NECO Economics Past Questions and Answers

NECO Economics Past Questions and Answers 

The National Examinations Council (NECO) is one of the most important examination bodies in Nigeria. It administers a variety of exams, including the Economics exam. This exam is designed to test students’ knowledge of economic principles and theories.

If you are planning to take the NECO Economics exam, it is important to study past questions.

This will help you to familiarize yourself with the format of the exam and the types of questions that are asked.

In this blog article, we will provide you with a comprehensive guide to NECO Economics past questions and answers.

We will discuss the importance of studying past questions, how to find and use past questions, and some tips for answering past questions.

Why Study Past Questions?

There are several reasons why it is important to study past questions for the NECO Economics exam. First, past questions can help you to familiarize yourself with the format of the exam. This includes the number of questions, the types of questions, and the level of difficulty of the questions.

Second, past questions can help you to identify the areas of economics that you need to study more. By reviewing past questions, you can see which topics are frequently tested. This will allow you to focus your studies on the most important topics.

Third, past questions can help you to practice answering questions under timed conditions. This is important because the NECO Economics exam is a timed exam. By practicing answering past questions under timed conditions, you can improve your time management skills and your ability to answer questions quickly and accurately.

How to Find and Use Past Questions

There are a few different ways to find NECO Economics past questions. One way is to purchase a past questions booklet from a bookstore or online retailer. Another way is to find past questions online. There are a number of websites that offer free or paid access to past NECO exam questions.

Once you have found some past questions, you need to decide how to use them. One way to use past questions is to simply read through them and answer the questions. This will help you to familiarize yourself with the format of the exam and the types of questions that are asked.

Another way to use past questions is to create a practice test. This involves setting a timer and answering a set of past questions in the same amount of time that you will have for the actual exam. This will help you to practice answering questions under timed conditions.

Tips for Answering Past Questions

Here are some tips for answering past questions for the NECO Economics exam:

• Read the instructions carefully before you start answering the questions.

• Make sure that you understand the meaning of the questions before you answer them.

• If you are not sure how to answer a question, try to find a similar question in the past questions booklet or online.

• Answer the questions in the order that you feel most comfortable with.

• Do not spend too much time on any one question. If you are stuck, skip the question and come back to it later.

• Review your answers carefully before you submit your exam.

NECO Objective Questions in Economics.

1. The definition of Economics as an inquiry into the nature and causes of the wealth of nations’ was given by
A. Adam Smith.
B. Alfred Marshall.
C. Irving Fisher.
D. John Keynes.
E. Lionel Robbins.

2. The economics concept that emphasizes prioritization of human wants is referred to as
A. choice.
B. need.
C. opportunity cost.
D. scale of preference.
E. scarcity.

Use the information below to answer the questions that follows”
Given the tonnes of cocoa produce in Idanre in 5 years as follows

3. Determine the total tonnes of cocoa produced from 2001 to 2004.
A. 60
B. 80
C. 150
D. 180
E. 220

4. Which of the following is not a feature of a good table?
A. Clearly labeled axis
B. Clear layout
C. Easy to comprehend
D. Explanatory footnote
E. Well titled

5. The basic economic problems of society include the following except
A. efficient production.
B. efficient use of resources.
C. for whom to produce.
D. how to produce.
E. what to produce.

6. A form of production that deals with general services is production.
A. direct
B. industrial
C. primary
D. secondary
E. tertiary

7. The reward for capital as a factor of production is
A. commission.
B. interest
C. profit.
D. rent.
E. wage.

8. Which of the following is not a form of business organization?
A. Cooperative society
B. Industry
C. Joint-stock company
D. Partnership
E. Sole proprietorship

9. The document that provides the rules and regulations that governs the internal working of an organization is referred to as
A. article of association.
8. certificate of incorporation.
C. deed of partnership.
D. memorandum of association.
E. memorandum of understanding.

10. The difference between birth and death rate is
A. fertility rate.
B. infant mortality.
C. natural growth rate.
D. optimum population.
E. population density.

11. The third stage of the Demographic Transition Theory is characterized by
A. high death rate.
B. high death rate and high birth rate.
C. low birth rate and high death rate.
D. low death rate and low birth rate.
E. overpopulation.

12. If a bank cashier rises to the rank of bank manager, this is called___mobility of labour.
A. geographical
B. horizontal
C. occupational
D. technological
E. vertical

13. The objective of specialization is to
A. efficiently allocate resources.
B. increase the price of commodities.
C. increase productive capacity.
D. increase the use of labour.
E. reduce workers’ skills.

14. Which of the following is the correct chain of distribution?
A. Manufacturer —> Consumer —> Wholesaler —> Retailer
B. Manufacturer —> Retailer —> Wholesaler —> Consumer
C. Manufacturer —> Wholesaler —> Retailer —> Consumer
D. Retailer —> Wholesaler —> Manufacturer —> Consumer
E. Wholesaler -> Retailer —> Manufacturer —> Consumer

15. Effective distribution of goods and services can be hindered by
A. adequate market information.
B. availability of credit facilities.
C. efficient storage facilities.
D. good road network.
E. too many middlemen.

16.Which of the following is not an example of commodity money?
A. Beads
B. Coins
C. Cowry shells
D. Elephant tusk
E. Slaves

17. The Central Bank of Nigeria’s policy of producing polymer against the paper notes is anchored on what characteristic of money?
A. Acceptability
B. Divisibility
C. Durability
D. Homogeneity
E. Portability

18. A system of agriculture where a number of individual farmers pool their resources in order to produce
a large quantity of products in farming.
A. commercial
B. cooperative
C. livestock
D. mechanized
E. plantation

19. If the weekly revenues accrued to a firm are:
N2,500, Nl,500, N1,000, N2,000, N17,000, N2,600 and Nl,200.
Determine the range of the firm’s weekly transaction.
A. N10,000
B. N12,200
C. N14,000
D. N16,000
E. N18,000

20. If the mean of die following numbers 1, x, 4 and 5 is 3, find x.
A. 1
B. 2
C. 3
D. 4
E. 5

Economics NECO Essay Questions

1. (a) Define the Price System. (4 marks)
(b) Discuss four features of the Price System. (16marks)

2. Explain five roles played by Agriculture in the Economic development of Nigeria. (20 marks)

3. State and explain five problems militating against industrialization in Nigeria. (20 marks)

4. (a) Differentiate between Inflation and Deflation. (5 marks)

(b) Briefly discuss three monetary and two fiscal policies for controlling inflation. (15 marks)

FAQs

What are the benefits of studying past questions for the NECO Economics exam?

• Familiarize yourself with the format of the exam.
• Identify the areas of economics that you need to study more.
• Practice answering questions under timed conditions.

Where can I find NECO Economics past questions?

• Purchase a past questions booklet from a bookstore or online retailer.
• Find past questions online.

How should I use past questions to prepare for the NECO Economics exam?

• Read through the past questions and answer the questions.

• Create a practice test and answer a set of past questions in the same amount of time that you will have for the actual exam.