Economics NECO Questions and Answers 2023/2024 (Expo Leaks)

If you are a candidate looking for Economics NECO Questions and Answers for 2023, you have come to the right place because we will break them down for you. We’ll show you how Economics NECO questions are set up and how to answer them in the best way to get full marks.

2023 NECO Economics Questions and Answers

Keep refreshing this page, as we will definitely update this page as soon as the Latest 2023 NECO Economics Questions and Answers are out…

In the meantime, go through these past questions and Answers for the previous years because they are likely questions for NECO Economics 2023.

In Nigeria, the Senior Secondary Certificate Examination and the General Certificate in Education are given by the National Examinations Council in June/July and December/January, respectively.

Economics NECO Past Questions and Answers

Economics Paper III: The time limit for Paper 3 is one hour. Try all of the questions in this section. Answer Paper 3 on your answer sheet for the objective test,

Note: Always use an HB pencil.

Economics test questions from the NECO.
The definition of economics says that it is the study of the nature and causes of a country’s wealth. provided by

Smith, Adam.

Marshall, B. Alfred.

Fisher, C. Irving.

D John Keynes.

E.Lionel Robbins.


2. The economics theory that says that people’s needs should come first is called

A. option.

B. need.

C. the cost of missing out.

D. a scale of what you like.


Use the information below to answer the next set of questions.

Given the amount of cocoa that Idanre produced in 5 years, the following is true:

Find out how many tons of cocoa were made from 2001 to 2004.

A. 60

B. 80

C. 150

D. 180

E. 220


4. A good table does not have any of the following.

A. Axis is clearly labeled

B. Easy to read

C. Simple to understand

D. Footnote with explanation

E. Good name


5. These are not some of the most important economic problems facing society:

A. efficient production.

B. making good use of what’s available.

C. Who to make it for.

D. how to make things.

E. how to make it.

READ ALSO: Home Management NECO Questions and Answers 2023/2024

6. Production is a type of work that deals with general services.

A. direct

B. Industrial

C. primary

D. in the middle

E. third-level


7. As a factor of production, capital is rewarded by

A. commission.

B. interest

C. profit.

D. rent.

E. wage.


8. Which of the following is not a way to organize a business?

A. Society of cooperation

B. Business

C. Shared ownership

D. Work together

E. Single-person business


9. What do you call the document that has the rules and regulations for how an organization works on the inside?

A. link between two things.

8. Incorporation certificate.

C. a contract between partners.

D. the agreement to work together.

E. an agreement in writing.


The difference between the number of births and deaths is

A. the number of births.

B. the death of babies.

C. the natural rate of growth.

D. optimum population.

E. Number of people.


11. The Demographic Transition Theory’s third stage is marked by

A. A lot of people dying.

B. a high rate of death and a high rate of births.

C. few babies being born and a lot of people dying.

D. low rates of death and birth.

E. Too many people.


12. When a bank cashier moves up to become a bank manager, this is called .

A. by location

B. horizontal

C. occupational

D. technological

E. vertical


13. The goal of specializing is to

A. Use resources effectively.

B. Make the prices of goods higher.

C. Make people more productive.

D. Use more people to work.

E. reduce workers’ skills.


14. Which of these is the correct distribution chain?

A. Producer > Consumer > Wholesaler > Retailer

B. Manufacturer —> Retailer —> Wholesaler —> Customer

C. Producer > Wholesaler > Retailer > Customer

D. Retailer > Wholesaler > Manufacturer > Customer

E. Wholesaler to retailer to manufacturer to consumer

15. These things can make it harder to get goods and services to people who need them.

A. Enough information about the market.

B. the possibility of getting credit.

C. efficient storage facilities.

D .good road network.

E. too many middlemen.


16. Which of these is not an example of commodity money?

A. Beads

B. Money

Cowry shells (C)

D. Elephant tusk

E. Slaves


17. The policy of the Central Bank of Nigeria to make polymer notes instead of paper ones is based on what aspect of money?

A. Acceptability

B. Divisibility

C. Durability

D. Homogeneity

E. Getting around


18. An agricultural system in which several farmers pool their resources to make a lot of food.

A. commercial

B. cooperative

C. livestock

D. mechanized

Plantation E.


19. If a company’s weekly earnings are N2,500, Nl,500, N1,000, N2,000, N17,000, N2,600, and Nl,200, what is the firm’s net income? Find out how much the business does each week.

A. N10,000

B. N12,200

C. N14,000

D. N16,000

E. N18,000

READ ALSO: Biology NECO Questions and Answers 2023/2024

20. If the average of 1, x, 4, and 5 is 3, figure out what number is x.

A. 1

B. 2

C. 3

D. 4

E. 5

Economics NECO Essay Questions Paper II will take 1 hour. Answer any two of the following questions.

a) Explain what the Price System is. (4 marks)

(b) Talk about four things about the Price System. (16marks)

2. Tell us five ways in which agriculture has helped Nigeria’s economy grow. (20 marks)

3. Name and explain five problems that make it hard for Nigeria to become more industrialized. (20 marks)

4. a) Explain what the difference is between inflation and deflation. (5 marks)

(b) Give a short summary of three monetary policies and two fiscal policies that can be used to control inflation. (15 marks)

TAKE NOTE: These aren’t real Economics NECO Questions and Answers, but they may be questions that have been asked in the past to help students understand how their tests work. Make sure to write down each question on this page.


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