NECO Economics Objective and Theory Latest Questions and Answers 2024

NECO Economics objective and theory latest questions have been uploaded to the internet. It will fascinate you to learn that the nature of these queries is rather beautiful; clear and simple. It’ll be like walking in the park. However, we are here to assist you with your exams in any way we can.

Facts About NECO

The establishment of the National Examinations Council (NECO) in April 1999 is a culmination of the reaction of the Federal Government.

This was too widespread escalating agitations for a national examination outfit that would respond to Nigerian needs and demands.

As well as cope with the annually increasing number of secondary school candidates to take the Senior School Certificate Examination (SSCE) nationwide.

A series of panels had earlier been set up to address the issue before this vital decision was made.

The Mission

To deliver examinations whose results are trusted worldwide for their credibility.

The Vision

To become a major player in the global assessment industry.

Core Value

Redefining the future of the Nigerian child through quality assessment.

The National Examinations Council (also known as NECO) is an examination body in Nigeria that conducts the Senior Secondary Certificate Examination and the General Certificate in Education in June/July and December/January, respectively.

NECO Economics Objective and Theory Latest Questions

The following are the objective and theory questions and answers for Economics.

ECONOMICS OBJ

1-10 BEEBECEBAE
11-20 EACAACACDD
21-30 EDCEBCBEAE
31-40 AECDBDABBC
41-50 DBEDBEEABD
51-60 DCEADABCEB

2a)
A = 15
B =15 + 13 = 28
C = 20/3 = 6.7
D = 40 – B = 40 – 28 = 12
E 70/4 = 17.5
F = 20/5 = 4
G = 17 * 6 = 102
H = 82 – 60 = 22
I 113/7 = 16.1
J = 19.5 * 8 = 156

2b) Draw the Graph

2c) As output rises, the AFC decreases and the curve that represents it *** slope *** from left to right

1b) Tabulate:
Year | Cocoa | Crops palm oil | Cotton | Total(#)
1970 | 100 | 150 | 250 | 500
1971 | 150 | 75 | 225 | 450
1972 | 250 | 200 | 150 | 600

Total = #1550m
=#1.55b

1c) Percentage = 150/600 * 100
= ¼ * 100
= 25%

1d) Degree = palm oil expert in 1971 * 360°
Total expert in 1971
= 75/450 * 360°
= 60°

4a)
A trade union is an organized association of workers in a trade, group of trades, or profession, formed to protect and further their rights and interests

4b) i) Trade Union working for the Progress of the Employees:

The trade unions try to improve the economic conditions of the workers by representing their cases to the employers and trying to get an adequate bonus to the workers.

1. ii) Safeguarding the Interests of Workers:

Most industries try to exploit the workers to the maximum. They do not provide any benefits such as increasing their wages, granting sick leave, giving compensation in case of accidents, etc.

The workers are not made permanent even after many years of service and in some cases, they are removed from service summarily. Trade unions provide security to the employees in such situations.

iii) Increasing cooperation and well-being among Workers:

It is in this context that the trade unions come into the picture and they promote friendliness and unity among the workers.

Besides this, the trade unions also discuss the problems, which are common to all the workers. It is a platform where workers come together and know each other.

The trade unions also provide some kind of entertainment and relaxation to the workers.

Iv) Establishing Contacts between the Workers and the Employers:

Trade unions play an important role in bringing to the notice of employers the difficulties and grievances of the employees.

They try to arrange face-to-face meetings and thus try to establish contacts between the employees and the employers.

4c)

I) picket lines

ii) strike

3a) Similarities are :

• Both provide long-term loans to their member countries
• Both aim to promote economic development
• Also, both render technical and financial advice to member states

ii) One difference is;
ADB is meant for African countries only while IBRD is a global bank

3b) Benefits obtained by Nigeria from the World Bank are:

–Approval of $500 million to improve maternal and child health in the country in 2015

–Approval of a $200 million credit to support Nigeria’s agricultural sector, especially small and medium-scale farmers, in March 2017

8) Elasticity of supply is measured as the ratio of proportionate change in the quantity supplied to the proportionate change in price

8b)

i) Possibility of Substitution:

The change in supply in response to the change in price depends on the possibility of substitution of a product for others.

If the market price of potatoes rises, resources will be shifted from their cultivation like tomatoes, and employed in the cultivation of potatoes.

The greater the possibility of shifting resources to potato cultivation, the greater the elasticity of the supply of potatoes.

ii) Infrastructural facilities:

The expansion of the supply of a commodity also depends on the availability of productive facilities and inputs.

The agricultural producer cannot increase in response to the rise in the price unless there is a sufficient flow of fertilizers, irrigation, etc.

In the case of industrial goods, the expansion of supply is inhibited by the shortage of power, fuel, and essential raw materials.

iii) Producers response:

The elasticity of supply for a product depends on the producers’ responsiveness to the change in its price. The quantity supplied by a commodity will not change if the producers do not react positively to the increase in prices.

Producers do not always increase the quantity supplied of a commodity to a rise in price.

iv) Marginal Cost:

The elasticity of supply of a commodity depends on the marginal cost of production. The elasticity of the supply of a commodity would be less if the marginal cost of production goes up.

In the short run, diminishing marginal returns operate as some factors are fixed. This gives rise to the expansion of the marginal cost of production.

7a)A tariff is a tax imposed by a government on goods and services imported from other countries that serve to increase the price and make imports less desirable, or at least less competitive, versus domestic goods and services.

7b)

I) Infant Industries

ii) National Defense

iii) Domestic Employment

Iv) Aggressive Trade Practices

v) Environmental Concerns

10a) Production is incomplete without distribution because the main aim of production is to satisfy human wants. When the link between the producers and the consumers is absent, then the aim has defected.

10b) Factors that affect the volume of the production are:

Quantity and quality of factors of production (i.e. land, labor, capital, and entrepreneurs). For example, the amount of capital determines the labor to be hired and the raw materials to be bought.

The size of the market: This is the extent to which the products are demanded.

iii. Nature of the product: If the goods are durable, more can be produced and stored. Perishable goods have to be produced based on the ones that can be sold at that time since they cannot be stored for a long time.

iv) Availability of raw materials: This will determine the number of goods to be produced.

v) Government policy: This has to do with the nature of the economic policy of the government. The more favorable the government’s economic policy, the more the volume of goods to be produced and vice versa.

DISCLAIMER! These are not real NECO Economics Objective and Theory Latest Questions, but likely repeated questions over the years to help candidates understand the nature of their examinations. Ensure to note every question provided on this page.