NECO Economics Questions and Answers 2023/2024 (Theory and Objectives)

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NECO Economics Objective Questions and Answers 2023

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The Senior Secondary Certificate Examination and the General Certificate in Education are administered by Nigeria’s National Examinations Council (NECO) every June/July and December/January, respectively.

NECO Economics Objectives and Essay Answers 2022(Expo)

The 2022 NECO Economics expo will be posted here during the NECO Economics examination. Keep checking and reloading this page for the answers.


NECO Economics 2022 Essay Answers:


Ranking of needs:Scale of preference helps us to rank our needs or wants in order of their relative importance

(ii)Identification of highest priority: Scale of preference assists individuals to identity quickly the most important needs among others

(iii)Rational choice: Scale of preference assists individuals, firms and governments to make rational choices in the list of wants

(iv)Efficient utilisation of limited resources: Scale of preference also helps individuals to make efficient utilisation of available resources

(v)Optimum allocation of resources: Scale of preference facilitates optimum allocation of resources

(vi)Maximisation of satisfaction: Scale of preference enables economic agents to maximise their satisfaction.

(vii)Financial prudence: Scale of preference doe

Wants are the insatiable desire or need by human beings to own goods or services that give satisfaction. Human wants or needs are many and are usually described as insatiable because the means of satisfying them are limited or scarce.

Scarcity is the limited supply of resources which are used for the satisfaction of unlimited wants. Scarcity is the inability of human beings to provide themselves with all the things they desire or want. These resources are scarce relative to their demand.

Choice refers to a system of selecting or choosing one out of several alternatives. Choices arise as a result of numerous human wants and the scarcity of the resources used in satisfying these wants. Choice, therefore, arises as a result of scarcity of resources.

Scale of preference refers to a list of unsatisfied wants arranged in the order of their relative importance. It is a list showing the order in which we want to satisfy our wants arranged in order of priority. On the scale of preference, the most pressing wants come first and the least pressing ones come last.

Opportunity cost is an expression of cost in terms of forgone alternatives. It is the satisfaction of one’s want at the expense of another want. It refers to the wants that are left unsatisfied to satisfy another more pressing need.

6a) Monopoly is a situation where there is a single seller in the market.

b.) 1. High Cost of capital: It is really capital intensive for an individual to start up certain


2. Resource Control: A business of mining resources and utilising these resources can be monopolised if the firm or company controls all the resources.

3. Legal Protection: Governments can grant legal protection to businesses to operate a kind of trade that no other business or company can operate thereby creating a monopoly of such trade in the process

4. The business having the potential to yield low profits: Business strategy involves knowing the disparity between investment and dividend and making the right choice of business to enter.

A co-operative society is a voluntary association of persons, businessmen, traders or organization with common needs and interests. The resources of members are pooled together to promote the economic and welfare interest of the members.

[PICK ANY THREE] (i)Producers Co-operative Society
(ii)Wholesale Co-operative Societies
(iii)Retails Co-operative Society
(iv)Consumers’ Co-operatives Society

(i)Producers Co-operative Society: This is an association of producers of similar commodity who have come together for the promotion of the market for their products. They could also purchase tools and raw materials in bulk and share or sell them to members at reduced prices.

(ii)Wholesale Co-operative Societies: Association of wholesalers buying in large quantities from the Manufacturer

(iii)Retails Co-operative Society: This is an association formed by many small independent retailers pooling their resources together and buying in bulk either from the manufacturers or wholesalers.

(iv)Consumers’ Co-operatives Society: This is formed by consumers who pool their resources together to buy essential commodities in bulk direct from manufacturers. Such commodities are then distributed or sold at reasonable prices to members.

An Industry can be defined as a group of firm producing similar product and under separate administration of management

(i) Tax Concessions to pioneer Industries: The federal government give tax Concession to pioneer Industries for a specified number of years during which the industry will not pay tax
(ii) Protection of infact industries: the government protect infact industries through high import duties and outright ban or placement of quotas or imported commodities which compete with those of home industries
(iii) Development of infrastructure facilities: Government has also embark on construction of better road networks especially the express roads efficient telecommunications, electricity and water supply system
(iv) Establishment of Industrial Estate: The government should also Establish industrial estate and thus reduce the problems of locating industries in urban areas
(v) Establishment of Nigerian Enterprises Promotion Decree: the Nigerian Enterprises of promotion decree of 1972 was set up by the Federal military government in an attempt to transfer part of the profits. Generated in Nigeria to the local people

9a) Demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.

b.) 1. Price of the Products:
There is an inverse (negative) relationship between the price of a product and the amount of

that product consumers are willing and able to buy.

  1. The Consumer’s Income:
    The effect that income has on the amount of a product that consumers are willing and able to buy depends on the type of good we’re talking about.
  2. The Price of Related Goods:
    As with income, the effect that this has on the amount that one is willing and able to buy depends on the type of good we’re talking about.
  3. The Tastes and Preferences of Consumers:
    This is a less tangible item that still can have a big impact on demand. There are all kinds of things that can change one’s tastes or preferences that cause people to want to buy more or less of a productNote: The answers below are for 2021Fx: 200, 240, 800, 650, 360, 210x-x-bar: -21, -11, -1, 4, 19, 29

    (x-x-bar)²: 441, 121, 1, 81, 361, 841

    F(x-x-bar)²: 4410, 968, 20, 1053, 2166, 2523


    Arithmetic mean (x-bar) = ∑fx/∑f = 2460/60 = 41


    Variance = ∑f(x-x-bar)²= 11140/60 = 185.67

    Standard deviation= √variance

    = √185.67

    = 13.63


    (i)It does not give a fall range of the data

    (ii)It can be hard to calculate

    (iii)It only used with data where an independent variable is plotted against the frequency of it.


    %∆ in Quantity dd/ %∆ in income = 100/150

    = 0.667

    %∆ in Qty dd = ∆ In Qty dd/ old Qty dd * 100/1

    = 10/10 * 100/1

    = 100

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    %∆ in income = ∆ in income * 100/1

    = 3000/2000 * 100/1

    = 150


    Positive income elasticity: This is as a result of having more quantity demand for milk as income increases


    Luxurious goods


    (i) Change in price related commodity

    (ii) Change in taste and fashion

    (iii) Income of the consumer

    (iv) Advertisement


    A wholesaler is a person whose business is buying large quantities of goods and selling them in smaller amounts


    (i)High price: Middlemen cause high price of goods by adding cost to the cost of goods

    (ii) Increase in advertisement: The introduction of middlemen in the chain of distribution leads to high cost of creating awareness to the customer

    (iii) Low profit: Middlemen will reduce the profit of the producer by increasing the cost of production for the producer

    (iv) Decrease in production: Middlemen will lead to decrease in production of goods that will affect the price of the goods


    (i)Source of revenue: To get most income into the government purse, taxes are imposed on goods coming in from other countries.

    (ii)Reduction of unemployment: This discourages importation and encourages infant industries to survive which will create jobs for more unemployment people

    (iii) To improve standard living: To help the citizens of a country to be self-sufficient and self reliant

    (iv)Balance of payment deficit: It helps to correct a country’s balance of payment deficit in the long run

    (v)Trade restriction: This enables the citizen to consume more locally made goods instead of foreign goods



Tips for Passing NECO Economics Examination 2023/2024

1. Prepare a reading timetable and stick to it

Making a timetable is the best way to prepare for the NECO exam. A timetable will allow you to read everything you need to before the exam. When making a timetable, make sure to give more time to core subjects. Core subjects are the five subjects that you should pass before entering your field of study.

2. Start Reading as Early as Possible

Different people have different ideas about when to begin studying for the NECO exam. So, I believe the best time to begin studying for the NECO exam is now. There is no such thing as too late or too early; simply pick up your book and begin covering as many topics as you can.

3. Do not allow people’s opinions to stop you from reading

One of the major issues that NECO candidates face is that they allow other people’s opinions and words to discourage them. Allowing other people’s words to penetrate your mind will cause fear, which is not good for examination candidates.

4. Get Recommended NECO Economics materials

The next step if you want to pass the NECO exam is to get past questions and go through them. Materials such as textbooks, notebooks, past questions, and so on. Reading past questions is essential if you are a NECO candidate because NECO sometimes repeats questions.

5. Be determined to Pass

Without determination, there is no success. Some students believe that passing exams in one sitting is impossible, but this belief is false; if you are determined and focused, you will pass your exams and come out with flying colors.

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