Welcome to today’s session! we’ll explore some of the top NECO 2025 Economics Likely Questions and Answers. These questions are crucial for your preparation and may appear in your upcoming NECO examination. So, follow along and boost your confidence and accuracy.
You can watch the full class in the video below:
Question 1: What is Opportunity Cost?
Question:
Which of the following best defines opportunity cost?
Explanation:
Understanding opportunity cost is key to mastering Economics. It refers to the value of the next best alternative foregone when a choice is made.
Options:
A. The cost of all available alternatives
B. The value of the next best alternative forgone
C. The cost of producing a good
D. The amount spent on production
E. The total expenditure
Correct Answer: B. The value of the next best alternative forgone.
Question 2: Characteristics of Human Wants
Question:
Which of the following is not a feature of human wants?
Explanation:
Human wants are endless and vary in urgency. This makes Economics important in resource allocation.
Options:
A. They are insatiable
B. They are limited
C. They vary in urgency
D. They are competitive
E. They are recurrent
Correct Answer: B. They are limited.
Why?
Human wants are unlimited, but the resources to satisfy them are limited. That’s a foundational concept in Economics. The other options correctly describe human wants.
Question 3: Characteristics of a Capitalist Economy
Question:
Which of the following is not a characteristic of a capitalist economy?
Explanation:
A capitalist economy thrives on private ownership, profit motive, and minimal government interference.
Options:
A. Free enterprise
B. Profit motive
C. Government ownership of production
D. Competition
E. Consumer sovereignty
Correct Answer: C. Government ownership of production.
Why?
In a capitalist economy, the means of production are privately owned, not by the government. Government ownership is a feature of socialism.
Final Tips to Ace NECO 2025 Economics
- Understand Key Terms – Definitions like opportunity cost, scarcity, and utility are regularly tested.
- Practice Past Questions – Many NECO questions repeat concepts.
- Master Economic Systems – Know the features of capitalism, socialism, and mixed economies.
- Use Mnemonics & Mind Maps – They help retain features and comparisons.
- Stay Updated with Economic Issues – Especially those in Nigeria.
Watch more educational videos and past questions: https://youtube.com/@allcbts
More NECO Resources
Looking for more help on NECO 2025 Economics Likely Questions and Answers? Explore our AllCBTs YouTube Channel for:
- Full NECO Economics past question solutions
- Quick revision tips
- Real-life explanations from experienced tutors
Related Videos:
Keywords
#NECO2025 #EconomicsExam #NECOTutorial #AllCBTs #PassNECO #NECOPastQuestions #NECOEconomics #ExamTips #OpportunityCost #StudySmart #WAECNECO
No products in the cart.