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Tuesday, June 20, 2017

NECO Economics Questions and Answers 2017 | OBJ and Theory Answers

The National Examinations Council 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 Questions


NECO Economics Question and Answers

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1 a)
Qd =40 – 2 p ; Qs = 10 + 4 p
Qd =40 – 2 p
When P = 1
Qd =40 – 2 ( 1 )
Qd =40 – 2
Qd =38
Qd =40 – 2 p
When P = 3
Qd =40 – 2 ( 3 )
Qd =40 – 6
Qd =34
Qd =40 – 2 p
When P = 5
Qd =40 – 2 ( 5 )
Qd =40 – 10
Qd =30
Qd =40 – 2 p
When P = 7
Qd =40 – 2 ( 7 )
Qd =40 – 14
Qd =26
Qd =40 – 2 p
When P = 9
Qd =40 – 2 ( 9 )
Qd =40 – 18
Qd =22
Qs =10 + 4 p
When P = 1
Qs =10 + 4 (1 )
Qs =10 + 4
Qs =14
Qs =10 + 4 p
When P = 3
Qs =10 + 4 (3 )
Qs =10 + 12
Qs =22
Qs =10 + 4 p
When P = 5
Qs =10 + 4 (5 )
Qs =10 + 20
Qs =30
Qs =10 + 4 p
When P = 7
Qs =10 + 4 (7 )
Qs =10 + 28
Qs =38
Qs =10 + 4 p
When P = 9
Qs =10 + 4 (9 )
Qs =10 + 36
Qs =46
1 b )
Demand and supply schedule
Tabulate Price | Quantity demanded | Quantity supplied
Price ( N): 1 , 3 ,5 ,7 ,9
Quantity demanded: 38 ,34 ,30 ,26 ,22
Quantity Supplied : 14 ,22 ,30 ,38 ,46
1 c)
1 d )
Equilibrum price = N5
A price at which quantity equates quantity supplied
••••••••••••••••••••••••••••••••
(2 ai )
At Equilibrium , Qs = Qo
30 3 p = 90 – 2 p
3 p 2 p = 90 – 30
5 p = 60
P = 60 / 5 = 12
(2 aii )
QE = Q5 = Qp = 30 3 p
= 30 3 ( 12 ) = 30 36
= 66
(2 b )
(2 c )
i . government policy
ii. price of other commodity
iii . technology
iv . cost of production
v . seasons
– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –
(3 a )
Production is the creation of good s
for the
satisfaction of human wants . it can
be primary ,
secondary or tertiary
(3 b )
i . what to produce : An entrepreneur
is to observe
and think about whats he needs to
offer the public
as a producer
ii. for whom to produce : an
entrepreneur
recognizes the set of people targeted
at
production and whose product are
sold to
iii . how to produce : An entrepreneur
decides on
the method of production he wants i
. e Labour
intensive or capital intensive
production
iv . Marketing ; – An entrepreneur
must creates
awareness for his goods
v . Distribution : An entrepreneur
designs how to
distribute his product so that it
reaches the final
consumers
– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –
4 i )
Marginal product is the additional output that a firm brought about as a result of the employment of an additional unit of variable factor
4 ii)
Thd law of diminishing returns states that as sucessive units of a variable factor (e .g . labour or capital ) is applied to a given fixed factor (e .g . land ), output will increase at first but it will get to a point at which the addition of one more unit of the variable factor will result in less additional units of output.
4 iii)
– Proper combination of factors of production -The law of diminishing returns helps the entrepreneur to combine properly the factors of production to prevent watage
– Changes in Scale of production : The law of diminishing returns helps entrepreneurs to change the scale of production throught the variation of the quantities of all input .
– It ensures efficiency – As more and more variable factors are added to a fixed factor , it eventually comes to a profitable level and productivity and efficiency are maintained.
••••••••••••••••••••••••••••••••
6 a)
Tax may be defined as the act or method of imposing a compulsory levy by the government or its agency on individuals and firms or on goods and services . It is also defined as the compulsory levy imposed by the government or its agency or individuals and firms or on goods and services
6 b )
-Tax evasion : High taxes scare potential payers away
– Failure to fulfil civic responsibilities : Many people do not fufil their civic responsibilities of paying tax as at when due .
-Failure to declare real income : Many workers and corporate bodies , especially those in private firms ,do not declare their real incomes
-Wrong belief of people : Many people think that the money collected is for the tax collectors therefore refuse to pay tax .
-Lack of book of account- Majority of traders and small scale businesses do not keep proper book of account for the purpose of proper tax assessments.
••••••••••••••••••••••••••••••••
8 )
-Maintainance of external reserves : The central bank is also responsible for the maintainance of external reserves of the country
-Management of national debt : The central bank is responsible for the management of national debt of the country . It also acts as clearing house for other banks
-Foreign exchange transaction: The central bank holds the foreign reserve of a country , and this helps in enforcing foreign exchange control , which is set up to purchase and sell foreign currencies
-External business: The central bank acts as an agent of the country by relating with other countries and international financial institutions like IMF , World Bank,etc.
-Banker to the government : Central bank is an agent and banker to the government. It controls public account, receives revenue on behalf of the government and makes payment from this account.Central bank also obtains loan on behalf of the government .
••••••••••••••••••••••••••••••••
(7 a )
tabulate between internal trade and
External Trade
Internal Trade
– Trade within a country
– Involves currency
External Trade
– Trade between country
– Involves many currency
(7 b )
(i ) language Barrier – Because
international Trade
involves trade among countries and
languages
vary from one country to another ,
language tends
to limit the extent of international
trade
(ii ) problem of currency : –
International trades
involves a series of currency
conversion since
goods are bought and sold in a
country with its
currency
(iii ) import and export duties : the
imports and
Exports duties paid on goods at
counties of import
and export is a barrier to
international trade
(iv ) Quota : this is the amount of
goods by law that
can be imported to a within a fiscal
gear . This has
limited international trade from
taking place at its
full capacity
(v ) problem of visa : many people who
are willing to
embark on international trade could
not do so
because they could not pet a visa that
permit
them to pet to the intended trade
country
– – – – – – – – – – – – – – – – – – – – – – – – – – – – – –
(9 a )
A monopolistic competition is a
market situation
which combines the fundamental
characteristics
of both pure monopoly and perfect
competition . in
this type of market situation exists
because
neither pore monopoly nor perfect
competition
exists in isolation and this is a result
of absence
of homogeneity and heterogeneity of
products sold
in both market
(9 b )
(i ) Granter Efficiency : There is a
great efficiency
resulting from an assemblage or pool
of
specialized managerial skills
(ii ) Centralized Management : There
is effective
and proper central managements
under monopoly
– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –
(11 a )
Trade by barter can be defined as a
form of
trading in which goods are exchanged
directly for
other goods without the use of money
as a
medium of exchange
(11 b )
Do it yourself
– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –
(12 a )
National income may be defined as
the ways of
computing or determing the money
value of the
total volume of goods and services
produced or
the total income earned in a given
country over a
period of time , usually a year.
(12 b )
The methods are : –
(i ) Income method
(ii ) Output Method
(iii ) Expenditure Method
– INCOME METHOD : – This is defined
by adding
incomes received by all factores of
production .
The incomes to be added include
workers
earnings profit from enterpreneurs ,
rents on land ,
interest from capitals e .t . c . In order
to avoid
double counting , transfer payments
such as
payment to old people, beggers , e . t. c
are not
included . The income which must be
included
must be that which arises from the
production of
goods and services .
– OUTPUT METHOD : – This method
measures the
total money value of all goods and
services
produced in the country in a year . To
avoid double
counting the figures collected on the
basis of
value added i .e the value of output ,
less cost of
input .
– EXPENDICTURE METHOD : – This
method helps in
calculating the total amount spent on
consumption
and investment purpose during the
year . Transfer
payment such as pension paid to
refired workers ,
gift to beggers , e . t. c are excluded .

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