NECO Economics Questions and Answers 2021 For Free Essay and Objective

NECO Economics Questions and Answers 2021, objective and theory answers (Expo) for National examination council (June/July) 2021. NECO Economics objective and theory answers For you to have good NECO result in  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. We want to assure you that the Exam question is now with us undergoing verification. Th moment we are satisfied and sure, we will upload both The NECO expo Question papers and answers for free. Be at Alert.

Please Note that the NECO 2021 Economics OBJ and theory questions and answers  and any other NECO expo is provided by us for free. We understand that a lot of website charge of collect money from student to provide NECO expo Economics theory answers to them. NECO questions and answers are provided for free. We will do same during WAEC.

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NECO Economics Questions and Answers 2021

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NECO 2021 Economics Answers Complete

Today’s NECO Economics OBJ Answers: (2021 Answers)

For Accuracy, Answers will be loaded in this page 2 hours to the main exam. 

NECO Economics Questions and Answers 2021 Objectives Answers (Expo)

ECONOMICS-OBJ
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11DBADBBADEE
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31ECEBACBDBE
41BDABBBEBDD
51AACDBCCCDE

 

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)
TABULATE
X: 20, 30, 40, 50, 60, 70
F: 10, 8, 20, 13, 6, 3
Fx: 200, 240, 800, 650, 360, 210
x-x-bar: -21, -11, -1, 4, 19, 29
(x-x-bar)²: 441, 121, 1, 81, 361, 841
F(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 = 185.67
Standard 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.
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(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
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(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
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 (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
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 (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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7 COMMENTS

  1. is like you are new here. if you have been following up you will no that we do not fail. 2hours to the exam you will see the real answers ok. just keep refreshing the page

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