1.
The definition of Economics as an inquiry info 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 emphasises 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 labelled axis
B. Clear layout
C. Easy to comprehend
D. Explanatory footnote
E. Well titled
5. The basic economic problems of a 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. over population.
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 number of individual farmers pool their
resources in order to produce
large quantity of products is 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
Questions No 21-60 Omitted/Removed
What others are downloading NECO Past Questions for all Subjects
NECO Economics Theory Question – Paper 2
ECONOMICS PAPER II
This paper consists of two Sections: A and B.
Answer five questions only: one from section A and four from Section B.
Write your answer in blue or black ink in your answer booklet.
All questions carry equal marks.
Economics NECO Theory Questions
PAPER II SECTION A
Answer one question only from this section.
1. The demand and supply functions are given as:
Qd = 50 — 5p
Qs = 15p — 10
(a) Calculate the equilibrium price and quantity demanded and supplied. (10
marks)
(b) If the price of the commodity increased to N3. What is die magnitude of the
excess supply? (5 marks)
(c) Draw demand and supply curves and indicate the excess supply. (5
marks)
Questions No 2 Omitted/removed
Economics NECO Essay Questions
PAPER II – SECTION B
Answer four questions only from this section.
3(a) Define the Price System. (4 marks)
(b) Discuss four features of the Price System. (16marks)
4. Explain five roles played by Agriculture in economic development of
Nigeria. (20 marks)
5. State and explain five problems militating against industrialization in
Nigeria. (20 marks)
6(a) Differentiate between Inflation and Deflation. (5 marks)
(b) Briefly discuss three monetary and two fiscal policies for controlling
inflation. (15 marks)
