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 291: 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 292: An industry operating in a perfect competitive market situation will maximum profit when Options:
  A) DD = SS
  B) DD < SS
  C) MC > AC
  D) MC < AR
  E) MC = MR
  Show Answer
  The correct answer is E.
• Question 293: The satisfaction derived from Die consumption of a commodity is referred o as Options:
  A) consumption
  B) demand
  C) production
  D) utility
  E) utilization
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  The correct answer is D.
• Question 294: The demand for factors of production is said to be Options:
  A) competitive
  B) complementary
  C) composite
  D) derived
  E) joint
  Show Answer
  The correct answer is D.
• Question 295: A business formation with a minimum of two and maximum of twenty persons is called Options:
  A) cooperative society
  B) joint stock company
  C) one man business
  D) partnership
  E) public corporation
  Show Answer
  The correct answer is D.
• Question 296: Which of the following is NOT a function of the IMF? Options:
  A) assisting member countries in printing and issuing their currency
  B) Exchange rate stabilization
  C) Promoting international monetary cooperation
  D) Providing financial aid to members experiencing balance of payment difficulties
  E) Serving as a clearing house f member countries
  Show Answer
  The correct answer is A.
• Question 297: In the equation Q = a - bp + e; Q and P are .... Variables respectively. Options:
  A) constant and dependent
  B) dependent and independent
  C) error term and independent
  D) independent and constant
  E) independent and dependent
  Show Answer
  The correct answer is E.
• Question 298: ECOWAS secretariat is located in Options:
  A) Abuja, Nigeria
  B) Accra, Ghana
  C) Conakry, Guinea
  D) Freetown, Sierra Leone
  E) Monrovia, Liberia V
  Show Answer
  The correct answer is A.
• Question 299: Persistent fail In the general price level Is known as Options:
  A) deflation
  B) devaluation
  C) general price Increase
  D) inflation
  E) price index
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  The correct answer is A.
• Question 300: Which of the following is NOT a major role of OPEC in production, and marketing of petroleum? Options:
  A) Coordinating and unifying petroleum policies of member countries
  B) Ensuring efficient and regular supply of oil to the two market
  C) Raising the revenue of member countries from oil through price increase
  D) Refining of petroleum products in member countries
  E) Stabilizing oil prices putting a production ceiling
  Show Answer
  The correct answer is D.