Neco 2024 Economics Free Answers (Objective & Essay) (July Exam)
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Neco 2024 Economics Free Answers Available
Tuesday 16th July 2024
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ECONOMICS
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2024 NECO ECONOMICS ANSWERS
(3)
(i) Marginal Cost:
Marginal cost is the additional cost incurred by producing one more unit of a good or service. It is the change in total cost divided by the change in quantity produced.
(ii) Wants:
Wants are the desires or needs that an individual wishes to satisfy. They are unlimited and varied, and they constantly change.
(iii) Scarcity:
Scarcity refers to the fundamental economic problem of having unlimited wants but limited resources to satisfy those wants. It means that choices must be made about how to allocate resources.
(iv) Choice:
Choice refers to the decision-making process of selecting one option over another. In economics, choices are made based on scarcity and opportunity costs.
(v) Opportunity Cost:
Opportunity cost is the value of the next best alternative that is given up when choosing one option over another. It represents the benefit that could have been obtained if the choice had been different.
2024 NECO ECONOMICS ANSWERS
(4) PICK ANY FOUR
(i)What to Produce: This problem refers to the decision of which goods and services to produce, given the limited resources available. Society must decide how to allocate resources to meet the various wants and needs of its members.
(ii)How to Produce: This problem involves determining the most efficient method of production, given the technology and resources available. Society must choose the production technique that minimizes costs and maximizes output.
(iii)For Whom to Produce: This problem concerns the distribution of goods and services among society’s members. Society must decide how to allocate output to meet the needs and wants of different individuals and groups.
(iv) How to Distribute Income: This problem involves determining how to distribute income among society’s members, considering factors like work effort, skill level, and contribution to production.
(v) How to Deal with Economic Scarcity: This problem requires society to make choices about how to allocate resources in the face of scarcity, prioritizing some wants and needs over others.
2024 NECO ECONOMICS ANSWERS
(5a)
Utility Can be defined as the satisfaction or pleasure that a consumer derives from consuming a good or service.
(5b)
(i)Form Utility: This type of utility refers to the satisfaction derived from the physical characteristics of a product, such as its size, shape, color, and design. For example, a consumer may prefer a smartphone with a larger screen size or a car with a sleek design.
(ii)Place Utility: This type of utility refers to the satisfaction derived from the location of a product, such as its availability in a particular store or location. For example, a consumer may prefer to buy a product from a nearby store rather than an online retailer.
(iii)Time Utility: This type of utility refers to the satisfaction derived from the availability of a product at a particular time, such as a seasonal product. For example, a consumer may prefer to buy a winter coat during a sale rather than at full price.
(5c)
Total Utility
(i)Consuming 2 slices of pizza: 16 units of utility (total satisfaction)
(ii)Consuming 3 slices of pizza: 22 units of utility (total satisfaction)
Marginal Utility
(ii)Consuming the 3rd slice of pizza: 6 units of utility (additional satisfaction)
2024 NECO ECONOMICS ANSWERS
(6a)
Public finance refers to the management of financial resources and expenditures of a government or public entity, aimed at achieving economic and social objectives.
(6b)
(i)Promoting Macroeconomic Stability:
One of the main goals of fiscal policy is to achieve macroeconomic stability. This entails maintaining a balance between economic growth, low inflation, and stable employment levels. To achieve this, fiscal policy can be used to stimulate demand during periods of economic downturn or curb inflationary pressures when the economy is overheating.
(ii)Promoting Macroeconomic Stability:
One of the main goals of fiscal policy is to achieve macroeconomic stability. This entails maintaining a balance between economic growth, low inflation, and stable employment levels. To achieve this, fiscal policy can be used to stimulate demand during periods of economic downturn or curb inflationary pressures when the economy is overheating.
(iii) Income Redistribution :
Fiscal policy also serves as a tool for income redistribution within society. Governments can use taxation policies to collect revenue from higher-income individuals or corporations and allocate it towards programs that benefit lower-income groups. By doing so, fiscal policy aims to reduce income inequality and promote economic equity.
(iv) Promoting Economic Equity:
In addition to income redistribution, fiscal policy seeks to promote overall economic equity within an economy. This involves ensuring that all individuals have equal access to education, healthcare, and infrastructure development. Through targeted spending on social welfare programs and public goods, governments can address disparities in opportunities and improve living standards for all citizens.
(v)Ensuring Long-Term Sustainability
Sustainable growth is a critical goal of fiscal policy. Governments need to ensure that their expenditure does not lead to unsustainable levels of debt or deficits over time. By carefully managing spending patterns and revenue collection, fiscal policy aims to maintain a healthy balance between short-term economic objectives and long-term fiscal sustainability.