The electric and magnetic polarizations as well as the electric and magnetic susceptibilities of the Hubbard pair-cluster embedded in the external fields were studied by the exact method. Based on the grand canonical ensemble for open system, the numerical calculations were performed for the electron concentration corresponding to the half-filling case. It has been found that the electric and magnetic properties are strictly interrelated, what constitutes a manifestation of a magnetoelectric effect, and the detailed explanation of such behaviour was given. In particular, near the ground state where the transitions are induced by the external fields, discontinuous changes of the studied quantities have been found. They have been associated with the occurrence of the singlet-triplet transitions. An anomalous behaviour of the electric and magnetic polarizations as a function of the temperature, occurring below the critical magnetic field, was illustrated. In the presence of the competing electric and magnetic fields, the influence of Coulombic repulsion on the studied properties was discussed.