ALLCBTs

NECO 2025 Economics: Most Likely Questions

Published on Jul 2, 2025 • Education

Hello students! Welcome to AllCBTs Economics class.
In this session, we’ll be exploring top NECO Economics questions likely to appear in your 2025 exam. These questions are carefully selected to help you sharpen your exam technique and understand core economic principles in a clear and student-friendly way.

Get your pen and notebook ready. Let’s begin.

You can watch the full class in the video below:

Question 1: Revenue Less Than Expenditure – What Type of Budget?

Question:
If a government in a fiscal year has its revenue receipts less than expenditure, what type of budget is this?

Options:
A. Balanced Budget
B. Deficit Budget
C. Favorable Budget
D. Surplus Budget
E. Unfavorable Budget

Correct Answer: B. Deficit Budget

Explanation:

• A balanced budget occurs when revenue = expenditure
• A deficit budget means revenue < expenditure
• A surplus budget is when revenue > expenditure
• “Favorable” and “unfavorable” are vague and not standard budget terms

So, when the government spends more than it earns, it’s a deficit budget.

Question 2: Cultivating Land and Rearing Animals

Question:
What term best describes the act of cultivating land and rearing animals for human use?

Options:
A. Agriculture
B. Monoculture
C. Forestry
D. Aquascience
E. Horticulture

Correct Answer: A. Agriculture

Explanation:

• Agriculture is the broad field that includes:
  • Monoculture (growing one crop)
  • Forestry (tree and forest management)
  • Aquascience (aquatic systems)
  • Horticulture (flowers and gardens)

So, the most comprehensive and correct term is agriculture.

Question 3: Private Control of Productive Resources

Question:
Which economic system allows individuals to control the means of production?

Options:
A. Capitalism
B. Communism
C. Credomism
D. Socialism
E. Welfarism

Correct Answer: A. Capitalism

Explanation:

• Capitalism is where private individuals own and control production
• Socialism and communism emphasize government control
• Welfarism and credomism are either derivative or theoretical systems

So, the economic system based on individual ownership is capitalism.

Question 4: Petroleum’s Contribution to Nigeria’s Economy

Question:
Which of the following is the most prominent contribution of petroleum to Nigeria’s economy?

Options:
A. Employment Generation
B. Fuel Provision
C. Infrastructural Development
D. Revenue Generation
E. Technical Know-How

Correct Answer: D. Revenue Generation

Explanation:
Although petroleum contributes to employment, infrastructure, and fuel supply, its most prominent role is in revenue generation. It remains the mainstay of the Nigerian economy, making up a significant portion of government income.

Watch more educational videos and past questions: https://youtube.com/@allcbts

Recap and Key Tips for NECO Economics 2025

• Understand common budget types: deficit, surplus, and balanced
• Know the difference between economic systems like capitalism and socialism
• Be able to classify economic activities like agriculture, forestry, etc.
• Keep in mind current affairs, especially Nigeria’s dependency on petroleum

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