NECO Economics 2023 Exam: Objective & Essay Questions and Answers

Are you preparing for the NECO Economics exam in Nigeria? Look no further! This article will guide you with the NECO Economics Objective & Essay 2023 questions and answers to help you excel in the examination.

Exam Details

The NECO Economics paper 1 and 2 are scheduled for Tuesday, 1st August 2023. The exam comprises two sections: Objective and Essay. The Objective section (OBJ) will begin at 10:00 am and end at 11:00 am. The Essay section will follow, starting at 11:30 am and concluding at 1:00 pm.

NECO Economics Objective Questions 2023

Question 1

Analyzing the production possibility curve for maize and cotton under the influence of bad weather. Identify the movement that represents the change in the harvest of both crops.

Question 2

Identify the change that caused a shift in the market equilibrium for a particular good, resulting in a higher price and a lower quantity traded.

Question 3

Determine the likely effect of a government subsidy on the price, costs, revenue, and supply of pineapples in the production process.

Question 4

Identify the potential disadvantage for a trade union when advocating for an increase in its members' pay.

Question 5

Explore the reasons why a Japanese car manufacturer might choose to establish a production facility in Europe.

Question 6

Analyze the likely result of a government's removal of import quotas on domestic production, unemployment, exports, and the balance of trade deficit.

Question 7

Identify the type of externality associated with a manufacturing company introducing a new technology that reduces pollution.

NECO Economics Essay Questions 2023

Question 1

Define a centrally planned economy and outline four features of a capitalist economy. Also, explain how a centrally planned economy differs from a capitalist one.

Question 2

Analyze the cost function of a firm producing plastic plates and calculate average fixed cost (AFC) at different output levels. Explain why the average fixed cost declines as output increases.

Question 3

Define peasant farming and commercial farming. Describe five ways in which agriculture contributes to the economic development of their respective countries.

Question 4

Distinguish between small-scale production and large-scale production, highlighting differences in capital outlay, output level, and other relevant factors. Additionally, describe five internal economies of large-scale production.

Question 5

Differentiate between direct and indirect taxation. Highlight the advantages of indirect taxation for developing countries.

Question 6

Explain the differences between ad valorem tax and specific tax, as well as progressive tax and regressive tax. Provide three reasons why the government in their respective countries imposes indirect taxes.

Question 7

Outline four contributions of financial institutions to the economic development of a country, including investments in productive sectors, facilitation of international trade, provision of loans, and the provision of financial and management advice.

Question 8

Define a central bank, a bank, and a non-bank financial institution. Highlight the distinctions between them and outline four contributions of financial institutions to the economic development of their respective countries.

Question 9

Define public debt and explain four reasons why countries in West Africa continue to incur debts.

Question 10

Define export promotion and describe four measures that the government of their respective countries can adopt to encourage production for export.

Conclusion

The NECO Economics Objective & Essay 2023 examination covers a wide range of topics, including production possibilities, market equilibrium, subsidies, trade unions, international trade, taxation, and financial institutions. By thoroughly understanding and preparing for these questions, candidates can increase their chances of performing well in the exam. Good luck with your preparations!