NECO Economics Questions and Answers 2022/2023 – Objectives and Theory
Questions and answers 2022 from NECO Economics. I’ll show you past economics objective questions and the theory repeated questions. It is absolutely free. You will also understand how to answer NECO Economics questions and pass.
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NECO Economics Objectives and Essay Answers 2022 (Expo)
The 2022 NECO Economics expo will be posted here today, during the NECO Economics examination. Keep checking and reloading this page for the answers.
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NECO Economics Essay Answers: (2021 Answers)
Qd = 40 – 4p
In a tabular form
P|10|8| 6|4 |2 |1
When price = 10
Qd = 40-4(10) = 0
When price = 8
Qd = 40-4(8) = 8
When price = 6
Qd = 40-4(6) = 16
When price = 4
Qd = 40-4(4) = 24
When price = 2
Qd = 40-4(2) = 32
When price = 1
Qd = 40-4(1) = 36
The slope of demand curve is downwards which indicates that the quantity demanded has negative corrolation with price. The higher the price the lower the quantity demanded and vice versa.
MR = ∆inTR/∆inQ
TR2 – TR1/Q2 – Q1
At Q = 1
MR = Nil(-)
At Q = 2,
MR = 30-20/2-1 = 10
At Q = 3
MR = 60-30/3-2 = 30
At Q = 4
MR = 80-60/4-3 = 20
At Q = 5
MR = 120-80/5-4 = 40
At Q = 6
MR = 150-120/6-5 = 30
AR = TR/Q
At Q = 1
AR = 20/1 = 20
At Q = 2
AR = 30/2 = 15
At Q = 3
AR = 60/3 = 20
At Q = 4
AR = 80/4 = 20
At Q = 5
AR = 120/5 = 24
At Q = 6
AR = 150/6 = 25
MC = TC2 – TC1/Q2 – Q1
At Q = 1
MC = Nil(-)
At Q = 2
MC = 50 – 40/2 – 1 = 10
At Q = 3
MC = 60 – 50/3 – 2 = 10
At Q = 4
MC = 80 – 60/4 – 3 = 20
At Q = 5
MC = 110 – 80/5 – 4 = 30
At Q = 6
MC = 120 – 110/6 – 5 = 10
The condition necessary for profit maximization is MC = MR
Labour can be defined as all human efforts of any kind, either skilled or unskilled, mental or manual, directed towards the production of goods and services. The rewards for labour as a factor of production comes in form of wages and salaries.
(i) Education and training: The level of education and training received by a worker will go a long way towards increasing the efficiency of labor. A well educated or well trained worker is in position to increase efficiency in his work.
(ii) Level of commitment and attitude: The level of commitment and attitude of a worker can affect the efficiency of labour. When a worker is highly committed to his job, this will result in efficiency of labour.
(iii) Efficient management: When efficient management is in place in any organization, it will go a long way towards improving efficiency of labour.
(iv) Efficiency of other factors of production: The efficiency of other factors of production like land, capital and entrepreneur when combined with efficient labour will increase productivity.
Tax: A tax is a compulsory levy imposed by a public authority against which tax payers cannot claim anything. It is not imposed as a penalty for only legal offence. The essence of a tax, as distinguished from other charges by the government, is the absence of a direct quid pro quo (i.e., exchange of favour) between the tax payer and the public authority.
Rates: Rates refer to local taxation, i.e., taxation levied by (or for) local rather than central government. Normally rates are proportional to the estimated rentable value of business and domestic properties. Rates are often criticised as being unrelated to income.
Surplus of the public sector units: The government acts like a business- person and the public acts like its customers. The government may either sell goods or render services like train, city bus, electricity, transport, posts and telegraphs, water supply, etc. The government also earns revenue from the production of commodities like steel, oil, life-saving drugs, etc.
Fine and penalties:
They are the charges imposed on persons as a punishment for contravention of a law. The main purpose of these is not to raise revenue from the public but to force them to follow law and order of the country.
Gifts and grants: Gifts are voluntary contribution from private individuals or non-government donors to the government fund for specific purposes such as relief fund, defence fund during war or an emergency. However, this source provides a small portion of government revenue.
(i) Inadequate educational system and High cost of education: The educational systems practised in Nigeria is adequate as special attention is paid to paper qualification to the detriment of job creation.As a result of high cost of acquiring education, many find it difficult to goto school and so end up with low paper qualification which may not permit them to get good employment
(ii) Lack of industrial growth and social amenities: Nigeria do not have industries that are capable of employing enough workers. Labour tends to be unavailable when there are no social amenities in the area. This leads to unemployment
(iii) Over population and Deficiency in demand: When a country’s population is too high, it tends to produce many workers and such workers may not have jobs to do, thereby leading to unemployment. An overall in demand for goods can lead companies to retrench workers.
(iv) Poor development plans and use of automated machines: Government does not normally put in place development plans that can create employment opportunities or take care of the unemployed. The use of automated machines in factories reduces the need for many workers and this lead to unemployment.
(v) Geographical mobility of Labour: Geographical mobility of labour is one of major cause of unemployment in Nigeria. Due to certain circumstances labour finds it difficult to move from one geographical area to another and this results in unemployment.
Retailer may be defined as a trader who buys goods in small quantities from the wholesaler and sells in bits or units to the final consumer. In other words, a retailer is a merchant whose main business is to purchase goods from the wholesalers in small quantities and sell in smaller units directly to the final consumers.
(i) Information: Middlemen have a role in providing information about the market to the manufacturer. Developments like changes in customer demography, psychology, media habits and the entry of a new competitor or a new brand and changes in customer preferences are some kind of information that all manufacturers want.
(ii) Price Stability: Maintaining price stability in the market is another function a middleman performs. Many a time the middleman absorbs an increase in the price of the products and continues to charge the same old price to the customer.This is because of the intra middlemen competition. The middleman also maintains price stability by keeping his overheads low.
(iii) Promotion: Promoting the product and services in his territory is another function that the middlemen perform. Many of them design their own sales incentive programs aimed at building customer traffic at their outlets.
(iv) Title: Most middlemen take title to the goods and services and trade in their own name. This helps in diffusing the risks between the manufacturer and middlemen. This also enables middlemen being in physical possession of the goods, which enables them to meet customer demand at the very moment it arises.
(v) Financing: Middlemen finance manufacturers operations by providing the necessary working capital in the form of advance payments for goods and services. The payment is in advance even though credit may be extended by the manufacturer, because it has to be made even before the products are bought and consumed and paid for by the ultimate customer.
NECO Economics Objectives 2021
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NECO Economics Most Likely Questions and Answers 2022
The questions below are the NECO 2022 Economics Possible Questions. Go through them and be ready to score high in your NECO 2022/2023 Economics Examination.
1. Developments outside a given firm which reduce the firm’s costs are called
A. internal economics
B. external economics
C. external diseconomies
D. optimum effects
ANSWER: B (external economics)
2. If at 10K per kg, 1000kg of yam were purchased, the resultant point elasticity of demand is
ANSWER: C (1)
3. A situation in which all inputs are doubled and output also doubles is known as
A. constant proportions
B. increasing returns to scale
C. constant returns
D. constant returns to scale.
ANSWER: D (constant returns to scale)
More NECO Economics Questions and Answers are being Loaded…
How to Pass NECO Economics Exam 2022
Go for the recommended textbooks:
There were textbooks recommended by WAEC and NECO examination board which contains all the relevant topics. You need to get at least one of those Textbooks to enable you find those topics.
2. Get Economics syllabus:
A syllable contains all the relevant topics which you need to read for each subject and the recommended textbooks and authors.
WAEC and JAMB have their syllabus while NECO does not have such. However, NECO uses the WAEC syllabus as a standard for setting exam questions.
One thing you should note is that your questions can never come outside these recommended NECO topics. So, you need them. You can also search this blog for any Syllable you want.
Apart from these two tips, there are other tricks which you can adopt in and outside your examination hall in order to pass your exams. Check out my article on how to pass any kind of exam.
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