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 211: The following are bye-products of crude oil EXCEPT Options:
  A) bitumen
  B) kerosene
  C) paraffin wax
  D) perfume
  E) petrol
  Show Answer
  The correct answer is D.
• Question 212: The following are types of monopolies EXCEPT Options:
  A) cartels
  B) holding companies
  C) syndicates
  D) thrifts
  E) trusts
  Show Answer
  The correct answer is D.
• Question 213: Standard deviation can be determined by the square root of the Options:
  A) mean
  B) mean deviation
  C) mode
  D) variance
  E) variance divided by the mean
  Show Answer
  The correct answer is D.
• Question 214: Economics is regarded as a social science because It Options:
  A) helps people to be acceptable In the society
  B) Is associated with social dubs
  C) is used by sociologist
  D) studies human behavior
  E) uses controlled experiment
  Show Answer
  The correct answer is D.
• Question 215: If the price Index of export is 140% and import is 200%, what is Options:
  A) 60
  B) 70
  C) 100
  D) 140
  E) 280
  Show Answer
  The correct answer is B.
• Question 216: Which of the following is NOT a feature of land? Options:
  A) Free gift of nature
  B) Fixed in supply
  C) Geographically immobile
  D) Returns on land is wages
  E) Subject to law of diminishing returns
  Show Answer
  The correct answer is D.
• Question 217: The first oil refinery in Nigeria was established at Options:
  A) Alesa Eleme
  B) Araromi
  C) Kaduna
  D) Oloibiri
  E) Warri
  Show Answer
  The correct answer is D.
• Question 218: The function muv/muz = py/pz represents Options:
  A) consumer’s average utility level
  B) diminishing marginal utility
  C) increasing marginal utility
  D) marginal theory of price
  E) utility maximization
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  The correct answer is E.
• Question 219: The creation of physical and concrete goods that can be seen and handled Is Options:
  A) diminishing returns
  B) division of labour
  C) Industrialization
  D) production
  E) specialization
  Show Answer
  The correct answer is D.
• Question 220: Which of the following is NOT a contribution of agriculture to industrial development? Options:
  A) provision of food for the industrial sector
  B) Provision of funds for industrial development
  C) Provision of raw materials
  D) Supply of labour to the industrial sector
  E) supply of machinery to the industrial sector
  Show Answer
  The correct answer is E.