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 281: If the population of a school is 600 and 60% are In JSS, how many students are in SSS? Options:
  A) 204
  B) 224
  C) 240
  D) 244
  E) 248
  Show Answer
  The correct answer is C.
• Question 282: Which of the following is NOT associated with minimum price legislation? Options:
  A) Black market
  B) Excess demand
  C) Excess supply
  D) Unattainable equilibrium
  E) Unemployment
  Show Answer
  The correct answer is B.
• Question 283: The following are problems of development planning in Nigeria EXCEPT Options:
  A) death of skilled manpower
  B) inadequate capital
  C) inadequate statistical data
  D) poor implementation of economic planning
  E) under-population
  Show Answer
  The correct answer is E.
• Question 284: Which of the following is NOT included in-measuring the National income through the income approach? Options:
  A) Allowance given to an aged mother by a civil servant
  B) Income earned by a bricklayer
  C) Profit earned by Nigerian bottling company plc
  D) profit earned by NITEL plc
  E) Salary earned by a doctor
  Show Answer
  The correct answer is A.
• Question 285: Which of the following is a disadvantage of localization of industries? Options:
  A) Aiding cooperation among firms
  B) Creating structural unemployment
  C) Encouraging subsidiary industries
  D) Encouraging the growth of skilled labour
  E) Reducing cost of production
  Show Answer
  The correct answer is B.
• Question 286: At the equilibrium price, Options:
  A) demand is greater than supply
  B) demand equates supply
  C) demand is less than supply
  D) price is equal to demand only
  E) price is equal to supply only
  Show Answer
  The correct answer is B.
• Question 287: Which of the following is the correct order in the chain of distribution? Options:
  A) Consumer —> Distributor → Retailer → Producer
  B) Producer → Consumer → Retailer → Wholesaler
  C) Producer → Wholesaler → Retailer → Consumer
  D) Retailer → Consumer → Producer → Wholesaler
  E) Wholesaler → Retailer → Producer → Consume
  Show Answer
  The correct answer is C.
• Question 288: The following are rewards for factors of production EXCEPT Options:
  A) interest
  B) profit
  C) rent
  D) subsidy
  E) wages
  Show Answer
  The correct answer is D.
• Question 289: Under perfect competition, a profit maximizing firm will hire labour up to the point where the last unit of labor adds Options:
  A) as much to TR as to TC
  B) less to TR as to TC
  C) less to TC than to TR
  D) more to TC than to TR
  E) more to TR than to T
  Show Answer
  The correct answer is E.
• Question 290: An economy in which decision of what to produce is taken partly by private individuals and state is referred to as Economy. Options:
  A) capitalist
  B) communist
  C) mixed
  D) socialist
  E) welfarist
  Show Answer
  The correct answer is C.