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 371: In economics, electricity, water supply, communication networks, road, etc are known as Options:
  A) capital structure
  B) development induces
  C) development projects
  D) infrastructural facilities
  E) project growth
  Show Answer
  The correct answer is D.
• Question 372: A tax system which takes lesser percentage of a tax payers income as his income increase is known as Options:
  A) direct tax
  B) indirect tax
  C) progressive tax
  D) proportional tax
  E) regressive tax
  Show Answer
  The correct answer is C.
• Question 373: Efficiency of labour implies Options:
  A) education and training
  B) good working condition
  C) healthier workforce
  D) increased productivity worker accompanied by improvement in the quality of output
  E) the amount of incentives or remuneration given to workers
  Show Answer
  The correct answer is D.
• Question 374: Which of the following is NOT a cause of inflation? Options:
  A) excessive bank lending
  B) excessive deficit financing
  C) increase in domestics productivity
  D) increase in wages and salaries of workers
  E) increase in government expenditure
  Show Answer
  The correct answer is C.
• Question 375: Which of the following is true of a perfect market situation? Options:
  A) price = AR=MC=AC
  B) price = DD = MC = AC
  C) price = AC = MC = AR
  D) price = AR = MR = DD
  E) price = MR but MR < AR
  Show Answer
  The correct answer is A.
• Question 376: The best way of presenting data in tabular form is in Options:
  A) bars and columns
  B) charts and lines
  C) maps and rows
  D) pictographs and histogram
  E) rows and columns
  Show Answer
  The correct answer is C.
• Question 377: In the equation MV = PT; V stand for Options:
  A) velocity of circulation of money
  B) velocity of price change
  C) volume of goods produced
  D) volume of money
  E) volume of transaction
  Show Answer
  The correct answer is B.
• Question 378:

  Which of the following is a major export crop in Nigeria?

  Options:
  A) cocoa
  B) coffee
  C) copper
  D) kola nut
  E) soy beans
  Show Answer
  The correct answer is A.
• Question 379: According to the theory of comparative advantages, countries are to specialize based on their Options:
  A) absolute cost advantages
  B) absolute cost disadvantages
  C) comparative cost advantages
  D) comparative cost disadvantages
  E) the availability of labour
  Show Answer
  The correct answer is B.
• Question 380:

  Averages cost (AC) equal to

  Options:
  A) AC_TC
  B) TC_AC
  C) TC_AVC
  D) TC_MC
  E) TC_Q
  Show Answer
  The correct answer is D.