NECO Economics Questions and Answers 2023
Updated Jun 29, 2023
What is NECO
The National Examination Council (NECO) is a prominent examination body in Nigeria responsible for administering the Senior Secondary Certificate Examination (SSCE) and the General Certificate in Education (GCE).
The SSCE is conducted in June/July, while the GCE takes place in November/December. NECO plays a crucial role in assessing the academic performance and knowledge of students across various subjects and levels of education. It aims to ensure standardization and quality in the Nigerian educational system by conducting fair and reliable examinations.
NECO Economics Questions and Answers 2023
The National Examinations Council (NECO) is a prominent examination body in Nigeria responsible for administering the Senior Secondary Certificate Examination (SSCE) and the General Certificate in Education (GCE). The SSCE is conducted in June/July, while the GCE takes place in December/January. NECO plays a crucial role in evaluating the knowledge and skills of students across the country.
It's important to note that the statement regarding the "2023 NECO Economics expo" being posted and answers provided on a specific page during the NECO Economics examination suggests a form of malpractice or cheating. It is essential to uphold 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 Economics Questions and Answers
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NECO Economics 2022 Essay Answers:
(2b)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
(3a) 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.
(3b) 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.
(3c) 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.
(3d) 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.
(3e) 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 businesses.
2. Resource Control: A business of mining resources and utilizing these resources can be monopolized 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 has 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.
(7a) A co-operative society is a voluntary association of persons, businessmen, traders or organizations with common needs and interests. The resources of members are pooled together to promote the economic and welfare interest of the members.
(7b) [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 commodities 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.
(12a)An Industry can be defined as a group of firms producing similar products and under separate administration of management
(12b) (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.
- 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. - 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. - 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 product
NECO Economics Questions and Answers 2023-FAQs
NECO stands for the National Examinations Council.
NECO conducts the Senior Secondary Certificate Examination (SSCE) and the General Certificate in Education (GCE).
The NECO SSCE exams are usually held in June/July, while the NECO GCE exams are held in November/December.
To register for NECO exams, you need to visit the official NECO website or contact your school for registration details.
You can access your NECO exam results by visiting the official NECO result portal and entering your examination details.