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 251:

  One of the fundamental economic problem of every society is

  Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A.
• Question 252:

  Which of these is NOT associated with the problem of internal trade?

  Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D.
• Question 253:

  A market situation with few sellers and many buyers is called

  Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C.
• Question 254:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A.
• Question 255:

  The 2nd National Development plan in Nigeria was between

  Options:
  A) 1962 - 1968
  B) 1970 - 1974
  C) 1975 - 1980
  D) 1980 - 1985
  E) 1985 - 1990
  Show Answer
  The correct answer is B.
• Question 256: Which of the following will NOT bring about an increase in Labour force? Options:
  A) Better medical services
  B) Decrease in death rate
  C) Emigration
  D) Immigration
  E) Increase in birth rate
  Show Answer
  The correct answer is C.
• Question 257: Range is NOT the best method of measuring dispersion because it considers only the Options:
  A) first number
  B) first two numbers
  C) frequently occurred number
  D) middle number
  E) two extreme number
  Show Answer
  The correct answer is E.
• Question 258: The system of farming which involves the use of a large hectare of land planted with economic crops is known as Options:
  A) cooperative farming
  B) mechanized farming
  C) peasant farming
  D) plantation farming
  E) tree planting
  Show Answer
  The correct answer is B.
• Question 259: Which of the following is NOT a positive contribution a petroleum to Nigeria economy? Options:
  A) Development of bat infrastructures
  B) Increase in National income
  C) Major employer of labour
  D) Major foreign exchange earned
  E) Turning the nation to mono-product economy
  Show Answer
  The correct answer is E.
• Question 260: Production is said to be complete when goods and services gets to the Options:
  A) consumers
  B) distributors
  C) retailers
  D) warehouses
  E) wholesalers
  Show Answer
  The correct answer is A.