2023 Neco Economic Questions and Answers.
In this post you will read 2023 Neco Economic Questions and Answers.
Objective questions
1. The most acceptable definition of Economics was given by
A. A.C. Pigou.
B. Adam Smith.
C. Alfred Marshall.
D. J.S.Mill.
E. Lionel Robbins.
2. In economics,resources are said to be______ in supply.
A. adequate
B. constant
C. excess
D. scarce
E. unlimited.
3. Determine the median from the following numbers;4,14,20,5,10, 16,30 and 38.
A. 14
B. 15
C. 16
D. 20
E. 30
4. If the marks scored by 12 students in Economics test are;30,50,30,60, 60,40,50 80,70,80,80,and 70. What is the mode?
A. 40
B. 50
C. 60
D. 70
E. 80.
5. Which of the following factors of production is fixed in supply?
A. Capital
B. Entrepreneur
C. Labour
D. Land
E. Resources
6. The most mobile factor of production is
A. capital.
B. entrepreneur.
C. labour.
D. land.
E. technology.
7. The degree of spread of values in a distribution is
A. geometric mean.
B. mean deviation.
C. measure of dispersion.
D. median.
E. range.
8. Which of the following is an example of a fixed cost?
A. Electricity bill
B. Fuel
C. Raw material
D. Rent
E. Transportation
9. The total cost of producing a commodity divided by the number of units of output is_____cost.
A. average
B. fixed
C. marginal
D. total
E. variable.
16. The agreements,rules and regulations guiding members of a partnership is
A. ccrtificate of incorporation.
B. certificate of trading.
C. deed of partnership.
D. formation of partnership.
E. memorandum of association.
17. The actual number of people living in a country at any point in time is
A. depopulation.
B. over population.
C. population density.
D. population growth.
E. population.
18. If the population of a town increased from 280,000 to 320,000 between 1991 and 1993. What is the population growth rate of the town?
A. 12.55%
B. 14.29%
C. 15.50%
D. 16.15%
E. 17.42%
19. The purchasing power of labour is referred to as
A. daily stipend.
B. disposable income.
C. interest rate.
D. nominal wage.
E. real wage.
20. Efficiency of labour can be improved through
A. education and training.
B. harsh weather condition.
C. non application of division of labour.
D. promotion ofilliteracy.
E. staff strength and development.
21. Transformations resulting in equitable
distribution of wealth in an economy are requirements of
A. capital accumulation.
B. economic development.
C. economic growth.
D. economic integration.
E. manpower development.
22. Agricultural productivity means.
A. available resources farmers put into use.
B. cultivating large area of farmland.
C. increase in output per farmer in production.
D. producing a large amount of export crops.
E. producing food crops for industrial use.
23. A system of Agriculture that involves extensive use of machines is farming.
A. cooperative
B. livestock
C. mechanized
D. peasant
E. plantation.
24. Farmers in West Africa earn low income because of
A. high literacy level.
B. improved irrigation system.
subsistence farming methods.
D. use of modern equipment.
E. use of research methods.
25. Industrialization in Nigeria can be encouraged through the following except
A. creation of industrial estates.
B. high import duties on industrial inputs.
increase in manpower training.
D. provision of credit facilities.
26. Crude oil in Nigeria was first discovered in
A. Brass.
B. Eleme.
C. Mbiama
D. Okitipupa
Oloibiri.
27. The Nigeria National Petroleum Corporation(NNPC) Ltd was established in
A. 1970.
B. 1974.
C. 1977.
D. 1980.
E. 1982.
28. Which of the following is not an agency for poverty alleviation in Nigeria?
A.Economic and Financial Crimes Commission(EFCC)
B. National Economic Empowerment Development Strategy (NEEDS)
C. National Directorate of Employment(NDE)
D. National Poverty Eradication Programme (NAPEP)
E. People's Bank of Nigeria(PBN).
29. Which of the following is a problem associated with barter system?
A. Allows for deferred payment.
B. Ease in storing wealth.
C. Encourages borrowing and lending.
D. Indivisibility of goods.
E. Wastage of time and effort.
30. Inflation is said to have occurred when there is
A. available goods and services in the economy.
B. bad monetary and fiscal policies.
C. increase in price of essential goods.
D. increase in the volume of money in circulation.
E. sustained downward movement of the general price level.
31.Middlemen are criticized because they
A. collect useful information for manufacturers and retailers.
B. grant loans to manufacturers.
C. hoard goods in order to raise their prices.
D. take consumer goods to the remote parts of the country.
E. unite consumers and other agents.
32. A market where several producers produce similar products is
A. duopoly.
B. monopolistic competition.
C. monopoly.
D. oligopoly.
E. perfect competition.
33. In monopolistic competition, marginal revenue is always lower than
A. average cost.
B. average revenue.
C. fixed cost.
D. marginal cost.
E. total revenue.
34. A country's standard of living is measured by
A. disposable income.
B. increase in population.
C. net income from abroad.
D. per capita income.
E. personal savings,
35. A tax which increases at a higher percentage as income increases is tax.
A.ad valorem
B. income
C. progressive
D. proportional
E. regressive
36.A compulsory fee levied on the income and property of an individual and firm is_____tax.
A. ad valorem
B. direct
C. indirect
D. regressive
E. specific
37. The national income approach that measures the value of profit,rent, interest and wages is
A. Expenditure method.
B. Gross National Product.
C. Income method.
D. Net National Product.
E. Output method.
38. Which of the following is a feature
of an undeveloped economy?
A. High investment
B. High standard of living
C. Low level of employment
D. Low rate of importation
E. Population explosion.
39. The United Nations Conference on Trade and Development was established in
A. 1950.
B. 1960.
C. 1964.
D. 1970.
E. 1975.
40. Which of the following is not an objective of Sustainable Development Goals (SDG's)?
A. Empowering women
B. Ensuring environmental sustainability
C. Eradicating extreme poverty
D. Increasing child mortality rate
E. Promoting gender equality.
41. The elimination of government power in a particular industry to create more competition is
A. commercialization.
B. deregulation.
C. indigenization.
D. nationalization.
E. privatization.
42. Which of the following factors is responsible for the robust growth in
Cultural bias
B. Excess labour force
Increased population
D. Low saving culture
E. Low technology.
43. A trade instrument that omphasises on quantitative limitation of imports into a country in international trade is
A. dumping.
B. import embargo.
C. import license.
D. import quota.
E. tariff.
44. An unfavourable balance of payments can be improved by
A. currency appreciation.
B. expansionary fiscal policy.
C. expansionary monetary policy.
D. export promotion.
E. import promotion.
45. The type of planning that targets major aspects of national economy is economic planning,
A. comprehensive
C.controlled financial
D. partial
E. strategic.
46. The Sustainable Development Goals (SDGs) has___ measurable targets.
A. 2
B. 6
C. 8
D. 10
E. 17
47. Which of the following is a
challenge in economic growth
of Nigeria?
A. High level of literacy
B. High rate of employment
C. Increasing inequality
D. Low rate of poverty
E. Political stability.
THEORY QUESTIONS SECTION B
Answer four questions only from this section.
3. (a) With the aid of diagrams,explain change in demand and change in quantity demanded.
(b) Discuss five factors thatcause change in demand.
4. (a)Who is an Entrepreneur? Entrepreneur to business growth. (b) Explain five importance.
5. (a) What is Specialization?
(b) Discuss three advantages andtwo disadvantages of Division of Labour.
6. (a) Define Economic Integration.
Expatiate on five benefits of Economic Integration.
7. Distinguish between Economic Growth and Development.
(b) Discuss five features of a developing economy.
8. Write short notes on the following:
(a) Consumers surplus 001
Balance of Payment deficit.
9.
Terms of Trade
(d) Elasticity of demand
Budget surplus
Distinguish between money and barter system.
List and explain five disadvantages associated with trade by barter.
10. (a) What is Mechanized Farming?
Discuss five economic importance of Agriculture to Nigeria development.
(a) Explain fve problems encountered during population census.
11.
Expatiate on five sources of finance to business enterprises.
What is Co-operative Society?
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