Looking for NECO Economics Questions and Answers 2023? We provide NECO Economics Questions 2023 guide to help students to be successful in the exams.
What is NECO
The National Examinations Council (NECO) is the prominent examination body in Nigeria responsible for the conduct of the Secondary Certificate of Education (SSCE) and General Certificate of Education (GCE) examinations.
SSCE is held in June/July while GCE is held in November/December. NECO plays a key role in assessing the academic performance and knowledge of students in different subjects and levels of education. It aims to ensure standardization and quality in the Nigerian education system by conducting fair and reliable examinations.
NECO Economics Questions and Answers 2023
The National Examinations Council (NECO) is the prominent examination body in Nigeria responsible for the conduct of the Secondary Certificate of Education (SSCE) and General Certificate of Education (GCE) examinations. SSCE is held in June/July while GCE is held in December/January. NECO plays a key role in assessing the knowledge and skills of students across the country.
It is important to note that the statement about “2023 NECO Economics expo” that was published and the answers given on a certain page during the NECO Economics exam suggest a form of malpractice or cheating. It is necessary to adhere to the principles of integrity, honesty and fairness in all examinations. Students are encouraged to prepare diligently and rely on their knowledge and understanding of the subject matter.
NECO economic questions and answers
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NECO Economics Essay Answers 2022:
(2b) Ranking of needs:
A preference scale helps us rank our needs or wants according to their relative importance
(ii) Identification of the highest priority: A preference scale helps individuals quickly identify the most important needs among others
(iii) Rational choice: A preference scale helps individuals, companies and governments make rational choices on their wish list
(iv) Efficient use of limited resources: The scale of preferences also helps individuals to make efficient use of available resources
(v) Optimal allocation of resources: A preference scale facilitates optimal allocation of resources
(vi) Maximizing satisfaction: The scale of preferences enables economic operators to maximize their satisfaction.
(vii) Financial prudence: Scale of preferences
(3a) Desires are the insatiable desire or need of human beings to possess goods or services that provide satisfaction. Human wants or needs are numerous and are usually described as insatiable because the means to satisfy them are limited or scarce.
(3b) Scarcity is a limited supply of resources that are used to satisfy unlimited needs. Scarcity is the inability of human beings to provide for themselves all that they want or want. These resources are rare compared to their demand.
(3c) Choice refers to the system of selecting or selecting one of several alternatives. Choices arise as a result of numerous human desires and the scarcity of resources used to satisfy those desires. Choice, therefore, arises as a result of resource scarcity.
(3d) The preference scale refers to a list of unsatisfied desires ranked according to their relative importance. It is a list that shows the order in which we want to satisfy our desires in order of priority. On the scale of preferences, the most urgent desires come first, and the least urgent ones last.
(3e) Opportunity cost is an expression of cost in terms of missed alternatives. It is the satisfaction of one’s need at the expense of another need. It refers to desires that are left unsatisfied in order to satisfy other more pressing needs.
6a) A monopoly is a situation in which there is only one seller on the market.
b.) 1. High cost of capital: It is really capital intensive for an individual to start certain companies.
2. Control of resources: The business of mining resources and using those resources can be monopolized if a firm or company controls all the resources.
3. Legal Protection: Governments can grant legal protection to businesses to carry on a type of trade that no other firm or company can operate, thus creating a monopoly over such trade in the process
4. The business has the potential to yield low profits: Business strategy involves knowing the difference between investment and dividend and making the right choice of business to enter.
(7a) A cooperative is a voluntary association of persons, businessmen, traders or organizations with common needs and interests. The resources of the members are pooled to promote the economic and social interests of the members.
(7b) [PICK ANY THREE]
(i) Producer cooperative (ii) Wholesale cooperative (iii) Retail cooperative (iv) Consumer cooperative
(i) Producers’ Cooperative: This is an association of producers of similar products who have come together to promote the market for their products. They could also buy tools and raw materials in bulk and distribute or sell them to members at discounted prices.
(ii) Wholesale cooperatives: An association of wholesalers who buy large quantities from manufacturers
(iii) Retail Co-operative Society: This is an association formed by many small independent retailers who pool their resources and buy in bulk either from manufacturers or wholesalers.
(iv) Consumer Co-operative Society: It is formed by consumers pooling their resources to buy basic commodities in bulk directly from producers. Such goods are then distributed or sold at reasonable prices to members.
(12a) An industry can be defined as a group of companies that produce similar products and are under separate management
(12b) (i) Tax breaks for pioneer industries: The federal government gives tax breaks to pioneer industries for a certain number of years during which the industry will pay no tax (ii) Protection of actual industries: The government protects existing industries through high import tariffs and outright bans or quotas or imported goods competing with the goods of the domestic industry (iii) Development of infrastructure facilities: The government has also started to build better road networks, especially expressways, efficient telecommunications, electricity and water supply system (iv) Establishment of industrial estate: The government should also to establish an industrial estate and thus reduce the problems of industrial siting in urban areas (v) Establishment of Nigerian Enterprises Promotion Ordinance: The Nigerian Enterprise Promotion Ordinance of 1972 was established by the federal army of governments in an attempt to transfer some of the profits. Created in Nigeria for locals
9a) Demand is the quantity of a good that consumers are willing and able to buy at different prices during a certain period of time.
b.) 1. Price of the product: There is an inverse (negative) relationship between the price of the product and the quantity of that product that consumers want and can buy.
- Consumer income: The effect that income has on the amount of products that consumers are willing and able to buy depends on the type of good we are talking about.
- Price of related goods: As with income, the effect this has on the amount someone is willing and able to buy depends on the type of good we are talking about.
- Consumer tastes and preferences: This is a less tangible item that can still have a big impact on demand. There are all kinds of things that can change someone’s taste or preferences, making people want to buy more or less of a product
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Categories: General
Source: HIS Education