NECO Economics Questions 2024 Expo and Answers
NECO Economics Questions and AnswersKeep accessing this page as update will be made in a jiffy. OBJECTIVE ANSWERS LOADING ===================== 1-10 DEBECCCAAB 11-20 CEAEEDBEDC 21-30 EDEDBBBABC 31-40 DADCCDCADD 41-50 BDBBADCABE 51-60 ABBABDEACA THEORY ASPECTS (1a) No of birth 30/45 × 488500 = 3256667 (1b) No of death 15/45 × 488500 = 1628333 (1c) No of Environment Immigrant – Net migrant 70000 – 25000 = 45000 (1d) Natural growth Birth rate – Death rate 3,256,667 – 1628333 = 1628334 (1e) 5000000 + 700000 – 45000 = 5025000 (1f) New Pop – Old pop / old pop × 100/1 5025000 – 5000000 / 5000000 × 100/1 = 5% (1a)Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price, ======================= 2a) A = 18 B = 12 C = 11.2 D = 0 E = -2 2b) ======================= (3a)Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price (3b) 1. Nature of goods Availability of substitutes Alternative us ======================= 4 Complementarity between Goods:Complementarity between goods or joint demand for goods also affects the price elasticity of demand. Households are generally less sensitive to the changes in prices of goods that are complementary with each other or which are jointly used as compared to those goods which have independent demand or used alone. ======================= 5a) 5b) – Time and Elasticity: The element of time also influences the elasticity of demand for a commodity. Demand tends to be more elastic if the time involved is long. This is because consumers can substitute goods in the long run. In the short run, substitution of one commodity by another is not so easy. ======================= No. 6 i – Large Number of Buyers and Sellers: The first condition is that the number of buyers and sellers must be so large that none of them individually is in a position to influence the price and output of the industry as a whole. In the market the position of a purchaser or a seller is just like a drop of water in an ocean. ii – Homogeneity of the Product: Each firm should produce and sell a homogeneous product so that no buyer has any preference for the product of any individual seller over others. If goods will be homogeneous then price will also be uniform everywhere. iii – Free Entry and Exit of Firms: The firm should be free to enter or leave the firm. If there is hope of profit the firm will enter in business and if there is profitability of loss, the firm will leave the business. iv – Perfect Knowledge of the Market: Buyers and sellers must possess complete knowledge about the prices at which goods are being bought and sold and of the prices at which others are prepared to buy and sell. This will help in having uniformity in prices. v – Perfect Mobility of the Factors of Production and Goods: There should be perfect mobility of goods and factors between industries. Goods should be free to move to those places where they can fetch the highest price. ======================= 10ai) International monetary funds is an international organization created for the purpose of standardizing global financial relations and exchange rates. The IMF generally monitors the global economy, and its core goal is to economically strengthen its member countries. 10aii)The International Bank for Reconstruction and Development (IBRD) is an international financial institution that If you need us to help you with updated questions and answers at the right time about NECO Economics Questions and Answers 2024 Expo, kindly Subscribe with us here, You can also use your phone number and email address in the comment box below to ask any question pertaining to this guide. That’s all on NECO Economics Questions and Answers for 2024.
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