Study and practice Economics past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
Which of the following is NOT a positive contribution a petroleum to Nigeria economy?
ADevelopment of bat infrastructures
BIncrease in National income
CMajor employer of labour
DMajor foreign exchange earned
ETurning the nation to mono-product economy
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Question 2
neco2005
The system of farming which involves the use of a large hectare of land planted with economic crops is known as
Acooperative farming
Bmechanized farming
Cpeasant farming
Dplantation farming
Etree planting
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Question 3
neco2005
Range is NOT the best method of measuring dispersion because it considers only the
Afirst number
Bfirst two numbers
Cfrequently occurred number
Dmiddle number
Etwo extreme number
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Question 4
neco2005
Which of the following will NOT bring about an increase in Labour force?
ABetter medical services
BDecrease in death rate
CEmigration
DImmigration
EIncrease in birth rate
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Question 5
neco2005
Stock exchange market deals with
Aexchange of commodities
Bexchange of stock fish for stock
Cexchange of treasury bills
Dsales of foreign exchange
Esales of second hand securities
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Question 6
neco2005
The following are the objectives of agricultural policies in Nigeria EXCEPT
Aprovision of food
Bprovision of agricultural raw materials to industrial sectors
Cincreasing prices of agricultural Inputs
Dcreation of rural employment
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Question 7
neco2005
If two bags of rice were sold for N1,250 a mouth ago and two weeks later, the same amount was used to procure one bag. This simply means that the value of money is
Aconstant
Bdecreasing
Cfluctuating
Dincreasing
Eproportional
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Question 8
neco2005
An industry engaged in the extraction of raw materials and its conversion into semi-finished goods is called industry.
Aconstruction
Bconversion
Cmanufacturing
Dmining
Eprocessing
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Question 9
neco2005
Production is said to be complete when goods and services gets to the
Aconsumers
Bdistributors
Cretailers
Dwarehouses
Ewholesalers
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Question 10
neco2005
When an increase in the price of a commodity lead to a fall In the demand for aNOTher, the demand for the two commodities are said to be
Aabnormal
Bcompetitive
Ccomposite
Dderived
Ejoint
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Question 11
neco2005
Economic problem arises as a result of
Achoice
Bmoney cost
Copportunity cost
Dscarcity
Escale of preference
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Question 12
neco2005
The trade-off between two commodities along the Production Possibility Curve (PPC) shows
Aopportunity cost principle
Bscarcity principle
Ctransferable output
Dunattainable combination
Eunder utilization of resources
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Question 13
neco2005
Which of the following is NOT a function of marketing boards in Nigeria?
AFixing of prices for farm produce
BGrading of farm produce
CImportation of farm produce
DMarketing of farm produce
EPrice stabilization
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Question 14
neco2005
The following can be used to improve a country’s balance of payment EXCEPT
Aanti-dumping policies
Bdecreasing taxation on personal income
Cgranting subsidies to export producers
Dincreasing import duties
Eremoving export duties
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Question 15
neco2005
The variance of a given set of numbers is defined as the
Aabsolute value of the standard deviation
Bsquare of the standard deviation
Csquare root of the standard deviation
Dsquare of the mean deviation
Esquare root of the mean deviation
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Question 16
neco2005
When the total product starts falling, then the marginal product is
Aconstant
Bincreasing
Cmaximum
Dnegative
Ezero
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Question 17
neco2005
The formular (N + 1)/2 is used to determine the
Amean
Bmedian
Cmode
Dstandard deviation
Emean deviation
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Question 18
neco2005
The recent revolution of Cassava from ordinary food crop to export crop will lead to
Adecrease in price of cassava flour
Bdecrease In production of cassava
Cdecrease In production of local starch
Dincrease In production of other crops
Eincrease in the prices of cassava products
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Question 19
neco2005
If the standard deviation of a set of numbers is 3.6, what is the variance?
A12.49
B12.69
C12.9
D12.96
E12.98
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Question 20
neco2005
The following determine the level of consumption EXCEPT
