NECO GCE Economics Past Questions and Answers 2025 | Free

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Introduction

Economics is one of the most important subjects in the NECO GCE (General Certificate Examination). Every year, thousands of candidates sit for this exam, and one of the best ways to prepare is by practicing with NECO GCE Economics past questions and answers 2025.

NECO GCE Economics Past Questions and Answers 2025 | Free This guide provides students with a well-structured set of practice questions, answers, and exam preparation tips. It is designed purely for educational and revision purposes only and complies fully with Google AdSense policies.

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Why Study NECO GCE Economics Past Questions and Answers 2025?

Studying past questions helps candidates:

  • Understand the exam format and structure.

  • Identify frequently repeated topics.

  • Build speed and accuracy for both objective and theory sections.

  • Gain confidence before entering the exam hall.

NECO GCE Economics Past questions and answers 2025 Exam Format

The Economics paper in NECO GCE usually consists of:

  1. Objective Questions (Multiple Choice) – These test general knowledge of economics concepts.

  2. Theory Questions (Essay) – Candidates explain economic principles in detail and apply them to real-life situations.

NECO GCE Economics Past Objective Questions (Sample)

Question 1

The problem of scarcity in economics arises because:
A. Human wants are limited while resources are limited
B. Human wants are unlimited but resources are limited
C. Resources are unlimited but wants are limited
D. Resources and wants are both unlimited

Answer: B. Human wants are unlimited but resources are limited

Question 2

Which of the following is a direct tax?
A. Excise duty
B. Value Added Tax (VAT)
C. Personal income tax
D. Customs duty

Answer: C. Personal income tax

Question 3

The basic tools of economic analysis are:
A. Charts and graphs
B. Maps and diagrams
C. Graphs and tables
D. Laws and decrees

Answer: C. Graphs and tables

Question 4

The reward for the factor of production “capital” is:
A. Rent
B. Profit
C. Interest
D. Wage

Answer: C. Interest

Question 5

The type of unemployment that occurs due to changes in technology is called:
A. Structural unemployment
B. Frictional unemployment
C. Seasonal unemployment
D. Cyclical unemployment

Answer: A. Structural unemployment

NECO GCE Economics Past Theory Questions (Sample)

Question 1

Explain the concept of opportunity cost with a suitable example.

Answer:
Opportunity cost is the value of the next best alternative forgone when a choice is made. For example, if a student has ₦500 to either buy a textbook or watch a movie, choosing the textbook means the opportunity cost is the enjoyment of watching the movie.

Question 2

State and explain four factors that determine the size of a nation’s population.

Answer:

  1. Birth rate – High birth rates increase population size.

  2. Death rate – High death rates reduce population growth.

  3. Migration – Inflow of people increases population.

  4. Government policies – Family planning and immigration laws affect population size.

Question 3

Discuss three advantages of international trade.

Answer:

  1. Access to goods not produced locally.

  2. Encourages specialization and efficiency.

  3. Promotes international relationships and unity.

Question 4

List and explain four functions of money.

Answer:

  1. Medium of exchange – Used to buy and sell goods and services.

  2. Measure of value – Provides a standard for pricing goods.

  3. Store of value – Can be saved for future use.

  4. Standard of deferred payment – Allows goods and services to be bought on credit.

Question 5

Explain three causes of inflation in Nigeria.

Answer:

  1. Excessive money supply in circulation.

  2. High cost of production leading to cost-push inflation.

  3. Increased demand for goods and services (demand-pull inflation).

Key Topics in NECO GCE Economics 2025

Students preparing for the 2025 NECO GCE Economics exam should focus on:

  • Basic economic concepts (scarcity, choice, opportunity cost)

  • Theory of demand and supply

  • National income and population studies

  • Money and banking

  • International trade and balance of payments

  • Inflation and unemployment

  • Public finance and taxation

How to Prepare Effectively for NECO GCE Economics 2025

  • Practice with past questions regularly.

  • Understand key definitions and diagrams.

  • Join group discussions to broaden knowledge.

  • Time yourself during practice to simulate exam conditions.

  • Revise using approved Economics textbooks.

Final Tips for Candidates

  • Start your preparation early.

  • Avoid relying on exam malpractice.

  • Work on your speed and accuracy.

  • Stay confident and focused during the exam.

Disclaimer

This article is strictly for educational and revision purposes only. It is not intended to promote examination malpractice. Students are advised to use these past questions responsibly and prepare diligently for their NECO GCE Economics 2025 examination.

VISIT OFFICIAL NECO WEBSITE HERE;https://neco.gov.ng/

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