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 161: Disguised unemployment is the same thing as Options:
  A) residual unemployment
  B) seasonal unemployment
  C) structural unemployment
  D) under-employment
  E) voluntary unemployment
  Show Answer
  The correct answer is D.
• Question 162: Which of these factors causes a change in the quantity demanded of a commodity? Options:
  A) Income
  B) Population
  C) Price of other commodities
  D) Price of the commodity concerned
  E) Taste and fashion
  Show Answer
  The correct answer is D.
• Question 163: One of the positive contributions of the petroleum industry to Nigeria’s economic development is that it Options:
  A) creates ecological problems
  B) creates political unrest
  C) creates uncertainties in government revenues
  D) is a major foreign exchange earner
  E) suppresses agricultural development
  Show Answer
  The correct answer is D.
• Question 164: The unit for measuring changes in prices and output is called ………………. index Options:
  A) capital
  B) expenditure
  C) income
  D) money
  E) price
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  The correct answer is E.
• Question 165: A firm is said to be a public joint-stock company when it Options:
  A) has unlimited liability
  B) is administered by the public
  C) is owned by the government
  D) operates as a public corporation
  E) sells its shares to members of the public
  Show Answer
  The correct answer is E.
• Question 166: The growth of a country’s population is affected by Options:
  A) military might of the country
  B) number of births per thousand of the population
  C) number of people willing to be counted
  D) the amount of money in circulation
  E) the number of men in the population
  Show Answer
  The correct answer is B.
• Question 167: The following are the differences between domestic and international trade EXCEPT Options:
  A) cultural differences
  B) currency
  C) land
  D) language
  E) laws
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  The correct answer is C.
• Question 168: Which of the following is NOT an advantage of tabular presentation of data? Options:
  A) Enables easy location of required figures
  B) Helps to calculate derived quantities
  C) Makes for easy comparison of figures
  D) Occupies more space than mathematical equation
  E) Shows whether the figures are increasing or decreasing
  Show Answer
  The correct answer is D.
• Question 169: Average total cost can be expressed as Options:
  A) average fixed cost plus average variable cost
  B) change in total cost divided by change in output
  C) total fixed cost divided by total output
  D) total fixed cost plus total variable cost
  E) total variable cost divided by total output
  Show Answer
  The correct answer is A.
• Question 170: The mean of the following scores30, 32, 34, 36, 38, 40 and 42 is 36.What is the mean deviation? Options:
  A) 341
  B) 342
  C) 343
  D) 344
  E) 345
  Show Answer
  The correct answer is C.