Get NECO Economics Past Questions and Answers, NECO Economics Past Questions and Answers PDF

NECO 2022

National Examination Council Nigeria is an examination board that conducts examinations like NCEE, SSCE and BECE. NECO Exam 2022 started on 27th June, 2022, and it has made fans searching for past questions and answers, especially NECO Economics past questions and answers. We have assimilated the list of NECO Economics past questions and answers in the below section for the students who are interested in the same.

NECO Economics Past Questions and Answers

NECO Economics 2022 Exam will be conducted by National Examination Council Nigeria on 4th August 2022. As a result of this the students have shown keen interest in NECO Economic Past Questions and Answers which will enable them to prepare well for the exam. After a little research, we have come up with an idea what could be the NECO Economics Questions and Answers 2022. It is believed that there will be around 60 objective and some subjective questions.

NECO Economics Past Questions and Answers 2022

Question 1

If X represents the factors of production and Y represents the factor price, then which of the following set of associations is correct?

a) (land, rent) (capital, wages), (labour, profit)

b) (land, interest) (capital, profit), (labour, wages)

c) (land, wages), (capital, interest), (labour, rent)

d) (land, rent), (capital, interest), (labour, wages)

Answer – D

Question 2

If the cost of production of a firm continues to increase, so that it increases the output, the firm is said to be experiencing?

a) mass production

b) profit maximization

c) economies of scale

d) scale discrepancies

Answer – C

Question 3

Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by

a) interest rate

b) return on capital

c) Alternative Capital Abandoned

d) shadow value of forex

Answer – B

Question 4

If a 10 kg per kg, 1000 kg of yam is bought and at 5 kg per kg, 1,500 kg is bought, then the resultant point elasticity of demand is?

a) 0.33

b) 0.0001

c) 1

d) 10,000

Answer – C

Question 5

If the quantity demanded of the commodity remains the same as the price of a commodity rises, then the quantity demanded of the commodity increases.

a) Static

b) infinitely elastic

c) externally determined

d) completely unskilled

Answer – D

Question 6

Which of the following factors is an important determinant of the magnitude of price elasticity of demand?

a) production period

b) cost of storage

c) Durability of the product

d) Availability of factors of production

Answer – C

Question 7

The marginal theory of distribution asserts that the price of a factor depends on its marginal

a) utility

B) Productivity

c) rate of substitution

d) revenue

Answer – B

Question 8

In order to increase their profit margin, the monopolist may manipulate

a) both price and output

b) either price or output

c) only its price

d) only its output

Answer – B

Question 9

For a purely competitive industry, should this be a fundamental requirement of the demand curve faced by individual firms?

a) Downward sloping and price inelastic

b) completely price elastic

c) downward sloping but price inelastic

d) completely price inefficient

Answer – B

Question 10

Merger of firms at different stages of production and marketing is called?

a) external economies of scale

b) vertical integration

c) horizontal integration

d) economic union

Answer – B

Question 11

Which of the following is an important function of a retailer?

a) lending to the wholesaler

b) breaks up the wholesale and sale product into smaller units

c) reduces the cost of delivery

d) generates demand for production through advertising

Answer – C

Question 12

One of the objectives of advertising in marketing is?

a) Change the quality of the product

b) increase the quantity of the product demanded as its price falls

c) shift the demand curve for the product to the right

d) raise the cost of production

Answer – D

Question 13

The size of a business units becomes smaller if the activity?

a) involves mass production of goods

b) Requires a large capital

c) need for division of labor

d) covers the provision of direct services

Answer – A

Question 14

Which type of business organization has the quality to effectively combine management with control?

a) Sole Proprietorship

b) partnership

c) Limited Liability Company

d) cooperative

Answer – C

Question 15

Co-operative differ from partnership by being as a form of business organization?

a) Serveral sources of capital for business financing

b) Ability to issue preferred stock to members

c) Strong democratic control in the conduct of business

d) established rules and regulations governing the activities of its members

Answer – A

Question 16

Which type of business finance entitles the holder to a fixed rate of dividend?

a) Perfered Stock

b) common stock

c) debenture stock

d) bank loan

Answer – A

Question 17

Which of the following is a business organization characterized by limited authority and liability of individual owners?

a) Sole Proprietorship

b) partnership

c) Joint Stock Company

d) Co-operative Society

Answer – C

Question 18

A company is said to be highly capable if?

a) The value of fixed interest loan is higher than that of share capital

b) the value of the shared capital is higher than that of the fixed interest loan

c) dividend rate is high

d) the interest rate is high

Answer – A

Question 19

Industries that may be located randomly are characterized by

a) Relatively low transportation costs for both raw materials and output and factor mobility

b) relatively heavy transportation costs for raw materials or outputs

c) constant returns to scale

d) significant economy of scale

Answer – A

Question 20

The term ‘double conjugation’ is usually associated with a?

a) Bilateral Exchange Mechanism

b) monetary exchange mechanism

c) Stock Exchange System

d) Barter Exchange Mechanism

Answer – D

NECO Economics Past Questions and Answers PDF

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Subject Date type paper Time


4 August 2022 Essay and Objectives Paper II & III 10:00 am – 1:00 pm

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