NECO Economics Questions and Answers 2022/2023 (Theory and Objectives)

NECO Economics Questions and Answers 2022. I will be showing you past Economics objective and theory repeated questions for free in this post. You will also understand how NECO Economics questions are set and how to answer them.

NECO Economics Questions and Answers 2022/2023 (Theory and Objectives)

The National Examinations Council (NECO) is an examination body in Nigeria that conducts the Senior Secondary Certificate Examination and the General Certificate in Education in June/July and December/January respectively.

NECO Economics Objectives and Essay Answers 2022(Expo)

The 2022 NECO Economics expo will be posted here during the NECO Economics examination. Keep checking and reloading this page for the answers.

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2021 Answers:












X: 20, 30, 40, 50, 60, 70

F: 10, 8, 20, 13, 6, 3

Fx: 200, 240, 800, 650, 360, 210

x-x-bar: – 21, – 11, – 1, 4, 19, 29

(x-x-bar)²: 441, 121, 1, 81, 361, 841

F(x-x-bar)²: 4410, 968, 20, 1053, 2166, 2523


Arithemetic mean (x-bar) = ∑fx/∑f = 2460/60 = 41


Variance = ∑f(x-x-bar)²= 11140/60 = 185.67

Standard deviation= √variance

= √185.67

= 13.63


(i)It doesn’t give a fall scope of the information

(ii)It can be difficult to compute

(iii)It just utilized with information where an autonomous variable is plotted against its recurrence.


%∆ in Quantity dd/%∆ in pay = 100/150

= 0.667

%∆ in Qty dd = ∆ In Qty dd/old Qty dd * 100/1

= 10/10 * 100/1

= 100

%∆ in pay = ∆ in pay * 100/1

= 3000/2000 * 100/1

= 150


Positive pay versatility: This is because of having greater amount interest for milk as pay increments


Lavish merchandise


(I) Change in cost related product

(ii) Change in taste and design

(iii) Income of the shopper

(iv) Advertisement


A distributer (Wholesaler) is an individual whose business is purchasing huge amounts of merchandise and selling them in more modest sums


(i)High value: Middlemen cause excessive cost of merchandise by adding cost to the expense of products

(ii) Increase in advertisement: The presentation of brokers in the chain of dissemination prompts significant expense of making attention to the client

(iii) Low benefit: Middlemen will decrease the benefit of the maker by expanding the expense of creation for the maker

(iv) Decrease underway: Middlemen will prompt decline underway of products that will influence the cost of the merchandise


(i)Source of income: To get most pay into the public authority satchel, charges are forced on products rolling in from different nations.

(ii)Reduction of joblessness: This deters importation and urges baby ventures to endure which will make occupations for greater joblessness individuals

(iii) To work on standard living: To help the residents of a country to be independent and confident

(iv)Balance of installment shortfall: It assists with rectifying a nation’s equilibrium of installment deficiency over the long haul

(v)Trade limitation: This empowers the resident to consume all the more privately made products rather than unfamiliar merchandise



Capital development is a term used to depict the net capital amassing during a bookkeeping period for a specific country


(I) Low degree of Natural pay and per capital pay

(ii) Lack sought after of capital

(iii) Lack in supply of capital

(iv) Lack of Economic and social overheads

(v) Lack of gifted business people

(vi) Lack of powerful financial approach



Inward exchange (Internal Trade) is the demonstration of trading of labor and products inside a topographical region WHILE External exchange is the trading of labor and products between at least two nations



(i)They both participate in return of labor and products

(ii) They both participate in exchange e

(iii) They both include in the utilization of cash to work with exchange




(I) Buying and selling is between at least two nations

(ii) There is language boundary

(iii) It includes more documentation


(I) Buying and selling is inside a country

(ii) There is no language obstruction

(iii) It includes low documentation

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NECO Economics Practice Questions and Answers

The questions below are the NECO 2022 Economics Practice Questions. Go through them and be ready to score high in your NECO 2022 Economics Examination.

1. Advancements outside a given firm which decrease the association’s expenses are called
A. inner financial aspects
B. outside financial aspects
C. outside diseconomies
D. ideal impacts

Answer: B (outside financial matters/External Economics)

2. If at 10K per kg, 1000kg of sweet potato were bought, the resultant point versatility of interest is
A. 0.33
B. 0.0001
C. 1

Answer: C (1)

3. A circumstance wherein all information sources are multiplied and yield likewise duplicates is known as
A. steady extents
B. expanding gets back to scale
C. consistent returns
D. steady re-visitations of scale.

Answer: D (consistent re-visitations of scale)

Also See:

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Tips on How to Pass NECO Economics Questions

The following tips will help you to pass the upcoming NECO Economics examination.

Have a Target and Work Towards Actualizing it

You have chosen to pass NECO Economics 2022 and I am certain of that. Presently, the following thing you ought to do is set targets.

You have told yourself, “I will score A in Neco Economics 2022”, that is not all. You really want to anticipate how to get it going. Make a schedule and all-inclusive strategy to accomplish your objectives

Get the Recommended Textbook on Economics for 2022 NECO Examination

Typically, NECO suggests books for the examination. Aside from NECO Literature where certain books are obligatory, you are allowed to utilize any great Economics course reading to plan for NECO 2022 test.

A few course readings are more hard to comprehend. On the off chance that you have any point you are viewing as hard to comprehend, get a course book that will improve on the subjects and improve life for you.

Do not Skip Economics Examples and Exercise you Will Come Across While Reading:

Many candidate are partial to skipping exercises and even examples while concentrating on reading material. Indeed, we like note pads such a lot that we could inquire, “would I be able to peruse my scratch pad and pass NECO Economics 2022?” Don’t be terrified of endeavoring practices in Economics. Face the difficulties.

In the event that you have any inquiries regarding the NECO Economics Questions and Answers 2022, benevolently drop your inquiry in the comment box.


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