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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.

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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.

NECO 2022 Economics Answers Loading..

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


Arithmetic 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 does not give a fall range of the data

(ii)It can be hard to calculate

(iii)It only used with data where an independent variable is plotted against the frequency of it.


%∆ in Quantity dd/ %∆ in income = 100/150

= 0.667

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

= 10/10 * 100/1

= 100

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%∆ in income = ∆ in income * 100/1

= 3000/2000 * 100/1

= 150


Positive income elasticity: This is as a result of having more quantity demand for milk as income increases


Luxurious goods


(i) Change in price related commodity

(ii) Change in taste and fashion

(iii) Income of the consumer

(iv) Advertisement


A wholesaler is a person whose business is buying large quantities of goods and selling them in smaller amounts


(i)High price: Middlemen cause high price of goods by adding cost to the cost of goods

(ii) Increase in advertisement: The introduction of middlemen in the chain of distribution leads to high cost of creating awareness to the customer

(iii) Low profit: Middlemen will reduce the profit of the producer by increasing the cost of production for the producer

(iv) Decrease in production: Middlemen will lead to decrease in production of goods that will affect the price of the goods


(i)Source of revenue: To get most income into the government purse, taxes are imposed on goods coming in from other countries.

(ii)Reduction of unemployment: This discourages importation and encourages infant industries to survive which will create jobs for more unemployment people

(iii) To improve standard living: To help the citizens of a country to be self-sufficient and self reliant

(iv)Balance of payment deficit: It helps to correct a country’s balance of payment deficit in the long run

(v)Trade restriction: This enables the citizen to consume more locally made goods instead of foreign goods



Capital formation is a term used to describe the net capital accumulation during an accounting period for a particular country


(i) Low level of Natural income and per capital income

(ii) Lack in demand of capital

(iii) Lack in supply of capital

(iv) Lack of Economic and social overheads

(v) Lack of skilled entrepreneurs

(vi) Lack of effective fiscal policy



Internal trade is the act of buying and selling of goods and services within a geographical area WHILE External trade is the buying and selling of goods and services between two or more countries



(i)They both engage in exchange of goods and services

(ii) They both engage in trade e

(iii) They both involve in the use of money to facilitate trade




(i) Buying and selling is between two or more countries

(ii) There is language barrier

(iii) It involves more documentation


(i) Buying and selling is within a country

(ii) There is no language barrier

(iii) It involves low documentation

NECO Economics Essay Answers Loading…

See: NECO Biology Questions and Answers

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. Developments outside a given firm which reduce the firm’s costs are called
A. internal economics
B. external economics
C. external diseconomies
D. optimum effects

ANSWER: B (external economics)

2. If at 10K per kg, 1000kg of yam were purchased, the resultant point elasticity of demand is
A. 0.33
B. 0.0001
C. 1


3. A situation in which all inputs are doubled and output also doubles is known as
A. constant proportions
B. increasing returns to scale
C. constant returns
D. constant returns to scale.

ANSWER: D (constant returns to scale)

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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 decided to pass NECO Economics 2022 and I am sure of that. Now, the next thing you should do is set targets.

You have told yourself, “I will score A in Neco Economics 2022”, that’s not all. You need to plan on how to make it happen. Create a timetable and master plan to achieve your goals.

 Get the Recommended Textbook on Economics for 2022 NECO Examination

Normally, NECO recommends books for the examination. Apart from NECO Literature where certain novels are compulsory, you are free to use any good Economics textbook to prepare for NECO 2022 exam.

Some textbooks are more difficult to understand. If you have any topic you are finding difficult to understand, then get a textbook that will simplify the topics and make life better for you.

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

Many candidates are fond of skipping exercises and even examples while studying textbooks. In fact, we like notebooks so much that we could ask, “can I read my notebook and pass NECO Economics 2022?” Don’t be scared of attempting exercises in Economics. Face the challenges.

If you have any questions about the NECO Economics Questions and Answers 2022, kindly drop your question in the comment box.

Last Updated on January 9, 2022 by Admin

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94 thoughts on “NECO Economics Questions and Answers 2022/2023 (Theory and Objectives)”

  1. Pls sir/Mrs
    I need more questions and answers on Economics
    God bless you

  2. Pls I need economics answers of Obj and theory 2021 this night


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