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 231: Which of these is NOT a bottle neck In the distribution of goods In Nigeria? Options:
  A) Adequate transportation network
  B) Inadequate credit facilities
  C) Inadequate storage facilities
  D) poor processing and packaging
  E) Unnecessary hoarding
  Show Answer
  The correct answer is A.
• Question 232: A change in National Income brought about by a given change in investment Is Options:
  A) APC
  B) APS
  C) MPC
  D) MPS
  E) The multiplier
  Show Answer
  The correct answer is E.
• Question 233: If total Income is N15m and total consumption Is N3m. then the average propensity to consume is Options:
  A) 0.2
  B) 0.6
  C) 0.7
  D) 5
  E) 10
  Show Answer
  The correct answer is A.
• Question 234: At the point where total utility begins to decline MU is Options:
  A) constant
  B) decreasing
  C) increasing
  D) negative
  E) zero
  Show Answer
  The correct answer is D.
• Question 235: The difference between Gross National Income and Gross Domestic Product is known as Options:
  A) capital consumption
  B) debt repayments
  C) Investment abroad
  D) net income from abroad
  E) net saving
  Show Answer
  The correct answer is D.
• Question 236: In a solo proprietorship, decisions are made by the Options:
  A) board of directors
  B) government
  C) management
  D) owner
  E) shareholders
  Show Answer
  The correct answer is D.
• Question 237: Find the arithmetic mean of the following set of scores 12, 4, 2, 8, and 14 Options:
  A) 8
  B) 10
  C) 12
  D) 14
  E) 30
  Show Answer
  The correct answer is A.
• Question 238: The following are advantages of standard deviation EXCEPT that it Options:
  A) has greater practical utility In sampling
  B) is a good measure of dispersion since all the values are used in its calculation
  C) is important and useful in the analysis of T- Test
  D) is not a sound mathematical index
  E) is the most popular measure of dispersion in distribution
  Show Answer
  The correct answer is A.
• Question 239: If the Income flow of a country exceeds the expenditure flow in international transactions, the balance of payment is Options:
  A) balanced
  B) deficit
  C) restricted
  D) surplus
  Show Answer
  The correct answer is D.
• Question 240: Which of the following is an advantage of free enterprise economy? Options:
  A) Allocates resources better
  B) Avoids extreme Inequality of income
  C) Full employment
  D) It is very competent In providing vital social services
  E) No need of employing a host of officials to allocate resources
  Show Answer
  The correct answer is D.