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 151: The International Monetary Fund (IMF) was set up mainly to Options:
  A) cater for financial needs of developed countries
  B) create conditions favourable for the growth of world trade
  C) create favourable balance of payment
  D) develop domestic trade
  E) offset foreign debts only
  Show Answer
  The correct answer is B.
• Question 152: The following are qualities of money EXCEPT Options:
  A) acceptability
  B) divisibility
  C) homogeneity
  D) portability
  E) rationality
  Show Answer
  The correct answer is E.
• Question 153: The concept of choice in Economics refers to Options:
  A) a decision between one thing and another
  B) ranking of wants in an ascending order
  C) selection of most pressing wants out of a range of alternatives
  D) ranking of wants on a table of preference
  E) separating defective commodities from non-defective ones
  Show Answer
  The correct answer is C.
• Question 154: The demand for salt is ………… Options:
  A) Elastic
  B) Inelastic
  C) Unitary elastic
  D) both a and b
  Show Answer
  The correct answer is B.
• Question 155: A major feature of capitalism is Options:
  A) collective ownership of means of production
  B) competition
  C) equality or egalitarianism
  D) redistribution of income
  E) socialization and welfare
  Show Answer
  The correct answer is B.
• Question 156: Production is best defined in economics as Options:
  A) creation of utility yielding goods and services
  B) distribution of goods and services
  C) manufacturing of goods by small factories
  D) provision of basic amenities
  E) rendering of services only
  Show Answer
  The correct answer is A.
• Question 157: Oil was first discovered in commercial quantity in ……….. State. Options:
  A) Amasoma, Bayelsa
  B) Bonny, Rivers
  C) Oloibiri, Rivers
  D) Igbokoda, Ondo
  E) Warri, Delta
  Show Answer
  The correct answer is C.
• Question 158: Price elasticity of supply measures the responsiveness of quantity supplied to Options:
  A) a change in the demand for the product V
  B) a change in the price of the commodity
  C) changes in consumers
  D) changes in prices of other commodities
  E) changes in suppliers income
  Show Answer
  The correct answer is B.
• Question 159: Labour force simply means the Options:
  A) demand and supply of labour
  B) efficiency of labour
  C) job seekers
  D) unemployable population
  E) working population
  Show Answer
  The correct answer is E.
• Question 160: The concentration of firms in one area is referred to as of ……………. industries. Options:
  A) location
  B) localization
  C) multiplication
  D) proliferation
  E) pluralization
  Show Answer
  The correct answer is B.