NECO Economic Questions and Answers 2020/2021 OBJ/Essay: PDF Download

Correct NECO Economic Questions and Answers 2020 Objectives and Essay. Get free NECO Economics Expo live today and other exam details.

NECO Economics Questions Are online? Those sitting for the Ongoing Economics NECO Exams and you wish to get updates on the answers.  In this post, we have provided candidates with NECO Economics Past Questions and Answers, stay glued to this page for subsequent updates.

The National Examination Council (NECO) had made available the necessary information to guide students during these exams. The NECO Economics scheme/syllabus is there to direct you.

2019 NECO Economics Answers to Questions

Latest 2020 NECO Economics Objectives Questions and Answers

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Live Free NECO Economics answers 2020


1. The contribution of petroleum to the economy of Nigeria is most prominent in the area of
  • A. employment generation
  • B. fuel provision
  • C. infrastructural development
  • D. revenue generation
  • E. technical know-how

ANSWER: D (revenue generation)

2. The Nigerian indigenization decree process involves
  • A. 5 phases
  • B. 6 phases
  • C. 4 phases
  • D. 3 phases
  • E. 2 phases
3. If commodities A & B are jointly demanded, what will be the effect of an increase in the price of A on the demand for commodity B?
  • A. decrease in demand for commodity B
  • B. decrease in price of commodity B
  • C. demand for commodity B remain constant
  • D. increase in demand for commodity B
  • E. increase in the price of commodity B
4. The willingness of an individual backed up with purchasing power at a given time is
  • A. demand
  • B. desire
  • C. effective demand
  • D. utility
  • E. want
5. When an economy is having a balance of payment surplus the best alternative opened to it is to
  • A. borrow from abroad
  • B. devalue its currency
  • C. increase its foreign reserve
  • D. promote imports into the country
  • E. sell out its foreign assets

Correct NECO Economics Theory Questions and Answers 2020


Below are NECO Essay Economics Past questions That may be repeated

A = 15
B =15 + 13 = 28
C = 20/3 = 6.7
D = 40 – B = 40 – 28 = 12
E 70/4 = 17.5
F = 20/5 = 4
G = 17 * 6 = 102
H = 82 – 60 = 22
I 113/7 = 16.1
J = 19.5 * 8 = 156

2b) Draw the Graph

2c) As output rises, the AFC decreases and the curve the represents it *** slope *** from left to right

1b) Tabulate:
Year | Cocoa | Crops palm oil | Cotton | Total(#)
1970 | 100 | 150 | 250 | 500
1971 | 150 | 75 | 225 | 450
1972 | 250 | 200 | 150 | 600

Total = #1550m

1c) Percentage = 150/600 * 100
= ¼ * 100
= 25%

1d) Degree = palm oil expert in 1971 * 360°
Total expert in 1971
= 75/450 * 360°
= 60°

A trade union is an organized association of workers in a trade, group of trades, or profession, formed to protect and further their rights and interests


i )Trade Unions working for the Progress of the Employees:

The trade unions try to improve the economic conditions of the workers by representing their cases to the employers and try to get an adequate bonus to the workers.

  1. ii) Safeguarding the Interests of the Workers:

Most of the industries try to exploit the workers to the maximum. They do not provide any benefits such as increasing their wages, granting sick leaves, giving compensation in case of accidents, etc. The workers are not made permanent even after many years of service and in some cases, they are removed from service summarily. The trade unions provide security to the employees in such situations.

iii) Increasing Co-operation and Well-being among Workers:

It is in this context that the trade unions come into the picture and they promote friendliness and unity among the workers. Besides this, the trade unions also discuss the problems, which are common to all the workers. It is a platform where workers come together and know each other. The trade unions also provide some kind of entertainment and relaxation to the workers.

Iv )Establishing Contacts between the Workers and the Employers:

The trade unions play an important role in bringing to the notice of the employers the difficulties and grievances of the employees. They try to arrange face-to-face meetings and thus try to establish contacts between the employees and the employers.

i)picket lines
ii ) strike

3a) Similarities are :
*Both provide long-term loans to their member countries

*Both aim to promote economic development

*Both render technical and financial advice to member states

  1. ii) One difference is;
    ADB is meant for African countries only while IBRD is a global bank

3b) Benefits obtained by Nigeria from the world bank are:

–Approval of $500 million to improve material and child health in the country in 2015

–Approval of a $200 million credit to support the Nigeria agricultural sector, especially small and medium-scale farmers in march, 2017

8) Elasticity of supply is measured as the ratio of proportionate change in the quantity supplied to the proportionate change in price

i )Possibility of Substitution:

The change in supply in response to the change in price depends on the possibility of substitution of a product for others. If the market price of potato rises, resources will be shifted from there cultivation like tomato and employed in the cultivation of potato. The greater the possibility of shifting of resources to the potato cultivation, the greater is the elasticity of supply of potato.

ii )Infrastructural facilities:

The expansion of the supply of a commodity also depends on the availability of productive facilities and inputs. The agricultural producer can not increase in response to the rise in the price unless there is a sufficient flow of fertilizers, irrigation, etc. In the case of industrial goods, the expansion of supply is inhibited by the shortage of power, fuel, and the essential raw materials.

iii )Producers response:

The elasticity of supply for a product depends on the producers’ responsiveness to the change in its price. The quantity supplied of a commodity will not change if the producers do not react positively to the increase in prices. Producers do not always increase the quantity supplied of a commodity to a rise in price.

iv )Marginal Cost:

The elasticity of supply of a commodity depends on the marginal cost of production. The elasticity of supply of a commodity would be less if the marginal cost of production goes up. In the short run, diminishing marginal returns operates as some factors are fixed. This gives rise to the expansion of the marginal cost of production.

7a)A tariff is a tax imposed by a government on goods and services imported from other countries that serves to increase the price and make imports less desirable, or at least less competitive, versus domestic goods and services

i )Infant Industries

ii ) National Defense

iii ) Domestic Employment

Iv ) Aggressive Trade Practices

V ) Environmental Concerns

Updates on live NECO Economics 2020 questions loading…


How to Pass Economics NECO Questions

Manage your Time Well

Time management is very important as long as this exams is concerned. Make sure you don’t waste time when attempting any question. Answer Questions You Know better before proceeding to try others. Be mindful of the time given and the number of questions you are to answer before the time elapses.

Follow the Exams instructions

Any student that refuses to follow the Examination Instructions is planning to fail. The instructions there are for you not for the invigilators. Adherence to instructions gives you a better chance of passing the exams.

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