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 341: Which of the following is NOT a factor determining supply? Options:
  A) cost of production
  B) climatic condition or weather
  C) income of the producers
  D) number of producers
  E) technological development
  Show Answer
  The correct answer is A.
• Question 342: Central bank of Nigerian started operation Options:
  A) 1958
  B) 1959
  C) 1960
  D) 1963
  E) 1973
  Show Answer
  The correct answer is B.
• Question 343: Minimum price control is aimed at Options:
  A) increasing the size of the market
  B) minimizing the profit level
  C) punishing the consumers
  D) protecting the consumer
  E) reducing the size of the market
  Show Answer
  The correct answer is B.
• Question 344: What is meant by utility? Options:
  A) amount of money derived by a manufacture
  B) A number of things a consumer will enjoy at a time
  C) amount of satisfaction derive from the consumption of a commodity at a particular time
  D) amount of satisfaction giving to a producer
  E) total profit producers will get at a particular time
  Show Answer
  The correct answer is C.
• Question 345: Total revenue can be obtained by multiplying Options:
  A) price by quantity sold
  B) averages revenue by the demand
  C) marginal revenue by marginal cost
  D) average revenue plus marginal revenue
  E) average cost by variable cost
  Show Answer
  The correct answer is A.
• Question 346: Which of these is NOT a basic economic problem of society? Options:
  A) efficiency of resource use
  B) for whom to produces
  C) how to produce
  D) scale of production
  E) what to produce
  Show Answer
  The correct answer is A.
• Question 347: Economic growth is the Options:
  A) growth in a nation’s life expectancy
  B) increase in a nation’s population
  C) rate of increase in aggregate demand in a country
  D) rate of increase in a country’s full employment and real output
  E) rate of increase
  Show Answer
  The correct answer is C.
• Question 348: In the demographic transition theory, stage II represents a stage where Options:
  A) declining birth rates with low death rates lead to little or no population growth
  B) high birth rate with low death rates lead to no population growth
  C) there is population growth due to high birth rates and low death rates at that stages
  D) there is a slow rate of population growth as a result of high birth rate accompanied by high but slightly fluctuating death rate
  E) there is a very high growth as population as a result of high birth rates accompanied by high but slightly fluctuating death rates
  Show Answer
  The correct answer is D.
• Question 349: The central point of the Malthusian theory is that Options:
  A) everybody should become a farmer
  B) government should provide enough accommodation and food
  C) increasing population will get enough food
  D) population increase in geometric progression while food arithmetic progression
  E) wages has nothing to do with cost of living
  Show Answer
  The correct answer is A.
• Question 350: The law of variable proportion state that if the quantities of variable factor of production are used with fixed factor, after a certain point, Options:
  A) each successive unit of the variable factor brings about a decreasing marginal product
  B) each successive unit of the variable factor bring about equal increase in marginal product
  C) each successive unit of the variable factor bring about an increasing marginal product
  D) each successive unit of the variable factor bring about four time increase in marginal product
  E) each successive unit of the variable factor bring about more than equal increase in marginal product
  Show Answer
  The correct answer is B.