Economics NECO Questions and answers Objectives/Essay for Exams available. The National Examination Council (NECO) Economics Objectives and Theory Answer tips (Paper 1&2). Get correct Likely Economics NECO Expo/Runs below.
Economics Questions and answers for NECO SSCE Exams and how to answer exams Questions without stress are provided here. This article also have NECO Economics Past Questions and answers for practice purpose for interested candidates.
The National Examination Council, NECO exams questions papers and other related materials are adequately provided for candidates on Time. The Solutions to Questions and Answers for NECO Economics Objectives and theory papers.
Updates on NECO Economics Objectives and Theory Papers
The National Examination Council, NECO Economics exam booklet will consist of two (2) Sections (paper I and II). Do not open the booklet until you are told to do so. While waiting, write your Name and Examination Number in the spaces provided at the top right-hand corner of this booklet.
Answer Paper I on your objective test answer sheet. Paper II is expected to last for1 hour. On completion of Paper I, the objective test answer sheet will be collected. Candidates will answer Paper II on their answer bookle
2026 Economics Answers to Objectives Questions
The Likely NECO SSCE Economics Objectives Exams Questions and answers are not yet updated. We are working hard to ensure that the latest updates on NECO Economics exams are provided here.
Practice Past Questions and Answers:
1. Entrepreneur is associated more with
- A. profit sharing
- B. production of beverage
- C. profit making
- D. capital management
- E. risk bearing
Correct Answer = E (Risk bearing)
- A. industrial financing
- B. maximization of local value added
- C. promotion of export oriented industries
- D. promotion of import oriented industries
- E. provision of economic and social infrastructures
Correct Answer: B (maximization of local value added)
3. Which of the following is a determinant of elasticity of supply?
- A. Consumer’s income
- B. Degree of necessities
- C. Durability of the product
- D. Number of uses of the commodity
- E. Proportion of income spent on the product
Correct Answer= C ( Durability of the product)
4. The marks obtained by 9 students in a class test are recorded below: 9, 8, 7, 5,7, 6, 8, 9 and 7. What is the median mark?
- A. 7
- B. 8.5
- C. 8
- D. 7.5
Correct Answer: A (7)
5. A country is described as developing if
- A. the income per head is low
- B. there is low labour supply
- C. the population is decreasing
- D. the contribution of tertiary sector to national income is high
Correct Answer: A (the income per head is low)
6. When more of tax on a product is borne by the buyer than the seller, the commodity involved has
- A. elastic demand
- B. perfectly inelastic demand
- C. fairly inelastic demand
- D. perfectly elastic demand
Correct Answer: C (fairly inelastic demand)
7.Inflation is a …………….
- A. general increase in the price of a single product
- B. period of economic recession
- C. period of hunger
- D. period of excessive money
- E. persistent rise in the general price level
Answer: E (persistent rise in the general price level)
8.Entrepreneur is associated more with
- A. capital management
- B. production of beverage
- C. profit making
- D. profit sharing
- E. risk bearing
Answer: E (risk bearing)
9.The first National development plan period was from
- A. 1955-1959
- B. 1962-1968
- C. 1965-1970
- D. 1970-1974
- E. 1975-1980
Answer: B (1962-1968)
10.These are the objectives of industrial strategies in Nigeria EXCEPT
- A. industrial financing
- B. maximization of local value added
- C. promotion of export oriented industries
- D. promotion of import oriented industries
- E. provision of economic and social infrastructures
Answer: B (maximization of local value added)
11.Using Expenditure Approach to estimate National Income, Y is equal to
- A. C + l + G + X – M + P – V
- B. C + l + G + X – M + P
- C. C + l + G – X + P
- D. C – 1 + G + X – M + P
- E. C + l – G + X – M – P
Answer: D (C – 1 + G + X – M + P)
12.When the value of a country’s export exceeds her imports, there will be a
- A. deficit current account
- B. excess visible imports only
- C. favorable balance of trade
- D. favourable capital account
- E. surplus current account
Answer: C (favorable balance of trade)
13.Which of the following is a determinant of elasticity of supply?
- A. Consumer’s income
- B. Degree of necessities
- C. Durability of the product
- D. Number of uses of the commodity
- E. Proportion of income spent on the product
Answer: C (Durability of the product)
14.The additional satisfaction derived from the consumption of one more unit of a good is called
- A. marginal cost
- B. marginal product
- C. marginal revenue
- D. marginal utility
- E. total Utility
Answer: D (marginal utility)
15. When the demand for foreign exchange exceeds its supply, the value of the domestic currency
- A. appreciates
- B. depreciates
- C. expands
- D. Increases
- E. inflates
Answer: B (depreciates)
16.Time deposit is the same thing as
- A. bank rate
- B. current account
- C. demand deposited
- D. fixed deposit
- E. saving account
Answer: D (fixed deposit)
17.The International Monetary Fund (IMF) was set up mainly to
- A. cater for financial needs of developed countries
- B. create conditions favourable for the growth of world trade
- C. create favourable balance of payment
- D. develop domestic trade
- E. offset foreign debts only
Answer: B (create conditions favourable for the growth of world trade)
18.The correct relationship between income (Y), consumption (C) and savings (S) is
- A. C = Y + S
- B. S = Y + C
- C. S = Y + S
- D. Y = C + S
- E. Y = C – S
Answer: D (Y = C + S)
19. Data presented in tables are usually arranged in ………… and …………
- A. charts, tables
- B. , graphs, rows
- C. pictograms, columns
- D. rows, columns
Answer: D (rows, columns)
20.Production is best defined in economics as
- A. creation of utility yielding goods and services
- B. distribution of goods and services
- C. manufacturing of goods by small factories
- D. provision of basic amenities
- E. rendering of services only
Answer: A (creation of utility yielding goods and services)
21.A major feature of capitalism is
- A. collective ownership of means of production
- B. competition
- C. equality or egalitarianism
- D. redistribution of income
- E. socialization and welfare
Answer: B (competition)
22.The demand for salt is …………
- A. Elastic
- B. Inelastic
- C. Unitary elastic
- D. both a and b
Answer: B (Inelastic)
23. The concept of choice in Economics refers to
- A. a decision between one thing and another
- B. ranking of wants in an ascending order
- C. selection of most pressing wants out of a range of alternatives
- D. ranking of wants on a table of preference
- E. separating defective commodities from non-defective ones
Answer: C (selection of most pressing wants out of a range of alternatives)
24. Price elasticity of supply measures the responsiveness of quantity supplied to
- A. a change in the demand for the product V
- B. a change in the price of the commodity
- C. changes in consumers
- D. changes in prices of other commodities
- E. changes in suppliers income
Answer: B (a change in the price of the commodity)
25.Labour force simply means the
- A. demand and supply of labour
- B. efficiency of labour
- C. job seekers
- D. unemployable population
- E. working population
Answer: E (working population)
26.The concentration of firms in one area is referred to as of ……………. industries.
- A. location
- B. localization
- C. multiplication
- D. proliferation
- E. pluralization
Answer: B (localization)
27.Disguised unemployment is the same thing as
- A. residual unemployment
- B. seasonal unemployment
- C. structural unemployment
- D. under-employment
- E. voluntary unemployment
Answer: D (under-employment)
28.The following are qualities of money EXCEPT
- A. acceptability
- B. divisibility
- C. homogeneity
- D. portability
- E. rationality
Answer: E (rationality)
29. Oil was first discovered in commercial quantity in ……….. State.
- A. Amasoma, Bayelsa
- B. Bonny, Rivers
- C. Oloibiri, Rivers
- D. Igbokoda, Ondo
- E. Warri, Delta
Answer: C (Oloibiri, Rivers)
30.The growth of a country’s population is affected by
- A. military might of the country
- B. number of births per thousand of the population
- C. number of people willing to be counted
- D. the amount of money in circulation
- E. the number of men in the population
Answer: B (number of births per thousand of the population)
31. A firm is said to be a public joint-stock company when it
- A. has unlimited liability
- B. is administered by the public
- C. is owned by the government
- D. operates as a public corporation
- E. sells its shares to members of the public
Answer: E (sells its shares to members of the public)
32.The unit for measuring changes in prices and output is called ………………. index
- A. capital
- B. expenditure
- C. income
- D. money
- E. price
Answer: E (price)
33.One of the positive contributions of the petroleum industry to Nigeria’s economic development is that it
- A. creates ecological problems
- B. creates political unrest
- C. creates uncertainties in government revenues
- D. is a major foreign exchange earner
- E. suppresses agricultural development
Answer: D (is a major foreign exchange earner)
34.Which of the following is NOT an advantage of tabular presentation of data?
- A. Enables easy location of required figures
- B. Helps to calculate derived quantities
- C. Makes for easy comparison of figures
- D. Occupies more space than mathematical equation
- E. Shows whether the figures are increasing or decreasing
Answer: D (Occupies more space than mathematical equation)
35.Average total cost can be expressed as
- A. average fixed cost plus average variable cost
- B. change in total cost divided by change in output
- C. total cost divided by total output
- D. total fixed cost plus total variable cost
- E. total variable cost divided by total output
Answer: C (total cost divided by total output)
36.The mean of the following scores
30, 32, 34, 36, 38, 40 and 42
What is the mean deviation?
- A. 4.21
- B. 3.24
- C. 3.42
- D. 4.54
Answer: C (3.42)
37.The value of money is affected by
- A. consumer’s income
- B. effective demand
- C. effective supply
- D. equilibrium price
- E. general price level
Answer: E (general price level)
38.Which of these factors causes a change in the quantity demanded of a commodity?
- A. Income
- B. Population
- C. Price of other commodities
- D. Price of the commodity concerned
- E. Taste and fashion
Answer: D (Price of the commodity concerned)
39.The following are the differences between domestic and international trade EXCEPT
- A. cultural differences
- B. currency
- C. land
- D. language
- E. laws
Answer: C (land)
40.Which of the following is a function of the central bank?
- A. Accepting deposits from the public
- B. Agent of payment for individuals
- C. Discounting bills of exchange
- D. Issuing of currency
- E. Provision of short term housing loans
Answer: D (Issuing of currency)
41.The process of building up country’s capacity to process raw materials for the production of goods is known as
- A. firm
- B. industry
- C. industrialization
- D. location of industry
- E. localization
Answer: C (industrialization)
42.The purchasing power of the Naira will fall when
- A. worker are retrenched
- B. the colour of the Naira is changed
- C. the military take over
- D. there is inflation
- E. none
Answer: D (there is inflation)
43. A monopolist is a
- A. duopolist
- B. group of producers of related goods
- C. partnership business that produces a commodity with high demand
- D. single producer or seller of a commodity at cheap rate
- E. single producer or seller of a commodity that has no close substitute
Answer: E (single producer or seller of a commodity that has no close substitute)
Economics NECO theory Questions
The likely Essay Questions and answers for NECO Economics exams is not yet Available for candidates. We will equally provide some available updates on the Economics theory paper.
1a. Define Gross Domestic Product (GDP)
b. Describe the output approach as a method of computing national income
c. Identify any three problems associated with the expenditure approach of calculating national income
2a. Differentiate between a sole proprietorship and a partnership
b. List four characteristics of a sole proprietorship
c. Outline four advantages of a public limited liability company.
Economics Expo/Runs for SSCE Exams 2026
The National Examination Council, NECO exams is for candidates that are fully prepared. The likely NECO objectives and Theory Expo are to guide you on how to answer the NECO exams Questions.
The following hints are very useful while attempting questions in the exams hall:
- Pray before the commencement of the NECO Economics exams
- Avoid every disturbance before and during the exams
- Read the instructions provided on the questions paper accordingly
- Call the attention of the invigilators where there’s confusion
- Read the objectives questions at least three times before chosing your answer
- Start with the Questions you know best on the theory section.
- Make sure your handwriting are readable
- Cross-check your work before submitting them.
Thanks, that all concerning NECO Economics Questions and answers Objectives/Essay. Use the comments section below for your Questions.
Related Post
- NECO Literature in English Questions and Answers
- NECO Government Questions and Answers
- NECO Physics Questions and Answers
- NECO Civic Education Questions and Answers
- NECO Chemistry Questions and Answers
- NECO Biology Questions and Answers
- NECO English Language Questions and Answers
- NECO Agric Science Questions and Answers
- NECO Mathematics Questions and Answers
- NECO Marketing Questions and Answers
- NECO Timetable
- NECO Registration Form
- How to Check NECO Result
