NECO GCE Economics Questions Latest Update
– NECO GCE Economics Questions –
NECO GCE Economics Questions is out now on our website. In this article, I will be showing you past NECO GCE Economics random repeated questions for free.
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 to widespread escalating agitations for a national examination outfit that would respond to the Nigerian needs and demands.
As well as cope with the annually increasing number of secondary school candidates to take Senior School Certificate Examination (SSCE) nationwide.
A Series of panels had earlier been set up to address the issues before this vital decision was taken.
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 GCE Economics Questions
OBJECTIVE ANSWERS LOADING
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1-10 DEBECCCAAB
11-20 CEAEEDBEDC
21-30 EDEDBBBABC
31-40 DADCCDCADD
41-50 BDBBADCABE
51-60 ABBABDEACA
THEORY ASPECTS
(1a)
No of birth
30/45 × 488500 = 3256667
(1b)
No of death
15/45 × 488500 = 1628333
(1c)
No of Environment Immigrant – Net migrant
70000 – 25000 = 45000
(1d)
Natural growth
Birth rate – Death rate
3,256,667 – 1628333 = 1628334
(1e)
5000000 + 700000 – 45000 = 5025000
(1f)
New Pop – Old pop / old pop × 100/1
5025000 – 5000000 / 5000000 × 100/1
= 5%
(1a) Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price,
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2a)
A = 18
B = 12
C = 11.2
D = 0
E = -2
2b)
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(3a)Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity, demanded of a good or service to a change in its price
(3b) 1. Nature of goods
- Availability of substitutes
- Alternative us
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4
Complementarity between Goods: Complementarity between goods or joint demand for goods also affects the price elasticity of demand.
Households are generally less sensitive to the changes in prices of goods that are complementary with each other or which are jointly used as compared to those goods which have independent demand or are used alone.
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5a)
5b) – Time and Elasticity:
The element of time also influences the elasticity of demand for a commodity. Demand tends to be more elastic if the time involved is long.
This is because consumers can substitute goods in the long run. In the short run, the substitution of one commodity by another is not so easy.
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No. 6
i – A large Number of Buyers and Sellers:
The first condition is that the number of buyers and sellers must be so large that none of them individually is in a position to influence the price and output of the industry.
In the market, the position of a purchaser or a seller is just like a drop of water in an ocean.
ii – Homogeneity of the Product:
Each firm should produce and sell a homogeneous product so that no buyer has any preference for the product of any individual seller over others. If goods will be homogeneous, then prices will also be uniform everywhere.
iii – Free Entry and Exit of Firms:
The firm should be free to enter or leave the firm. If there is the hope of profit, the firm will enter into business and if there is the profitability of loss, the firm will leave the business.
iv – Perfect Knowledge of the Market:
Buyers and sellers must possess complete knowledge about the prices at which goods are being bought and sold and of the prices at which others are prepared to buy and sell. This will help in having uniformity in prices.
v – Perfect Mobility of the Factors of Production and Goods:
There should be perfect mobility of goods and factors between industries. Goods should be free to move to those places where they can fetch the highest price.
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10ai) International monetary funds are an international organisation created to standardise global financial relations and exchange rates.
The IMF monitors the global economy, and its core goal is to economically strengthen its member countries.
10aii)The International Bank for Reconstruction and Development (IBRD) is an international financial institution that offers loans to developing countries.
10b)
1. To promote international monetary cooperation through a permanent institution that provides the machinery for consolation and collaboration on international monetary problems.
2. To facilitate the expansion and balanced growth of international trade, and contribute to the promotion and maintenance of high levels of employment and actual income and to the development of productive resources for all members as the primary aim of economic policy.
III. To promote exchange stability, maintain orderly exchange arrangements among members, and to avoid competitive exchange depreciation.
1. To assist in the establishment of a multilateral system of payments regarding current transactions between members and in the elimination of foreign exchange restrictions that hamper the growth of world trade.
2. To give confidence to members by making the general resources of the Fund temporarily available to them under adequate safeguards, thus providing them with the opportunity to correct maladjustments in their balance of payments, without resorting to measures destructive of national or international prosperity.
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12a) Brain drain can be described as the process in which a country loses its most educated and talented workers to other countries through migration
12b)
I) Provide adequate research facilities.
ii) Provide attractive salaries to highly qualified people on the basis of their qualifications and experience
iii) Provide better job opportunities irrespective of caste, race or nationality.
iv) Promote people on merit alone.
DISCLAIMER! These are not real Civic Education NECO 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.
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