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Tuesday, 10 March 2026
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Economics Past Questions and Answers

Neco Economics Questions

Question 191:
NECO 2007
Which of the following is NOT a feature of land?
SchoolNGR Classroom
  • A Free gift of nature
  • B Fixed in supply
  • C Geographically immobile
  • D Returns on land is wages
  • E Subject to law of diminishing returns
View Answer & Explanation
Question 192:
NECO 2007
The first oil refinery in Nigeria was established at ____________
SchoolNGR Classroom
  • A Alesa Eleme
  • B Araromi
  • C Kaduna
  • D Oloibiri
  • E Warri
View Answer & Explanation
Question 193:
NECO 2007
The function muv/muz = py/pz represents ____________
SchoolNGR Classroom
  • A Consumer’s average utility level
  • B Diminishing marginal utility
  • C Increasing marginal utility
  • D Marginal theory of price
  • E Utility maximization
View Answer & Explanation
Question 194:
NECO 2007
The theory of absolute advantage was propounded by ____________
SchoolNGR Classroom
  • A Adam Smith
  • B David Ricardo
  • C Irving Fisher
  • D JB Kynes
  • E Thomas Malthus
View Answer & Explanation
Question 195:
NECO 2007
The following are the objectives of economic planning EXCEPT
SchoolNGR Classroom
  • A Achieving balanced growth
  • B Diversification of the economy
  • C Creation of more employment opportunities
  • D Equitable allocation of resources
  • E Rapid population growth
View Answer & Explanation

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