NECO 2018 ECONOMICS QUESTIONS & ANSWERS /2018 JUNE – JULY ECONOMICS QUESTIONS & ANSWERS, THEORY AND OBJECTIVES – TO DO WELL IN THIS EXAM THIS YEAR 2018 THE FOLLOWING GOOGLE APPROVED RESEARCHABLE TOPICS ARE VERY IMPORTANT; JULY NECO ECONOMICS QUESTIONS AND ANSWERS – NECO ECONOMICS PAST QUESTION, WAEC PAST QUESTIONS AND ANSWERS ON ECONOMICS, NECO 2017 ECONOMICS ANSWERS, NECO ECONOMICS ANSWER, JAMB ECONOMICS QUESTIONS AND ANSWERS. WAEC QUESTION AND ANSWER ON ECONOMICS, ECONOMICS NECO 2017, NECO EXAMINATION QUESTION AND ANSWER.
In this post are exposed regularly repeated NECO Economics Questions – Objectives and Theory questions and answers for 2018 June/July SSCE exam. Get them in your finger tips and you are sure of a high grade in this exams. NECO 2018 Economics Questions & Answers /2018 June – July Economics Questions & Answers, Theory And Objectives
The National Examinations Council – NECO is a Nigerian Government owned examination body that conducts the Senior Secondary Certificate Examination and the General Certificate in Education in June/July and December/January respectively. These are entry qualification examinations for higher education institutions in Nigeria.
NECO was created in April 1999 with a mandated to take over the responsibilities of the National Board of Education Measurement (NBEM).
NECO therefore conducts Senior Secondary Certificate Examination (internal and external), Junior Secondary Certificate Examination (JSCE) for Federal Unity College and other Federal secondary schools and Private secondary schools, and National Common Entrance Examination for primary 6 pupils interested in admission into Federal Unity Colleges.
The Senior Secondary Certificate Examinations (internal and external) are entry qualification examinations for higher education institutions in Nigeria.
As you know, no University, Polytechnic, or college of education in Nigeria would admit you into any of their courses without a good grade in any of these examinations. That is why over three million candidates register and take these subject exams annually.
Consequently, in NECO 2018 Economics Questions & Answers /2018 June – July Economics Questions & Answers, Theory And Objective, our goal is to help you achieve this your life dream. Listed here are Economics, Objective and Theory questions and answers relevant to 2018 June/July Economics Subject examination.
A = 15
B =15 + 13 = 28
C = 20/3 = 6.7
D = 40 – B = 40 – 28 = 12
E 70/4 = 17.5
F = 20/5 = 4
G = 17 * 6 = 102
H = 82 – 60 = 22
I 113/7 = 16.1
J = 19.5 * 8 = 156
2b) Draw the Graph
2c) As output rises, the AFC decreases and the curve the represents it *** slope *** from left to right
Year | Cocoa | Crops palm oil | Cotton | Total(#)
1970 | 100 | 150 | 250 | 500
1971 | 150 | 75 | 225 | 450
1972 | 250 | 200 | 150 | 600
Total = #1550m
1c) Percentage = 150/600 * 100
= ¼ * 100
1d) Degree = palm oil expert in 1971 * 360°
Total expert in 1971
= 75/450 * 360°
Trade union is an organized association of workers in a trade, group of trades, or profession, formed to protect and further their rights and interests
i )Trade Unions working for the Progress of the Employees:
The trade unions try to improve the economic conditions of the workers by representing their cases to the employers and try to get adequate bonus to the workers.
ii) Safeguarding the Interests of the Workers:
Most of the industries try to exploit the workers to the maximum. They do not provide any benefits such as increasing their wages, granting sick leaves, giving compensation in case of accidents, etc. The workers are not made permanent even after many years of service and in some cases they are removed from service summarily. The trade unions provide security to the employees in such situations.
iii) Increasing Co-operation and Well-being among Workers:
It is in this context that the trade unions come into the picture and they promote friendliness and unity among the workers. Besides this, the trade unions also discuss the problems, which are common to all the workers. It is a platform where workers come together and know each other. The trade unions also provide some kind of entertainment and relaxation to the workers.
Iv )Establishing Contacts between the Workers and the Employers:
The trade unions play an important role in bringing to the notice of the employers the difficulties and grievances of the employees. They try to arrange face-to-face meetings and thus try to establish contacts between the employees and the employers.
ii ) strike
3a) Similarities are :
*Both provide long-term loans to their member countries
*Both aim to promote economic development
*Both render technical and financial advice to member states
ii) One difference is;
ADB is meant for African countries only while IBRD is a global bank
3b) Benefits obtained by Nigeria from world bank are:
–Approval of $500 million to improve material and child health in the country in 2015
–Approval of a $200 million credit to support the Nigeria agricultural sector, especially small and medium scale farmers in march, 2017
8) Elasticity of supply is measured as the ratio of proportionate change in the quantity supplied to the proportionate change in price
i )Possibility of Substitution:
The change in supply in response to the change in price depends on the possibility of substitution of a product for others. If the market price of potato rises, resources will be shifted from there cultivation like tomato and employed in the cultivation of potato. The greater the possibility of shifting of resources to the potato cultivation, the greater is the elasticity of supply of potato.
ii )Infrastructural facilities:
The expansion of supply of a commodity also depends on the availability of productive facilities and inputs. The agricultural producer can not increase in response to the rise in price unless there is sufficient flow of fertilizers, irrigation etc. In case of industrial goods the expansion of supply is inhibited by the shortage of power, fuel and the essential raw materials.
iii )Producers response:
The elasticity of supply for a product depends on the producers’ responsiveness to the change in its price. The quantity supplied of a commodity will not change if the producers do not react positively to the increase in prices. Producers do not always increase the quantity supplied of a commodity to a rise in price.
iv )Marginal Cost:
Elasticity of supply of a commodity depends on the marginal cost of production. The elasticity of supply of a commodity would be less if the marginal cost of production goes up. In the short run, diminishing marginal returns operates as some factors are fixed. This gives rise to expansion of marginal cost of production.
7a)A tariff is a tax imposed by a government on goods and services imported from other countries that serves to increase the price and make imports less desirable, or at least less competitive, versus domestic goods and services
i )Infant Industries
ii ) National Defense
iii ) Domestic Employment
Iv ) Aggressive Trade Practices
V ) Environmental Concerns
10a) Production is incomplete without distribution because the main aim of production is to satisfy human wants. When the link between the producers and the consumers is absent, then the aim is defected.
10b) Factors that affect the volume of production are;
The quantity and quality of factors of production (I.e land, labor, capital and entrepreneur). For example, amount of capital determines the labor to be hire and raw materials to be bought.
The size of market: This is the extent to which the products are demand.
Iii. The nature of the product: If the goods are durable in nature, more can be produced and stored. Perishable goods have to be produced based on the ones that can be sold at that time since they cannot be stored for a long time.
iv) Availability of raw materials: This will determine the quantity of good to be produced.
v) Government policy: This has to do with the nature of economic policy of the government. The more favourable the government economic policy, the more they volume of goods to be produced and vice versa.
neco result 2017
neco registration 2018
check neco result 2017
is neco result out
Click to read:
If you desire further assistance, or have questions to ask, send them through the comment box on this page. Remember to share this through our social media share buttons below this page.
If you click to follow us on our Facebook handles you will ensure a regular update on matters that affect your performance in your exams.