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NECO Economics Answers 2022 [Theory & Objectives](Expo)
The 2022 NECO Economics expo will be posted here during the NECO Economics examination. Keep checking and reloading this page for the answers.
NECO 2022 Economics Answers Loading..
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YOU ARE TO ANSWER FIVE (5) QUESTIONS ONLY.
ANSWER ONE (1) FROM SECTION 1 AND FOUR
(4) FROM SECTION TWO (2). PLS TAKE NOTE.
X: 20, 30, 40, 50, 60, 70
F: 10, 8, 20, 13, 6, 3
Fx: 200, 240, 800, 650, 360, 210
x-x-bar: -21, -11, -1, 4, 19, 29
(x-x-bar)²: 441, 121, 1, 81, 361, 841
F(x-x-bar)²: 4410, 968, 20, 1053, 2166, 2523
Arithmetic mean (x-bar) = ∑fx/∑f = 2460/60 = 41
Variance = ∑f(x-x-bar)²= 11140/60 = 185.67
Standard deviation= √variance
(i)It does not give a fall range of the data
(ii)It can be hard to calculate
(iii)It only used with data where an independent variable is plotted against the frequency of it.
%∆ in Quantity dd/ %∆ in income = 100/150
%∆ in Qty dd = ∆ In Qty dd/ old Qty dd * 100/1
= 10/10 * 100/1
See also When will neco start? Neco update
%∆ in income = ∆ in income * 100/1
= 3000/2000 * 100/1
Positive income elasticity: This is as a result of having more quantity demand for milk as income increases
(i) Change in price related commodity
(ii) Change in taste and fashion
(iii) Income of the consumer
A wholesaler is a person whose business is buying large quantities of goods and selling them in smaller amounts
(i)High price: Middlemen cause high price of goods by adding cost to the cost of goods
(ii) Increase in advertisement: The introduction of middlemen in the chain of distribution leads to high cost of creating awareness to the customer
(iii) Low profit: Middlemen will reduce the profit of the producer by increasing the cost of production for the producer
(iv) Decrease in production: Middlemen will lead to decrease in production of goods that will affect the price of the goods
(i)Source of revenue: To get most income into the government purse, taxes are imposed on goods coming in from other countries.
(ii)Reduction of unemployment: This discourages importation and encourages infant industries to survive which will create jobs for more unemployment people
(iii) To improve standard living: To help the citizens of a country to be self-sufficient and self reliant
(iv)Balance of payment deficit: It helps to correct a country’s balance of payment deficit in the long run
(v)Trade restriction: This enables the citizen to consume more locally made goods instead of foreign goods
Capital formation is a term used to describe the net capital accumulation during an accounting period for a particular country
(i) Low level of Natural income and per capital income
(ii) Lack in demand of capital
(iii) Lack in supply of capital
(iv) Lack of Economic and social overheads
(v) Lack of skilled entrepreneurs
(vi) Lack of effective fiscal policy
Internal trade is the act of buying and selling of goods and services within a geographical area WHILE External trade is the buying and selling of goods and services between two or more countries
(i)They both engage in exchange of goods and services
(ii) They both engage in trade e
(iii) They both involve in the use of money to facilitate trade
(i) Buying and selling is between two or more countries
(ii) There is language barrier
(iii) It involves more documentation
(i) Buying and selling is within a country
(ii) There is no language barrier
(iii) It involves low documentation
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NECO Economics Practice Questions and Answers
The questions below are the NECO 2022 Economics Practice Questions. Go through them and be ready to score high in your NECO 2022 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 Loading
The following tips will help you to pass the upcoming NECO Economics examination.
Have a Target and Work Towards Actualizing it
You have decided to pass NECO Economics 2022 and I am sure of that. Now, the next thing you should do is set targets.
You have told yourself, “I will score A in Neco Economics 2022”, that’s not all. You need to plan on how to make it happen. Create a timetable and master plan to achieve your goals.