# NECO Economics Questions and Answers 2021/2022 (Theory and Objectives)

NECO Economics Answers for 2021/2022 Theory and Objectives is out on this portal.

So if you are writing NECO Economics examination holding on the 4th of August 2021, then you have come to the right place because you will pass NECO following every instruction on this page.

NECO Economics objective and theory answers For you to have a good NECO result in the Economics examination as well as repeated questions for free in this post. You will also understand how NECO (Chemistry) Economics questions are set and how to answer them.

The National Examinations Council (NECO) 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 Expo Exam Time: Wednesday 4th August Paper III & II: Objective & Essay – Economics – 10:00am- 1:00pm.

## NECO Economics Questions and Answers 2021

ECONOMICS OBJ

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### NECO Economics Essay Answers 2021(Expo)

ECONOMICS-ESSAY

Special Bonuses; You Are To Answer Five (5) Questions Only.Answer One (1) From Section 1 And Four(4) From Section Two (2). Please Take Note.

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(1)TABULATEX: 20, 30, 40, 50, 60, 70F: 10, 8, 20, 13, 6, 3Fx: 200, 240, 800, 650, 360, 210x-x-bar: -21, -11, -1, 4, 19, 29(x-x-bar)²: 441, 121, 1, 81, 361, 841F(x-x-bar)²: 4410, 968, 20, 1053, 2166, 2523

(1i)Arithmetic mean (x-bar) = ∑fx/∑f = 2460/60 = 41

(1ii)Variance = ∑f(x-x-bar)²= 11140/60 = 185.67Standard deviation= √variance= √185.67= 13.63

(1iii)(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.°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°′°°°°°°°

(2a)%∆ in Quantity dd/ %∆ in income = 100/150= 0.667%∆ in Qty dd = ∆ In Qty dd/ old Qty dd * 100/1= 10/10 * 100/1= 100%∆ in income = ∆ in income * 100/1= 3000/2000 * 100/1= 150(2b)Positive income elasticity: This is as a result of having more quantity demand for milk as income increases(2c)Luxurious goods(2d)(i) Change in price related commodity(ii) Change in taste and fashion(iii) Income of the consumer(iv) Advertisement°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°′°°°°°°°

(4a)A wholesaler is a person whose business is buying large quantities of goods and selling them in smaller amounts

(4b)(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

(10a)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(10b)=SIMILARITIES=(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=DIFFERENCES=*(PLS PUT IN A TABULAR FORM*)>INTERNATIONAL TRADE(i) Buying and selling is between two or more countries(ii) There is language barrier(iii) It involves more documentation>EXTERNAL TRADE(i) Buying and selling is within a country(ii) There is no language barrier(iii) It involves low documentation[03/08, 22:20] Ogabido:

(3a)Capital formation is a term used to describe the net capital accumulation during an accounting period for a particular country

(3b)(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°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°

(4a)A wholesaler is a person whose business is buying large quantities of goods and selling them in smaller amounts

(4b)(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°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°

(11)(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 encourage 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°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°

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