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 421: The main disadvantages of deflationary policies is Options:
  A) full employment in the country
  B) increasing cost of living
  C) improved standard of living
  D) unemployment in the country
  E) under employment in the country
  Show Answer
  The correct answer is D.
• Question 422: The bank established to finances project aimed at promoting economic and social development within the African continent is Options:
  A) African bank for commerce and industry
  B) African development bank
  C) economic bank for African
  D) recovery fund bank for Africa
  E) Africa currency board bank
  Show Answer
  The correct answer is B.
• Question 423: The comparison of the standard of living between Nigeria and Ghana is best down through the use of Options:
  A) gross domestic product
  B) gross National incomes
  C) Net disposable income
  D) Net National income
  E) per capita income
  Show Answer
  The correct answer is E.
• Question 424: What is the median term in the distribution below ;14, 13 29 ,15 ,13,17 ,12, Options:
  A) 12
  B) 13
  C) 14
  D) 15
  E) 29
  Show Answer
  The correct answer is C.
• Question 425: The middle value of an array figure arranged in descending order is referred to as the Options:
  A) equation
  B) mean
  C) Median
  D) mode
  E) Variance
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  The correct answer is C.
• Question 426: Transcationary motive implies, holding money Options:
  A) for future investment
  B) for day to day expenses
  C) for unforeseen contingencies
  D) to settle previous debts
  E) to buy share in the stock exchange market
  Show Answer
  The correct answer is B.
• Question 427: One of the fundamental economic problem of every society is Options:
  A) allocation of scarce resource
  B) availability of market
  C) consumption pattern of inhabitant
  D) presence of middle man
  E) inadequate labour force
  Show Answer
  The correct answer is A.
• Question 428: Which of these is NOT associated with the problem of internal trade? Options:
  A) bargaining
  B) lack of specialization
  C) market trade unions
  D) natural barriers
  E) large number of middlemen
  Show Answer
  The correct answer is D.
• Question 429: A market situation with few sellers and many buyers is called Options:
  A) monopoly
  B) duopoly
  C) oligopoly
  D) perfect competition
  E) monopsony
  Show Answer
  The correct answer is C.
• Question 430: In income determination theory, acceleration principles shows that Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A.