2018 NECO Economics Answer for Objectives & Essay Questions Released.
The Neco Economics 2018 questions and answers is now available. The National Examination Council (NECO) Senior School Certificate Examination (SSCE) Economics paper is scheduled to be written on Tuesday, 5th June, 2018.
The Neco Economics Paper III & II (Objective & Essay) will start by 2.00pm and will last for 3hrs. Continue reading to get details of Neco economics 2018 answers, neco econs past questions and answer, information about so called neco economics expo or runz online and also the remaining Neco timetable 2018 and its time.
Here, we will be posting out the Neco economics questions for candidates that will participate in the examination. Note that below is the questions from Neco past-questions and answers that we feel are likely questions for Neco econs exam preparation.
NECO Economics Question & Answer 2018:
Section II [Essay]
Answer any FIVE questions.
Write your answers on the answer booklet provided.
1. The cost function of a firm which produces plastic plates is shown in the table below. Use the information in the table to answer the questions that follow:
(a) (i) What is Average Fixed Cost (AFC)?
(ii) Calculate the average fixed cost at output levels 1 to 6.
(b) Calculate the values P, Q, R and S.
(c) Why does the average fixed cost decline as output increases?
2. (a) Distinguish between underemployment and disguised unemployment.
(b) Outline any four measures that can be adopted by the government of your country to solve the problem of unemployment.
3. (a)Distinguish between small scale production and large scale production.
(b) Describe any five internal economies of large scale production.
4. (a) Differentiate between direct and indirect taxation.
(b) Highlight any five advantages of indirect taxation to developing countries.
5. (a) What is the difference between the following terms?
(i) ad valorem tax and specific tax;
(ii) a progressive tax and a regressive tax.
(b) Give any three reasons why the government of your country imposes indirect taxes.
6. (a) What is subsistence farming?
(b) State any two objectives of agricultural policies in West Africa.
(c) Outline any four ways through which agricultural production can be improved in West Africa.
7. (a) Distinguish between cash ratio and special deposit.
(b) Explain how cash ratio and special deposits are used as instrument of monetary policy.
(c) Describe any two instruments of fiscal policy in West Africa.
8. (a) Outline any four problems of barter economy.
(b) How has the introduction of money solved the problems outlined in 8(a) above?
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NECO Economics Objective Questions 2018:
1. The diagram below shows a production possibility curve for maize and cotton.
Bad weather causes a poor harvest for both crops.
Which movement could be used to represent this change?
A P to R B Q to R C S to Q D S to R.
2. The market for a good was in equilibrium. A change occurred which resulted in a new equilibrium with a higher price for the good and a lower quantity traded.
What change would have caused this?
A the demand curve moved to the left
B the demand curve moved to the right
C the supply curve moved to the left
D the supply curve moved to the right.
3. A government subsidises the production of pineapples.
This is likely to
A increase the price of pineapples
B raise the costs of supplying pineapples
C raise revenue for the government
D cause the supply of pineapples to increase at every price.
4. What might be a disadvantage to a trade union when arguing for an increase in its members’ pay?
A an increase in imports of a cheaper, similar product
B the closure of a local training college resulting in fewer potential workers
C the development of a new and profitable brand of the company’s product
D the development of new techniques that increase productivity.
5. A Japanese car manufacturer decided to produce its cars in a factory in Europe.
What would not be a reason why they might have chosen to do this?
A cheaper wage costs in Europe
B the availability of raw materials
C to gain external economies from skilled labour in Europe
D to increase Japanese self-sufficiency.
6. A government removed the quota on goods imported into the country.
What is the most likely result of this?
A a decrease in demand for domestic production
B a decrease in domestic unemployment
C a decrease in exports
D a decrease in the balance of trade deficit.
Keep following, more questions and answers will be added soon.