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NECO Economics Questions and Answers 2021. Objective and theory answers (Expo), for the National examination council (June/July 2021. NECO Economics Objective and Theory Answers. This post will provide you with repeated questions as well as the answers to your NECO Economics Economics exam. This post will help you understand the NECO Economics objectives and answers.

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Objective & Essay – Economics – 10:00am-1:00pm

ECONOMICS OBJ:
1-10: BDBBCECDCA
11-20: DAAEBBEDEE
31-40: ECCBACBDAA
41-50: BDABCBBDDA
51-60: DDCDACCCDE

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(1)

(1i)
TABULATE

X: 20, 30, 40, 50, 60, 70
F: 10, 8, 20, 13, 6, 3
Fx: 200, 240, 800, 650, 360, 210

∑f = 60, ∑fx = 2460
Arithmetic mean x̄ = ∑fx/∑f = 2460/60 = 41

(ii)
TABULATE:

X: 20, 30, 40, 50, 60, 70
F: 10, 8, 20, 13, 6, 3
X-x̄: -21, -11, -1, 9, 19, 29
(x-x̄)²: 441, 121, 1, 81, 361, 841
f(x-x̄)²: 4410, 968, 20, 1053, 2166, 2523

∑f(x-x̄)² = 11140
Variance = ∑f(x-x̄)² = 11140/60 = 185.67
Standard deviation = √variance = √11140/60 = 13.6

(iii)
-It doesn’t give the full range of the data
-It assures a normal distribution pattern

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(2)

(2b)
The demand is inelastic (e < 1)

(2c)
Milk is a superior-good to Mr. Dantami

(2d)
-Price of the commodity: A greater quantity is brought at a lower price than at a higher price.

-The consumer’s income: Other things being equal, an increase in the income of a consumer would make him/her buy more of a commodity.

-Weather and season: Changes in weather lead to changes in demand for some commodities. e.g more ice cream is bought during hot weather.

-Government taxation policy: An increase in commodity tax would increase the price and hence a drop in demand.

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(3a)
Capital formation refers to increase in a country’s stock or real capital. It also refers to increase in the net investment in form of fixed assets. The rate of economic development of any country is directly related to the rate of capital formation

(3b)
(PICK ANY FOUR)
(i) Existence of a vicious circle of poverty: The existence of low income result in low saving and in turn results in a shortage of capital for investment, which results in low investment. Low investment leads to low output and eventually to low income. The low income results again to low savings and the vicious circle continues

(ii)Wasteful expenditure: government of Nigeria are involved in wasteful expenditure as they embark on prestigious but non- productive ventures thereby resulting in low capital formation.

(iii)Inadequate distribution of income: In Nigeria, only few individual are rich while the majority are poor. Even the few rich ones spend their money on prestigious projects which are non- productive and those generally give rise to low capital formation.

(iv) Higher propensity to consume: In Nigeria, the propensity to consume by the people is higher than the propensity to save. There is a high taste for imported goods e.g Cars ,television, rice and clothing materials. This high propensity to consume results in low saving and investment

(v) Low saving: Many working class people in Nigeria do not have the habit of saving and are usually poor. This may be due to their low earning ,which may not be enough for them to spend not to talk of saving. This is usually affects negatively capital formation. The problems of low formation can be solved when the above problems are looked into by Nigeria government.

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BONUS
(5)
(i) As a source of income: When agriculture is practiced in a large scale, the sale of the products after reserving the ones for consumption can fetch a lot of money to individuals and government in Nigeria.

(ii) As a source of foreign exchange earning: As the Nigerian government is working towards economic diversification, farmers should be encouraged so as to produce in large quantities for export. This will increase Nigeria’s foreign exchange earning.

(iii) Provision of food: Agriculture is the main source of food supply used in feeding the teeming population of Nigeria. When there is food on the table of every Nigerian citizen, the economy will be improved.

(iv) Provision of employment: If agriculture is well funded in Nigeria, it can provide employment opportunities for more than 60 percent of the population of Nigeria.

(v) As a source of raw materials: Agriculture can be a major source of raw materials used by industries in Nigeria if well funded.

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BONUS
(6)
(i) Commercialization: This is the use of government owned establishment for maximization of profit.
That is, when government convert their public enterprise to an enterprise purposely meant for profit instead of rendering essential services.

(ii) Privatization: This is the transfer of the ownership of government firm to private firm. Such policy encourages competition and reduces the fiscal burden of the state by relieving it of the losses of the public enterprise and reducing the size of the bureaucracy.

(iii) Nationalization: This is the transfer of the private owned enterprise to public or government. Reasons for nationalization includes, need for large capital,to prevent exploitation, to avoid foreign dominance of the economy, etc. This policy causes monopoly.

(iv) Indigenization: This is the process of promoting industralization through the use of indigenes and indigenous means. Also, it reduces the control of the economy from foreign economic desperado.

(v) Public corporation: This is also known as public enterprise or stationary corporation. It is a type of business organization owned, financed and controlled by the government with the sole aim of not making profit but to render essential services to the public.

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(7a)
Money is anything that is generally acceptable as a medium of exchange and in the settlement of debts. Money can also be seen as anything that is generally acceptable as a means of payment WHILE capital market is a market for medium term and long term loans. Capital market serves the need of Industry and the commercial sector. It comprises all the institutions which are concerned with either the supply f of demand for long term capital.

(7b)
(Pick Any Five)
(i) Acceptance of deposit: Commercial banks accept deposit from the public for safe keeping. This is the oldest function of commercial banks, which helps in taking care of people’s money. Money can be kept in current, fixed and savings account. They accept money deposits from people and organisations for safe keeping. The amount deposited is credited to the customer’s account. In the performance of this function,three types of accounts can be kept with commercial banks.

(ii)Lending of money: This is perhaps the most profitable function of commercial banks . Deposits from different customers are pooled together and given out as loans and overdrafts with interest to people and firms for profitable investment. They can give direct loans to borrowers who have the necessary collateral security such as stock and share certificate, life insurance policies and landed property.

(iii)Agent of payment: Commercial banks can act as agent of payment on behalf of their customers . They encourage and permit customers to have current accounts in which they can draw by cheque without notice. They can also be transferred from one account to another eg credit transfer. A customer cab instruct his bank to pay his creditors . commercial banks also collect cheques ,bill of exchange and other instrument of credit on behalf of their customers.

(iv)Provision of financial and technical advice : Commercial banks encourage and advise businessmen on the type of projects they should invest their money in. They could advise their business customers on how best to carry out their business operations, how to raise capital for business, whether to start a new business of to expand an existing one, etc By so doing, they are helping in the progress of the economy.

(v)Foreign exchange transaction: commercial banks make foreign currencies available to their customers. They participate in foreign exchange market and help in solving any problems relating to foreign exchange. They facilitate foreign trade by selling foreign currencies to importers. One who wishes to travel abroad could purchase travellers cheques from commercial banks. These enables people and businessmen to settle their international indebtedness.

(vi)Safe keeping of valuables: One of the functions of commercial banks is to keep customers valuables . such valuables include costly jewellery and important documents such as wills, share certificates and educational certificates. They are able to perform this function effectively because they have facilities for safe keeping such as safes and vaults.

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(8a)
Monopolistic competition is a market situation which combines the fundamentals characteristics of both pure monopoly and perfect competition. This type of market situation exists because neither pure monopoly nor perfect competition exist in isolation and this is as a result of absence of homogeneity and heterogeneity of products sold in both markets.

(8b)
(PICK ANY FOUR)
(i)Provision of substitute products: Monopolist excel because their products have no substitution. In order to control them, there should be provision of substitute product. For example, there should be an alternative power supplier apart from the power Holding company.

(ii) Privatisation: Private individuals should be encourage to take over government corporation and agencies in order to eliminate monopoly from the system.

(iii)stoppage of issuance of potent law: The stoppage of such will encourage more people to compete with the inventor so as to promote more inventions in the system

(iv)stoppage of issuance of patent law: The stoppage of such will encourage more people to compete with the inventor so as to promote more inventions in the system.

(v)Reduction of tariffs: When tariffs are reduced, more goods will be imported and this condition Will help to reduce the influence of the monopolist, as there would be favourable competition

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(9a)
Balance of payment is a summary statement of account of all a country’s economic transactions with the rest of the world during a given period, usually one year. It shows the relationship between all the receipts of a country from all the countries and all payments made to them during the period.

(9b)
(i)Uneven distribution of natural resources: Natural resources are unevenly distributed . While some countries are naturally blessed , others have little or no natural resources . This necessities international trade.

(ii)Difference in climatic conditions: The climatic condition of the earth caries from one region to another . This variation gives rise to another. This variation gives rise to growth of different crops, hence the need for exchange.

(iii)Differences in technology: The level of technology differs from one nation of the world to another. Some countries with advanced technology can produce some industrial products at reduced cost and sell to the less developed countries

(iv)Difference in skills/taste: The inhabitants of a region may develop special skills in the production of a commodity such that it acquires special reputation for its skill. This can necessitate foreign trade. Difference in the taste of various countries call for international trade

(v)Difference in the efficient use of natural resources/Desire to improve the standard of living: Foreign trade may arise because of difference in efficiency in the use of natural resources. Countries engage in international trade in order to improve standard of living of their people

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BONUS
(11)
(i) To avoid importation of harmful product: When there is an imposition of tariff, it will reduce the imposition of harmful products such as hard drugs etc.

(ii) To reduce the rate of importation: The imposition of tariff helped a country to be independent by establishing an industry that will produce it locally. Tariffs push up the prices of imported goods. So instead of having to lower prices to compete with cheap imports, domestic producers can raise prices to the inflated price level of the imports.

(iii) To create employment: Tariffs create employment within a country by encouraging local industries to grow and manufacture their own goods.

(iv) To generate revenue for the government: Tariff also helps to generate enough revenue for the government. If a country produces no oil, levying a tax on oil imports will raise money as people have no alternative put to pay the import tariff

(v) To regulate the quantity of goods and services to be imported or exported through quota system: By the use of quota system, it regulates the quantity in order to avoid over load which can lead to accident.

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