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 181: In a given set of data, if the variance is 25, what is the standard deviation? Options:
  A) 45
  B) 5
  C) 55
  D) 10
  E) 12
  Show Answer
  The correct answer is B.
• Question 182: A production possibility curve shows the Options:
  A) resources used to produce a particular commodity
  B) possible combinations of two commodities
  C) rate of inflation
  D) rate of unemployment in the country
  E) tabular illustration of production possibilities
  Show Answer
  The correct answer is B.
• Question 183: One of the roles of industrialization in economic development of Nigeria is Options:
  A) employment generation
  B) environmental pollution
  C) target of enemy’s attack
  D) unemployment
  E) uneven development
  Show Answer
  The correct answer is A.
• Question 184: Which of the following hinder(s) effective distribution of goods in Nigeria? Options:
  A) Branding and packaging of goods
  B) Good transportation network
  C) Large quantity of goods
  D) numerous middlemen
  E) Warehousing facilities
  Show Answer
  The correct answer is D.
• Question 185: When the demand for foreign exchange exceeds its supply, the value of the domestic currency Options:
  A) appreciates
  B) depreciates
  C) inflates
  D) expands
  Show Answer
  The correct answer is B.
• Question 186: The additional satisfaction derived from the consumption of one or more unit of a good is called Options:
  A) marginal products
  B) marginal utility
  C) marginal revenue
  D) marginal cost
  Show Answer
  The correct answer is B.
• Question 187: The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by the Options:
  A) ECOWAS
  B) IMF
  C) OPEC
  D) NNPC
  E) ECA
  Show Answer
  The correct answer is C.
• Question 188: The purchasing power of the Naira will fall when Options:
  A) workers are retrenched
  B) the colour of the naira is changed
  C) the government cuts all salaries and wages
  D) there is inflation
  E) the naira is overvalued
  Show Answer
  The correct answer is D.
• Question 189:

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

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B.
• Question 190:

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

  Options:
  A) agriculture
  B) mono culture
  C) forestry
  D) aqua-science
  E) horticulture
  Show Answer
  The correct answer is A.