2017 NECO Economics Complete Questions & Answers Objective & Essay

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Verified Economics OBJ:
1-10: DDBCBADCDE
11-20: DAADBDEDAC
21-30: CABBEAABEA
31-40: CCCDBABBCC
41-50: DAAEDDBEEE
51-60: EEBEBBCDCB

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2017 NECO Economics Complete Questions & Answers

THEORY;

(1a)fixed cost=rent=N10,000
(1b)
variable cost:
fuel(5000)
electricity(2,000)
maintenance of asset(2000)
depr on fixed asset(2000)
raw materials(30000)
transportation(2000)
salary of assistants(5000)
total(50,000)

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(1c)
total cost=fixed cost+variable cost
=10,000+50,000
=60,000


(1d)
average cost =total cost/output
=60000/2500
#24
(1e)
(i)
total revenue=#50*2500=#125,000
(ii)profit=125,000-60,000

2017 NECO Economics Complete Questions & Answers

(4a) Furthermore Demographic transition theory is the transfiguration or changes a country’s population structure undregoes as a result of economic development.

Neco Update 2017/2018

(4b)
First stage: the pre industrialization:- This stage is characterised b y high fertility rate and high mortality rate.in this stage the population is either static or incresing decreasing at a low rate.
-Second stage: this stage is known as the sub-stages as follows,early transitional stage middle transitional stage,Late transitional stage.

2017 NECO Economics Complete Questions & Answers

(7)
-acceptance of deposit: commercial banks accept deposits from the public for safe keeping.
-lending of money: this is the most profitable function of commercial banks.
-agent of payment:commercial banks can act as agent of payment on behalf of their customers
-safe keeping of valuables: commercial banks can act as agent of payments on behalf of their customers

-safe keeping of valuables : commercial banks keep customers’ valuables such as jewellery, will,etc.
-discounting bill of exchange:-creditors can be paid by the bank immediately by discounting bill of exchange for their customers.

NECO 2017 UpDATE

(9)
(a) Tax base:- it refers to the item which is taxed. this includes personal income, imports and exports, properties
(b) Tax burden:- this refers to the amount paid as tax and the burden of taxation lies on the person who finally pays the tax.
(c) Tax rate:- it refers to the percentage of tax base which is to be paid as tax, eg 10% of income
(d) Tax incidence:- it refers to the point at which the tax burden finally resets. The incidence of taxation lies on the person who finally pays the tax.

2017 NECO Economics Complete Questions & Answers Objective & Essay

(10)
(i)one of the negative contribution of petroleum to nigeria economy is the contribution to environmental pollution.
(ii)The discovery of petroleum in nigeria led to the neglect of agricultural sector.
(iii)Rural urban drift: petroleum industry influnces the rural urban drift because much of labour force in the rural areas will move to where the petroleum industry is concentrated purposely for employment opportunity.

(iv)Similarly huge spending of petro-naira earnings by nigeria government has tremendously brought about increased inflation in the nigeria economy.
(v)Finally the activities of the petroleum products smuggles could be attached to the petroleum industry because their industry because their industry encourages them.

2017 NECO Economics Complete Questions & Answers Objective & Essay

2017 NECO Economics Complete Questions & Answers Objective & Essay

(11a)
As a matter of fact Economic growth may be described as the process by which the productive as the process by which the productive capacity of an economy increases over a given period,leading to a rise in the level of the national income.

Furthermore Economic development may be define as the process whereby the level of national production or per capital income increases over a period of time.

(11B) -dependence on agriculture
-high dependence on foreign nations
Above all – low savings and investment
Furthermore- low per capital income
Finally -low standard of living

2017 NECO Economics Complete Questions & Answers Objective & Essay

-Dependence on agriculture:- Majority of the developing countries depends mainly on agriculture as a source of income.

-High dependency on forign nations:- Most of these develpoing nations depend greatly on forign countries for their survival.

As a matter of fact -Low savings and investment:- labour receives low income and this reduces savings and investment.

Furthermore-low standard of living:- the standard of living in these countries is generally low.

Finally-low per capital income:- the per capital income in all developing economics is generally low.

2017 NECO Economics Complete Questions & Answers Objective & Essay

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