2026 NECO Economics (Essay & OBJ) Answers [20th July]

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NECO JUNE/JULY 2026 FREE ECONOMICS (ECONS) QUESTION AND ANSWER ROOM
 

Monday 20th July 2026
Economics (Objective & Essay)
10:00am – 1:00pm

2026 NECO ECONOMICS THEORY (ESSAY) ANSWERS:

ECONOMICS TYPE A  

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ECONOMICS TYPE B

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ECONOMICS TYPE C

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ECONOMICS TYPE D

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ECONOMICS TYPE E

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ECONOMICS TYPE F

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ECONOMICS TYPE G

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ECONOMICS TYPE H

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2026 NECO ECONOMICS (OBJECTIVE) ANSWERS:

SOKOTO STATE OBJ

1-10: AEBDEAEBAE
11-20: CEBDEAEBAB
21-30: CEDCADBACB
31-40: ACDBCAABBD
41-50: AEABBBBADC
51-60: DDBEDABCDE

 

 

NIGER STATE OBJ

1-10: BCDACECAED
11-20: BDEBCACAAD
21-30: CCACADECDD
31-40: BBAEEADBDE
41-50: BBABECCCDB
51-60: BEABACCDBA

 

RIVERS & PORTHARCOURT OBJ

1-10: DAEDBCADCA
11-20: EBCBCADDEC
21-30: DDDCCACABD
31-40: CAEABEDDCC
41-50: BADBAEEBBD
51-60: EECBDDEBAE

 

KANO STATE OBJ

1-10: ABBDBEDAEB
11-20: EEECBABAAC
21-30: DDECBADECD
31-40: ADACABDBCC
41-50: DAACCAEDDE
51-60: EDBADADEAD

ABIA STATE OBJ

1-10: ECBDABDCEE
11-20: CCCDDAAAED
21-30: BBCDDBBECD
31-40: BABCBCAAEB
41-50: DABDEABCCC
51-60: EEEDBDABCD

OSUN STATE OBJ

01-10: ACCBCECCAE
11-20: ACAEEBCEBA
21-30: EAAAAAADDA
31-40: AABDBBBAAA
41-50: EBABEAAEAC
51-60: DABEDEAACC

 

OYO STATE OBJ

1-10: EDDEBEBBBA
11-20: BCABDECCBB
21-30: EDDADBACBB
31-40: BBCAEEEAAE
41-50 BEDDBCBEBA
51-60: EAEDDBABDD 

 

KADUNA STATE OBJ

1-10: ABCDECEBEE  
11-20: EDEAECAAEA  
21-30: ABDDBDABBB  
31-40: BAAABCDABD  
41-50: DCBBDAABED  
51-60: DBCBDBDBDD 

 

NASSARAWA STATE OBJ

1-10: ABDAEBADDE  
11-20: BEEADACDCA  
21-30: EDBEABEACE  
31-40: ABCDEADBCD  
41-50: DBACBCBDBD  
51-60: EBEABCEBEC 

 

KOGI STATE OBJ

01-10: ECECCDCACB
11-20: BCDDCCEDBD
21-30: BAEBDEECBE
31-40: DECDDBEDBD
41-50: DDEBDEEBBB
51-60: DCAEBAACAE

ABUJA (FCT) OBJ

1AEDDEEAACA
11CADCABAECB
21BEAADAAADC
31DECDDEEAAD
41BEDCBDDBBA
51CCBDEACBCB 

 

IMO STATE OBJ

1BABABBCACB
11CBEEDCCBDE
21ACACCCBADB
31BCCEADAABD
41AEDDAEBBCC
51DCCEEDBCEE 

 

OGUN STATE OBJ

1-10: CEECCEEDEA
11-20: ACCBCDCACA
21-30: DEEEBADCED
31-40: DCDBDDDDDE
41-50: EBDCEEBECC
51-60: DACACCAEAC 

 

BENUE STATE OBJ 

1DEBBDDBAEB
11BAEBECDCDC
21AECDEEAEAA
31BBEAEABCEE
41DEBCEEEECA
51BDABAEECDB 

 

PLATEAU STATE OBJ

1-10: EBECECABEA
11-20: EEBCECDCBC
21-30: ECDEDEABBB
31-40: EDBCABAEBC
41-50: CEACEBEAAB
51-60: AAAEBBEACA 

 

LAGOS STATE OBJ

1ECCBABBDDD
11BDDCCEAEEC
21EEBAEABDCD
31ACEBAACDEC
41BBEEEADBED
51EEACCADBAD 

 

ENUGU STATE

1BBEBDDCAED
11ABBECBBAEB
21CCCACBECAA
31ADCCDBAEEC
41ABCCAACBBE
51DAEDDACCED 

 

DELTA STATE OBJ

1BBBDDBBDAD
11DDCDBEDAED
21CBECECEEDE
31EEBDBBEECB
41ACDDDEDAAC
51AEDDCAABCA 

 

JIGAWA STATE OBJ

1BECDDBCADB
11BCDCCABCAD
21BDBEBBCEDC
31EABBDBDEDD
41ADEECCAADC
51BDCBDEBCED 

 

ZAMFARA STATE OBJ 

1-10: CDCAADAABE
11-20: DBABBEDBDD
21-30: CAAABAEAEB
31-40: DACAEBCBEC
41-50: EDABEBBAED
51-60: CEEDDBEBBD 

 

CROSS RIVERS STATE OBJ

1BACAEDCCAA
11CBEEEADAEB
21BCCDBBACCB
31BDEDBECCDC
41AEDEDDCABC
51AAACEAEBAC 

EDO STATE OBJ

1. The structure a society uses to produce, distribute and consume goods and services is ______.
Answer: Economic system — Option C

2. The issuance and control of currency in Nigeria is carried out by ______ Bank.
Answer: Central Bank — Option B

3. The productivity of labour can be defined as ______.
Answer: Average output of workers — Option B

4. The formula for calculating standard deviation of a grouped data is ______.
Answer: √[Σf(x−x̄)² / Σf] — Option E

5. The transfer of ownership and control of business enterprises in Nigeria from foreigners to citizens is ______.
Answer: Indigenisation — Option C

6. A system of agriculture concerned with the production of food for the farmer and his family is ______ farming.
Answer: Subsistence farming — Option E

7. A budget in which revenue exceeds expenditure is ______ budget.
Answer: Surplus budget — Option D

8. The movement of workers from one geographical area to another is ______.
Answer: Mobility of labour — Option E

9. The Bank of Agriculture (BOA) was renamed from the defunct ______.
Answer: Nigerian Agricultural and Co-operative Bank — Option C

10. The concept of velocity of money was postulated by ______.
Answer: Irving Fisher — Option E

11. The canon of taxation which states that the cost of collecting tax should be relatively cheaper to revenue yield is ______.
Answer: Economy — Option B

12. The Asian Tiger economies include Hong Kong, Singapore, South Korea and ______.
Answer: Taiwan — Option E

13. The form of foreign trade in which goods shipped to one port are subsequently re-exported to another is ______.
Answer: Entrepot trade — Option E

14. The satisfaction derived from the consumption of an additional unit of a product is ______ utility.
Answer: Marginal utility — Option C

15. Agricultural productivity means ______.
Answer: Increase in output per farmer — Option E

16. The transformation of a commodity from one variety to another to satisfy consumers' needs is ______ utility.
Answer: Form utility — Option D

17. One factor that is considered in determining what to produce is ______.
Answer: Cost of production — Option A

18. The basic economic problem that takes into consideration techniques of production is ______.
Answer: How to produce — Option E

19. The regulation of the financial market is aimed at the following goals except ______.
Answer: Enlisting and delisting participants from the financial market — Option B

20. The Production Possibility Frontier (PPF) is directly related to the concept of ______.
Answer: Opportunity cost — Option B

21. Which of the following economic organisations is referred to as the World Bank?
Answer: International Bank for Reconstruction and Development (IBRD) — Option E

22. Which of the following is a feature of a free-market economy?
Answer: Freedom of ownership of wealth — Option D

23. The total stock of money available for use in an economy is ______ money.
Answer: Supply of money — Option B

24. The following are reasons for the localisation of industries in urban areas except ______.
Answer: Presence of small markets — Option D

25. Which of the following is a challenge to economic development in Nigeria?
Answer: Widespread corruption — Option D

26. A financial institution associated with the provision of loans for individuals to own their houses is ______ bank.
Answer: Mortgage bank — Option A

27. The burden of tax where demand is perfectly elastic is borne by the ______.
Answer: Producer — Option B

28. Nigerian government can revamp the agricultural sector through the following except ______.
Answer: Encouraging rural–urban drift — Option A

29. The sequence for a normal chain of distribution is ______.
Answer: Producer → Wholesaler → Retailer → Consumer — Option C

30. The financial institution that mobilises loans for housing to individuals and organisations in Nigeria is ______ bank.
Answer: Mortgage bank — Option D

31. Human capital can be improved through ______.
Answer: Personnel training — Option C

32. The Nigerian indigenisation policy was promulgated to ______.
Answer: Increase participation of citizens in commerce and industry — Option A

33. The intervention of government or its agencies in placing certain restrictions on the production of goods and services is ______.
Answer: Regulation — Option B

34. Petroleum impacted negatively on the Nigerian economy through the following except ______.
Answer: Job creation — Option B

35. Which of the following is a function of a commercial bank?
Answer: Acceptance of deposits — Option A

36. Which of the following is a feature of a capitalist economic system?
Answer: Individual freedom of production — Option B

37. A movement along the same demand curve is caused by ______.
Answer: Change in the price of the product involved — Option B

38. Which of the following institutions regulates the activities of the capital market in Nigeria?
Answer: Securities and Exchange Commission (SEC) — Option D

39. Determine the median of the following observations: 3, 2, 5, 4 and 9.
Answer: Arrange in ascending order: 2, 3, 4, 5, 9. The middle value is 4.
Option C

40. Deflation can be controlled in an economy through ______.
Answer: Use of deficit budgeting — Option D

41. The following are factors that affect demand except ______.
Answer: Stock of goods — Option D

42. The system of agriculture in which crops produced are mainly for family consumption is ______ farming.
Answer: Subsistence — Option D

43. In distributive trade, middlemen comprise of wholesaler and ______.
Answer: Retailer — Option B

44. Which of the following is a fixed cost?
Answer: Rent on land — Option A

45. The demand curve of an imperfect market is ______.
Answer: Downward sloping — Option D

46. The system of economy where individuals are not allowed to own factors of production is ______.
Answer: Socialism — Option B

47. From the figure below, calculate the value of excess demand when the price of the commodity is ₦7.00.
Answer: At ₦7, Quantity Demanded = 170, Quantity Supplied = 45.
Excess Demand = 170 − 45 = 125.
Option B

48. The policy of bank recapitalisation in Nigeria is to ensure ______.
Answer: Banks are strong and efficient. — Option E

49. Which of the following is a withdrawal component of national income determination?
Answer: Tax paid to government — Option E

50. Which of the following factors is responsible for the low rate of industrial development in Nigeria?
Answer: Poor electricity supply — Option D

51. Socialist economic system discourages private ownership of means of production because ______.
Answer: Consumers will be exploited. — Option A

52. The basic economic problems of a society arise because of ______.
Answer: Scarcity of resources — Option A

53. Which of the following is not a measure in correcting balance of payments deficit?
Answer: Import promotion — Option A

54. The sector of the Nigerian economy that contributes largely to foreign exchange earnings is ______.
Answer: Oil and gas — Option C

55. One problem that militates against commercial banks in Nigeria is ______.
Answer: High interest rate — Option E

56. The diagram in the figure below illustrates that demand is ______.
Answer: Elastic — Option E

57. As consumption increases beyond saturation point, the marginal utility ______.
Answer: Becomes negative — Option C

58. If the population of a country in 1990 is 20,400,000 and its total land area is 240,000 km², calculate the population density.
Calculation:
20,400,000 ÷ 240,000 = 85 persons/km².
Answer: 85 persons/km² — Option A

59. Balance of payments deficit can be corrected through ______.
Answer: Devaluation of currency — Option B

60. The figure below depicts ______ demand.
Answer: Elastic demand — Option A

 

ANMABRA STATE OBJ:

1. The Asian Tigers consist of Hong Kong, South Korea, Taiwan and ______.
Answer: Singapore — Option E

2. The institution responsible for issuing currency in Nigeria is ______.
Answer: Central Bank — Option A

3. A system of agriculture where individual farmers pool their resources in order to produce in large quantity is ______ farming.
Answer: Co-operative farming — Option B

4. The total value of visible imports and visible exports of a country is ______.
Answer: Balance of Trade — Option A

5. Millennium Development Goals (MDGs) was replaced by the Sustainable Development Goals (SDGs) in the year ______.
Answer: 2015 — Option A

6. The concept of velocity of money was postulated by ______.
Answer: Irving Fisher — Option D

7. An increase in the economic activities of a country that leads to an improvement is ______.
Answer: Economic growth — Option C

8. Agricultural productivity means ______.
Answer: Increase in output per farmer — Option B

9. A systematic presentation of information in rows and columns is ______.
Answer: Table — Option C

10. A budget in which revenue exceeds its expenditure is ______ budget.
Answer: Surplus budget — Option A

11. The extraction of raw materials from land is ______ production.
Answer: Primary production — Option E

12. The Bank of Agriculture (BOA) was renamed from the defunct ______.
Answer: Nigerian Agricultural and Co-operative Bank — Option D

13. An economic system where means of production are owned and controlled by the state is ______.
Answer: Socialism — Option C

14. The transformation of a commodity from one variety to another to satisfy consumers' needs is ______ utility.
Answer: Form utility — Option B

15. The movement of workers from one geographical area to another is ______.
Answer: Mobility of labour — Option C

16. The definition of Economics as "the practical science of production and distribution of wealth" was given by ______.
Answer: J.S. Mill — Option A

17. A business organisation that is set up for the mutual benefit of members with similar interests is ______.
Answer: Co-operative society — Option A

18. The redistribution effect of taxation as a tool for economic stabilisation means ______.
Answer: Government uses tax to generate revenue. — Option D

19. Fund received from a Non-Governmental Organisation (NGO) for business setup is ______.
Answer: Donation — Option E

20. Nigerian government can revamp the agricultural sector through the following except ______.
Answer: Encouraging rural–urban drift — Option A

21. The economic concept that describes limited supply of available resources is ______.
Answer: Scarcity — Option A

22. Credit creation through multiple expansions is a function performed by ______.
Answer: Commercial Bank — Option C

23. When two goods are involved, a rational consumer maximises utility where ______.
Answer: MUx/Px = MUy/Py — Option A

24. Which of the following is a fixed cost?
Answer: Rent on land — Option A

25. The efficacy of economic development plans has not been sustainable in Nigeria as a result of ______.
Answer: Frequent changes in government — Option D

26. Human capital can be improved through ______.
Answer: Personnel training — Option A

27. In the long run, all factors of production are ______.
Answer: Variable — Option C

28. When Marginal Revenue (MR) equals zero, Total Revenue (TR) is ______.
Answer: At its maximum — Option E

29. Oligopolistic market has limited number of producers in the industry because of ______.
Answer: Large capital requirement — Option D

30. Efficiency of labour can be influenced by ______.
Answer: Good working condition — Option A

31. Human capital can be enhanced through ______.
Answer: Provision of better health services — Option E

32. Which of the following is not a lending policy of the International Bank for Reconstruction and Development (IBRD)?
Answer: Provision of collateral security — Option B

33. Assembling of motor parts, carpentry and welding works are activities of ______ industry.
Answer: Manufacturing — Option D

34. The third Sustainable Development Goal (SDG) of the United Nations is to ensure ______.
Answer: Good health and well-being — Option E

35. Communication, banking and tourism fall under the purview of ______ industry.
Answer: Service — Option B

36. Petroleum impacted negatively on the Nigerian economy through the following except ______.
Answer: Job creation — Option E

37. The economic system that promotes income inequality in a society is ______.
Answer: Capitalism — Option D

38. The intervention of government or its agencies in placing certain restrictions on the production of goods and services is ______.
Answer: Regulation — Option B

39. Which of the following is a function of a commercial bank?
Answer: Acceptance of deposits — Option A

40. Deflation can be controlled in an economy through ______.
Answer: Use of deficit budgeting — Option C

41. One factor that is considered in determining what to produce is ______.
Answer: Cost of production — Option E

42. When Marginal Revenue (MR) is zero, Total Revenue (TR) is ______.
Answer: At its maximum — Option D

43. Money serves as a poor store of value during ______.
Answer: Inflation — Option D

44. An intermediary that mobilises savings and channels them into productive investment is ______.
Answer: Discount house — Option B

45. Which of the following is an importance of a balanced budget in a country?
Answer: Helps to curb excessive borrowing — Option D

46. In distributive trade, the warehousing function is performed by the ______.
Answer: Wholesaler — Option B

47. The over-reliance of the Nigerian economy on petroleum caused neglect of ______.
Answer: Agriculture — Option E

48. The figure below depicts ______ demand.
Answer: Elastic demand — Option D

49. The challenges faced by the Organisation of Petroleum Exporting Countries (OPEC) can be addressed by ______.
Answer: Fixing of production quotas — Option E

50. Which of the following contributes to increase in government revenue in Nigeria?
Answer: Payment of royalties — Option A

51. The basic economic problems of a society arise because of ______.
Answer: Scarcity of resources — Option C

52. Which of the following is an indicator of poverty in an economy?
Answer: High rate of malnutrition — Option D

53. Which of the following factor is responsible for balance of payment deficit in Nigeria?
Answer: Servicing of huge external debt — Option D

54. If the value of a multiplier in a two-sector model is 10, what is the value of Marginal Propensity to Save (MPS)?
Using the formula:

$$K = \frac{1}{MPS}$$ $$MPS = \frac{1}{10} = 0.1$$

Answer: 0.1 — Option D

55. The figure below represents ______.
Answer: Frequency polygon — Option C

56. From the table, determine the marginal utility of the consumer.
Marginal utility:

$$MU=\frac{\Delta TU}{\Delta Q} =\frac{24-16}{4-2} =\frac{8}{2}=4$$

Answer: 4 — Option D

57. Wage rate in a bilateral monopoly is determined by ______.
Answer: Negotiation — Option C

58. One problem that militates against commercial banks in Nigeria is ______.
Answer: High interest rate — Option D

59. The diagram illustrates that demand is ______.
Answer: Unitary elastic — Option D

60. If the price of a bag of rice was ₦5,000 in 2008 and rose to ₦6,500 in 2009, calculate the price index.

$$\text{Price Index}=\frac{6500}{5000}\times100=130$$

Answer: 130 — Option C

 

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