2019 NECO ECONOMICS ANSWERS

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Economics OBJ

1-10: EDCBEEEEBA

11-20: CAEADACEEB

21-30: ABCEEAEEBA

31-40: CECEABDABA

41-50: CBCDCCAABA

51-60: CAEDCCACDB



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        ( SECTION A )

Answer One Question Only 

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(1i)

Tabulate

Under Age group;

0 - 17

18 - 35

36 - 60

61 and above 



Under population;

15,000

11,000

25,000

9,000

Total 60,000



Under sectoral angles 

15000/60000*360°=90°

11000/60000*360°=66°

25000/60000*360°=150°

9000/60000*360°=54°



Draw the chart

18-35years

0-17years

36-60years

61and above Years



(1ii)

Dependency ratio 

=(0-17years) + (61and above Years)/(18-35)+(36-60)



=15000+9000/11000+25000

=24000/36000

=2/3 or 2;3



(1iii)

Since the ratio is high its going to lead to

(i)pressure to raise retirement age

(ii)higher government spending

(iii)lower tax revenue

(iv)reduction in productivity  growth 



(1iv)

% labour force = 11000+25000/60000  * 100%

=60% 



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(2i)

Old price = ₦10,000

New Price = ₦16,000

Old quantity = 30 tins 

New quantity = 40 tins



Income elastic of demand = percentage change in quantity demand / percentage change in income



= new Qd - old Qd /old Qd × 100% /new I - old I /old I × 100% 



= 40-30/30 × 100%/ 16000 - 10000/10000 × 100%



= 10/30 × 100%/6000/10,00 × 100%



= 100/3 / 60/1



= 100/3 × 1/60 = 100/180



= 0.56: demand is in elastic 



(2ii)

It is an inferior goods, this is because more of milk is demand as the price increase. This, the higher the price of milk, the higher the demand for the milk .



(2iii)

(i) The value of a good’s elasticity of demand can tell you if it’s a necessary or a normal good.

(ii) The firm’s decision regarding the quantity of amount to be produced requires the knowledge of elasticity of the good.

(iii) If a tax is imposed, whether the burden of the tax will fall upon the consumers or producers can be inferred from elasticity values.

(v) Value of cross price elasticity can tell you if the goods are substitutes or complements.



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        ( SECTION B )

ANSWER Four Questions Only

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(Number 3)



(3a)

Scale of preference can be defined as  a list of unsatisfied wants of an individual,firm  or  government,arranged inorder  of priority ,starting from the most important to the least important.



(3b)

*[CHOOSE ANY FOUR]

(i)Ranking of needs:Scale of preference helps us to rank our needs or wants in order of their relative importance



(ii)Identification of highest priority: Scale of preference assists  individuals to identity quickly the most important needs among others



(iii)Rational choice: Scale of preference assists individuals, firms and governments to make rational choices in the list of wants



(iv)Efficient utilisation of limited resources: Scale of preference also helps individuals to make efficient utilisation of available resources



(v)Optimum allocation of resources: Scale of preference facilitates optimum allocation of resources



(vi)Maximisation of satisfaction: Scale of preference enables economic agents to maximise their satisfaction.



(vii)Financial prudence: Scale of preference does assist in managing our finances properly



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(4a)

Division of labour is defined as the breaking down of a production process into a number of separate operations ,whereby each operation is undertaken or performed by one person or a group of persons



(4b)

-Merit-

(i)increase in production :division of labour and specialisation lead to increase in production because the various experts along the production process work together to boost greater production.



(ii)Time saving:Division of labour helps to save time that would have been wasted in moving from one operation to another.



(iii)development of greater skill:Division of labour enables each workers to develop greater skills through repetition of the same process



-Demerits-

(i)Monotony and repetition:In division of labour,a worker perform the same job on daily basis,the job therefore becomes monotonous and boring to him and this may lead to Loss of interest in the job being done



(ii)Decline in craftsmanship:As a result of the use of machines in division box labour ,people no longer makes use of their skills in the production of goods,rather,they become machine minders.

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Number 7)



7(I)

Mortgage bank is a bank that specializes in originating and/or servicing mortgage loans. ... Mortgage banks sell the loans because the funds received pay down their warehouse lines of credit which enables the mortgage bank to continue to lend.

 Mortgage banks are financial institutions that extend collateralized credit to consumers and commercial customers. ... Much of the bank's day-to-day functions include monitoring current accounts and soliciting new customers.



       While



A commercial bank is a financial institution which performs the functions of accepting deposits from the general public and giving loans for investment with the aim of earning profit. In fact,commercial banks, as their name suggests, axe profit-seeking institutions, i.e., they do bankingbusiness to earn profit.



(7ii)

(i) Accepting Deposits: Commercial banks accept deposits from people, businesses, and other entities.



(ii) Lending of Funds: Another important activity is lending funds to customers in the form of loans and advances, cash credit, overdraft and discounting of bills , etc.



(iii) Financing Foreign Trade: A commercial bank helps in foreign trade by financing his customers and by accepting foreign bills of exchange. 



(iv) Agency Service: A bank discharges agency services on behalf of its customers.



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(9i)

Public revenue is the total income accrues to all levels of administration (local, state and federal) or government from various sources. It includes all the capital revenue (receipts) and recurrent revenue.



(9ii)

(i) Taxes

(ii) Commercial Revenue or Prices. 

(iii) Fees.

(iv) License Fee.

(v) Special Assessment.



(i) Taxes: It is one of the most important sources of public revenue.  Taxes are compulsory payments to Government without  exec of direct return or benefit to the tax payer”. It is a compulsory contribution of a citizen for the service of the Government towards public expenditure. 



(ii) Commercial Revenue or Prices. The price is the payment of goods and services sold to them by the government. For example, fares and freights charged by the railways or roadways for transport services or electricity charged paid by citizens for electricity consumption etc. 



(iii) Fees. Fee is the payment made by citizen for non-economic services rendered by the

Government . It refers to a payment for special benefits received by a fee-payer. Fee is a payment for services rendered for the benefit of the whole society.



(iv)License Fee. A license fee is paid in such cases where the Government authority confer a permission or a privilege rather than to perform a service of a more tangible and definite sort. Registration fee is one of the examples of this kind of revenue.



(v) Special Assessment. Where the Government provides certain services to the residents of a particular locality by which the value of the properties of residents increases, the Government or the authority may impose a special type of levy based upon the increase in the value of properties, on the residents of that very locality which is known as special assessment or better merit levy.



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(10a)

Industrialization is a phenomenon in the development of nations, characterized by the growth of machine and power tools production, the growth of mechanical and technical skills (technology) required for industrial production, with attendant large-scale production all of which leads to changes in the social and economic organization of society.



(10b)

(I) To tackle the problem of managerial and technical know-how, the Centre for Management Training was made an agent of the Nigerian Enterprises Promotion Board. It was to help in training indigenous personnel. The Manufacturers’ Association of Nigeria and the Nigeria Employers’ Consultative Association were to organize seminars for indigenous personnel.



(II) To combat the issue of possible collusion and sabotage of the decree, the decree provided for very stiff penalties for any Nigerian found sabotaging the efforts of the decree. Any Nigerian found guilty of such criminal lack of patriotism was to pay a fine of N150,000.00 or go to jail for five years, or both. It is not easy to deal with the problem of a few Nigerians being enriched at the expense of the masses.



(III) To combat the possible problem of capital outflow in the short run, a member of regulations were made. There regulations included:

- That there would be no repatriation of funds in cases where the masses were sold to non-Nigerians.

- Repatriation was not allowed for the sale of real estates which were developed from funds generated locally, except on the final emigration of the owner



(IV) To combat the problem of capital shortage:

- The federal government set up the Nigerian bank for commerce and industry. The primary objective was to provide the necessary funds for acquiring the businesses of foreigners affected by the decree.

- Commercial banks were encouraged to give loans to prospective indigenous businessmen for acquiring the business of aliens.



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(11a)

Unemployment is defined as a situation in which persons of working age,able and willing to work are unable to find a paid employment. In order words unemployment refers to a situation in which people who are capable of working and who are qualified by age to work cannot find employment



(11b)

*[Choose any four]

(i)industrialisation: Government should establish many industries that can employ many workers

(ii)Population control: Population should be controlled  to obtain optimum level,so as to match the human population with available natural resources

(iii)Encouraging geographical mobility of labour:The enabling environment should be able to move from one geographical area to another

(iv)Re-designing educational system:The education system should be redesigned to graduate people that are able to create employment

(v)Proper development plans:Proper development plans should be put in place to cater for people who are unemployed

(vi)Provision of social amenities:The availability of social amenities does encourage workers and this tends reduce unemployment.



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NUMBER 12

12(a)

Economic growth may be defined as the process by which the productive capacity of an economy increase over a given period ,leading to rise in level of the national income



 *WHILE



Economic development  may be defined as the process whereby the level of national production (that is national income )or per capital income increase over a period of time.



12(b)



(i) To increase the level of employment:A good economic plan will ensure the increase in the level of employment in the economy.



(ii)To develop efficient technology:A good economic plan can promote a better and efficient technology.



(iii)To increase the real income of citizens:The real income of the citizens can easily be increased through a good economic planning



(iv)Equitable allocation of resources:Development plan is aimed at equal allocation of the country 's resources to all sectors of the economy.



(v)To bridge the gap between the rich and poor:A good economic planning ensures distribution of income more evenly among individuals and the socio - economic groups.





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  • Paper III & II: Objective & Essay – Economics ‹‹›› 10:00am – 1:00pm



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