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 221: Branding and packaging of goods Is the function of Options:
  A) brokers
  B) consumers
  C) manufactures
  D) retailers
  E) wholesalers
  Show Answer
  The correct answer is C.
• Question 222: The solution to problem of how to produce in a capitalist economy is solved by Options:
  A) combining aid labour means of production
  B) the producers involves
  C) using capital Intensive method of production
  D) using labour intensive method of production
  E) using the method of production with the least cost
  Show Answer
  The correct answer is B.
• Question 223: Which of the following is a condition necessary Options:
  A) Few sellers and buyers
  B) Free entry and exist
  C) Homogeneous goods
  D) Lack of preferential treatment
  E) Many callers and buyers
  Show Answer
  The correct answer is A.
• Question 224: Which of the following is a disadvantage of sole proprietorship? Options:
  A) Does not enjoy limited liability
  B) Decisions are easily made and implemented
  C) Easy to set up
  D) Enjoys secrecy
  E) Maintains dose relationship with workers and customers
  Show Answer
  The correct answer is A.
• Question 225: which of the following measures can be used to control inflation? Options:
  A) decrease in bank rate
  B) Decrease in taxation
  C) deficit budget
  D) Export drive
  E) Increase in government expenditure
  Show Answer
  The correct answer is D.
• Question 226: The following methods are used in calculation of National Income EXCEPT Options:
  A) depreciation
  B) Expenditure
  C) Income
  D) Output
  E) value added
  Show Answer
  The correct answer is A.
• Question 227: A deliberate government policy to exclude foreign participation in certain economic activity is known as Options:
  A) commercialization
  B) indigenization
  C) liberalization
  D) localization
  E) privatization
  Show Answer
  The correct answer is B.
• Question 228: The following measures used to check deflation EXCEPT Options:
  A) deficit financing
  B) improving distribution system
  C) increasing wages and salaries
  D) raising the bank rate
  E) reducing taxation
  Show Answer
  The correct answer is D.
• Question 229: The difference between bar charts and histograms is that the former Options:
  A) are difference between bars adjoined to each other while the latter are separate bars divided Into sections
  B) are line graphs while the latter are rectangular bars
  C) are separate bars divided Into sections while the latter are line graphs
  D) has bars adjoined to each other while the latter has separate bars
  E) has bars separate from each other while the latter has bars adjoined to each other
  Show Answer
  The correct answer is E.
• Question 230: Agricultural production in Nigeria could be improved through Options:
  A) control of plant diseases
  B) Land Fragmentation
  C) Payment of excise duty
  D) the introduction of low yielding crops
  E) the use of traditional implements
  Show Answer
  The correct answer is A.