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 381: An economy is described as spend-rift if it Options:
  A) does not concern itself with savings and investment
  B) has a great ability to generate foreign exchange from investment
  C) has greater opportunity to receive large income from investment
  D) invests in income generating industries
  E) has trade connection with other countries
  Show Answer
  The correct answer is A.
• Question 382: Data presented in a circular chart is known as Options:
  A) circular chart
  B) component chart
  C) histogram
  D) pictograph
  E) pie chart
  Show Answer
  The correct answer is E.
• Question 383: Which of the following is NOT a component of agriculture? Options:
  A) crop farming
  B) drilling
  C) fishing
  D) forestry
  E) livestock farming
  Show Answer
  The correct answer is B.
• Question 384: The professional that view cost in term of alternatives sacrificed is the Options:
  A) accountant
  B) cashier
  C) economist
  D) manager
  E) tax collector
  Show Answer
  The correct answer is C.
• Question 385: In calculating mean one should Options:
  A) add the highest and the lowest number
  B) divide the highest and the lowest number
  C) divide the sum of the figure by the number of the figure
  D) find the most common number
  E) pick any number that has no partner
  Show Answer
  The correct answer is C.
• Question 386: A shift of the demand curve leftward from its original position indicate Options:
  A) an increase in quantity demanded
  B) a decrease in quantity demanded
  C) an expansion of demand
  D) a fall in demand
  E) price effect on demand
  Show Answer
  The correct answer is A.
• Question 387: ECOWAS Visa lasts for Options:
  A) 14 days
  B) 30 days
  C) 60 days
  D) 90 days
  E) 100 days
  Show Answer
  The correct answer is D.
• Question 388: Which of the following is NOT a sources of national income statistics? Options:
  A) Foreign trade figure
  B) pay-rolls of various establishment
  C) income tax return
  D) Economic surveys
  E) level of infrastructural development
  Show Answer
  The correct answer is E.
• Question 389: Which of the following is a characteristic of private enterprises? Options:
  A) business risks are borne by the buyers
  B) capital is provided by the public
  C) control and management of the business is in the hands of customer
  D) the business is owned and run by government
  E) The main aim of setting up the business is to maximize profit
  Show Answer
  The correct answer is E.
• Question 390: The aim of indigenization policy was to Options:
  A) build more industries in the economy
  B) increase the drain in foreign exchange
  C) increase foreign domination of the economy
  D) increase the participation of Nigeria’s commerce and industry
  E) send all the foreigners away from Nigeria
  Show Answer
  The correct answer is B.