answer is D.
• Question 145: The first National development plan period was from Options:
  A) 1955-1959
  B) 1962-1968
  C) 1965-1970
  D) 1970-1974
  E) 1975-1980
  Show Answer
  The correct answer is B.
• Question 146: These are the objectives of industrial strategies in Nigeria EXCEPT Options:
  A) industrial financing
  B) maximization of local value added
  C) promotion of export oriented industries
  D) promotion of import oriented industries
  E) provision of economic and social infrastructures
  Show Answer
  The correct answer is B.
• Question 147: Using Expenditure Approach to estimate National Income, Y is equal to Options:
  A) C + l + G + X – M + P - V
  B) C + l + G + X – M + P
  C) C + l + G – X + P
  D) C – 1 + G + X – M + P
  E) C + l – G + X – M – P
  Show Answer
  The correct answer is D.
• Question 148: When the value of a country’s export exceeds her imports, there will be a Options:
  A) deficit current account
  B) excess visible imports only
  C) favorable balance of trade
  D) favourable capital account
  E) surplus current account
  Show Answer
  The correct answer is C.
• Question 149: Data presented in tables are usually arranged in ………… and ………… Options:
  A) charts, tables
  B) , graphs, rows
  C) pictograms, columns
  D) rows, columns
  Show Answer
  The correct answer is D.
• Question 150: Time deposit is the same thing as Options:
  A) bank rate
  B) current account
  C) demand deposited
  D) fixed deposit
  E) saving account
  Show Answer
  The correct answer is D.