Neco 2022 Economics Likely Questions and Answers
May 12, 2023 NECO 0 Comments
There will be two papers – Paper 1 and Paper 2; both of which will be combined into a 3-hour composite paper.
PAPER 1 (OBJECTIVE)
- One of the advantages of large-scale production is that
- A. there is a rise in the cost of administration.
- B. consumers sacrifice their individual tastes.
- C. the firm can use labour-saving machinery.
- D. the demand for a firm’s products becomes localized.
- The location of timber and plywood industries in West Africa is mainly influenced by the availability of
- A. transport.
- B. water.
- C. raw materials.
- D. labour supply.
- Malthus’ population theory states that
- A. high death rate may lead to low productivity.
- B. population may outgrow the means of subsistence.
- C. people will always decide to have children.
- D. migration may leave some parts of the world barren.
- Which of the following is not likely to be an effect of a growing population?
- A. Rise in demand
- B. Unemployment
- C. Fall in the standard of living
- D. High per capita income
- Personal savings are generally low in West Africa because of
- A. the level of income of the people.
- B. the refusal of banks to grant loans.
- C. overpopulation.
- D. cheaper foreign currencies.
- Devaluation of currency in a country is likely to lead to
- A. increasing population.
- B. increasing imports.
- C. exports becoming cheaper.
- D. reduced exports.
- Which of the following is not a benefit derived from the petroleum industry?
- A. Increased foreign exchange earnings
- B. Establishment of refineries and petrochemical industries
- C. Employment of a greater proportion of the population
- D. Development of airports, seaports and other social infrastructure
- An efficient weapon used in resolving disputes between employees is
- A. co-operation.
- B. collective bargaining.
- C. display of placards.
- D. legal action.
- A country’s balance of payment is in deficit when
- A. a country’s payments for imports of invisible goods are greater than her receipts from exports of invisible goods.
- B. the total receipts from her export of visible and invisible goods are greater than her payments for visible and invisible imports.
- C. it can record a surplus on the current account of her balance of payments accounts.
- D. the total payments for visible and invisible imports are greater than the total receipts from her exports of visible and invisible goods.
- Which of the following features best describes peasant agriculture in West Africa? It
- A. specializes in the production of one crop.
- B. involves the use of small farm holdings.
- C. is a capital-intensive system of farming.
- D. is mostly associated with tree crops
PAPER 2 (ESSAY)
- The table below represents a traveller’s consumption of bottles of Coca-Cola. Study it carefully and answer the questions that follow:-
|No. of Bottles||Total Utility||Marginal Utility|
- Determine the missing figures D, E, F, G and H.
- Draw the demand curve for the traveller’s consumption of Coca-Cola.
- Explain the law of diminishing marginal utility as the basis for the slope of the traveller’s demand curve.
- (a) Distinguish between economic activities and an economic system.
- Explain the following terms:
- distribution; (iii) consumption.
- (a) With the aid of a diagram, explain a minimum price.
- State any five measures by which a minimum price for an agricultural produce can be made effective.
- (a) Describe the output method of measuring the gross domestic product of a country.
- How is the net national product at factor cost obtained from gross domestic product?
- State two problems associated with the output method.
- (a) Explain the function of money as a
(i) measure of value; (ii) store of value.
- Show how inflation affects these two functions of money.
- (a) What is a commercial bank?
- Describe any four ways by which the Central Bank controls the amount of credit given by the commercial banks.
- (a) Differentiate between human capital and physical capital.
- State three ways of improving on the stock of human capital in your country.