NECO Economics Essay & Objective 2024 Questions and Answers

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2024 NECO Economics Questions and Answers

ECONOMICS-Obj: 

> 1-10: EDBEDCCDAE

> 11-20: CAADBCEBEA

> 21-30: BCCCBCAECA

> 31-40: DCEAADDCDD

41-50: CBEDEDDCBC

51-60: BDDACCDBEC

COMPLETED •••••••••••••••••••••••••••

NECO Economics 2024 Essay Answers:

(1a) 2000: (85-105)/105) * 100 = -19.05% 2001: (65-85)/85) * 100

= -23.53% 2002: (70-65)/65) * 100 = 7.69%

(b) 1999: (45/105) * 100

= 42.86% 2000: (25/85) * 100 = 29.41%

(c) CHOOSE ANY TWO(2)

(I) Economic growth: A larger working population means more people contributing to the economy through consumption and production, which can lead to economic growth.

(ii) Tax revenue: The working population contributes to the government’s income through taxation. Higher employment rates usually lead to higher tax revenue.

(iii) Social stability: Employment is associated with financial stability and social structure, which can contribute to societal stability.

(iv) Innovation and development: A larger working population also means more minds to innovate and contribute to the overall development of the society.

(2a) 

(2b) Elasticity of demand = (Percentage change in quantity demanded) / (Percentage change in price)

Percentage change in quantity demanded = (New quantity demanded – Old quantity demanded) / Old quantity demanded * 100

= (150 – 100) / 100 * 100 = 50%

Percentage change in price = (New price – Old price) / Old price * 100

= (80 – 200) / 200 * 100 = -60%

Elasticity of demand = (50% / -60%) = -0.83

(2c) The nature of elasticity in (-0.83) is inelastic.

Reasons: (i) The coefficient of price elasticity of demand is less than 1 indicating that the demand for milk is relatively unresponsive to price changes. This suggests that even though there was a significant decrease in price the increase in quantity demanded was relatively smaller. (ii) Inelastic demand typically occurs for products that are necessities or essential goods. Milk is considered an essential food item so even when the price decreases consumers are still likely to purchase it due to its necessity.

(2d)

(i) The price of the good or service (ii) The income of consumers (iii) The availability of substitute goods or services.

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(4a) An entrepreneur is a person who takes on financial risks to create or grow a business venture, with the aim of making a profit.

(4b)

(i) Innovation: Entrepreneurs are often innovative and creative, bringing new ideas and products to the market. This can help to stimulate growth and competitiveness, and can result in increased profits for the business.

(ii) Job creation: Entrepreneurs are often responsible for creating new jobs, which can help to reduce unemployment and stimulate economic growth.

(iii) Risk-taking: Entrepreneurs are willing to take on financial risks in order to grow their businesses. This can lead to increased investment and growth, and can help to stimulate the economy.

(iv) Competition: Entrepreneurs can help to stimulate competition in the market, which can lead to increased efficiency and lower prices for consumers.

(v) Economic development: Entrepreneurs can play a key role in driving economic development, particularly in developing countries. By creating new businesses and investing in new technologies, entrepreneurs can help to stimulate growth and create new opportunities for people.

(5a) Specialization is the process of focusing on a specific task or skill in order to become more efficient and productive in that area. It involves individuals or organizations choosing to concentrate on a narrow range of activities and becoming highly proficient in those particular tasks.

(5b)

=Advantages of Division of Labour=

(i) Increased efficiency: When individuals or organizations specialize in a specific task they can develop expertise and skill in that area. This leads to increased efficiency and productivity as they become faster and more adept at carrying out the task. By allocating specific tasks to individuals who are skilled in those areas overall productivity is maximized.

(ii) Time-saving: Division of labor allows individuals to focus on their specific tasks eliminating the need to switch between different activities. This saves time and reduces the chances of errors or delays that could occur when switching tasks. By streamlining the workflow and reducing time wasted on transitioning between tasks the overall time taken to complete a project or produce a good is decreased. 

(iii) Specialization leads to innovation: When individuals or organizations concentrate on a specific area they tend to become experts in that field. This depth of knowledge and experience often leads to innovation and advancements within that area. Specialized workers can come up with new techniques processes or ideas to improve their work leading to better quality products or services.

=Disadvantages of Division of Labour=

(i) Lack of versatility: Specialization in a particular task or skill can limit an individual’s ability to perform different tasks. This can make them less adaptable and flexible in a changing work environment. If there is a need for individuals to perform multiple tasks lack of versatility due to specialization can be a disadvantage.

(ii) Monotony and job dissatisfaction: Specialization often involves repetitive tasks that can become monotonous over time. This can lead to job dissatisfaction and lack of motivation among workers. The lack of variety in tasks can also lead to boredom and burnout which can have negative effects on job performance and overall morale.

(6a)

Economic integration refers to the process of removing barriers to trade and investment between different economies in order to promote closer economic ties and cooperation. It involves the creation of a single market and the establishment of common policies and regulations among participating countries or regions.

(6b)

(i) Increased trade: One of the primary goals of economic integration is to promote trade among participating countries. By eliminating tariffs quotas and other trade barriers countries can experience a significant increase in the flow of goods and services across borders. This leads to expanded markets for businesses increased efficiency and greater choice and lower prices for consumers.

(ii) Enhanced economic growth: Economic integration can stimulate economic growth by creating new opportunities for businesses and promoting investment. When countries come together to form a larger market it can attract more domestic and foreign investment leading to increased production and economic activity. This can result in higher levels of employment income and overall economic prosperity.

(iii) Access to larger markets: Economic integration allows businesses to access larger markets beyond their own domestic market. This can be especially beneficial for small and medium-sized enterprises (SMEs) that may have the or on a larger customers and opportunities growth which can up and become more.

(iv) Economies: Economic integration facilitates the consolidation of of of scale countries their economies businesses can production volumes which to cost savings and increased. This can particularly advantageous require significant investments technology as they can their fixed larger customer base.

(v) Cooperation: Economic foster closer political cooperation and likelihood of conflicts or disputes among participating countries. By working together to create common policies and regulations countries develop a greater sense of trust and interdependence. This can lead to stronger diplomatic ties increased regional stability and improved prospects for collaboration in other areas such as security environmental protection and social welfare.