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The Economics paper demands logical reasoning, accurate definitions, and precise calculations. Examiners award marks for correctly drawn demand and supply curves, accurate calculations of elasticity, utility, costs, and revenue, as well as well-organized explanations of topics such as economic development, international trade, banking, and public finance. Weak analysis, incorrect calculations, and poorly labeled diagrams can cost valuable marks. Get the right study guide to prepare effectively and answer each question in the format that earns the highest scores.
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With the right question and answers , you'll understand how to solve equilibrium price questions, calculate elasticity and other economic concepts, draw and label market diagrams correctly, and write high-scoring essays on macroeconomics, trade, banking, and development. Get the 2026 NECO Economics Questions and Answers (Objective & Essay) today and enter your exam hall with full confidence of passing your exam.
NECO-2026-ECONOMICS-ANSWERS
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⚠️ IMPORTANT NOTICE
Economics is also a state-based examination. Candidates should be aware that questions may differ from one state to another. Ensure you check well and write down the correct answers for your state to avoid mistakes during the examination.
✔ Always verify your state before answering
📢 IMPORTANT ANNOUNCEMENT
Just like Mathematics, both the questions and their answers will be provided in a single PDF.
All you need to do is locate your question paper type and copy the corresponding answers.
▪️ Economics Paper Types ▪️
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NECO-2026-ECONOMICS-ANSWERS
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SCROLL DOWN FOR YOUR STATE OBJECTIVE:
OYO Economics-obj-brightscorehub.com
01-10: EDDECEBBBA
11-20: BCABDECCBB
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41-50: BEDDBCBEBA
51-60: EDEDDDABCD
COMPLETED
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ANAMBRA STATE
ECONOMICS OBJECTIVE
01-10: EABAADCBCA
11-20: EDCBCACEAA
21-30: ACAADACEDA
31-40: EBDEBEDBAC
41-50: EDDDDBEDEA
51-60: CDDCDDCDAC
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ABIA STATE
ECONOMICS OBJECTIVE
01-10: ECBDABDCEE
11-20: CCCDDAAAED
21-30: BBCDDBBECD
31-40: BABCBCAAEB
41-50: DABDEABCCC
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RIVERS STATE / PH
ECONOMICS OBJECTIVE
01-10: DAEDBCADCA
11-20: EBCBCADDEC
21-30: DDDCCACABD
31-40: CAEABEDDCC
41-50: BADBAEEBBD
51-60: EECBDDEBAE
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KOGI OBJECTIVE
ECONOMICS OBJECTIVE
01-10: ECECCDCACB
11-20: BCDDCCEDBD
21-30: BAEBDEECBE
31-40: DECDDBEDBD
41-50: DDEBDEEBBB
51-60: DCAEBAACAE
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OSUN OBJECTIVE
ECONOMICS OBJECTIVE
01-10: ACCBCECCAE
11-20: ACAEEBCEBA
21-30: EAAAAAADDA
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41-50: EBABEAAEAC
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CROSS RIVER STATE
ECONOMICS OBJECTIVE
01-10: BACAEDCCAA
11-20: CBEEEADAEB
21-30: BCCDBBACCB
31-40: BDEDBECCDC
41-50: AEDEDDCABC
51-60: AAACEAEBAC
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NASARAWA STATE
ECONOMICS OBJECTIVE
01-10: ABDAEBADDE
11-20: BEEADACDCA
21-30: EDBEABEACE
31-40: ABCDEADBCD
41-50: DBACBCBDBD
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KADUNA STATE
ECONOMICS OBJECTIVE
01-10: ABCDECEBEE
11-20: EDEAECAAEA
21-30: ABDDBDABBB
31-40: BAAABCDABD
41-50: DCBBDAABED
51-60: DBCBDBDBDD
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ABUJA
ECONOMICS OBJECTIVE
01-10: AEDDEEAACA
11-20: CADCABAECB
21-30: BEAADAAADC
31-40: DECDDEEAAD
41-50: BEDCBDDBBA
51-60: CCBDEACBCB
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IMO STATE
ECONOMICS OBJECTIVE
01-10: BABABBCACB
11-20: CBEEDCCBDE
21-30: ACACCCBADB
31-40: BCCEADAABD
41-50: AEDDAEBBCC
51-60: DCCEEDBCEE
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BENUE STATE
ECONOMICS OBJECTIVE
01-10: DEBBDDBAEB
11-20: BAEBECDCDC
21-30: AECDEEAEAA
31-40: BBEAEABCEE
41-50: DEBCEEEECA
51-60: BDABAEECDB
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LAGOS STATE
ECONOMICS OBJECTIVE
01-10: ECCBEBBDDD
11-20: BDDCCEAEEC
21-30: EEBBBBADDD
31-40: BCEBAACDEC
41-50: BBEEEADBAD
51-60: EEECCADEAD
COMPLETED
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ENUGU STATE
ECONOMICS OBJECTIVE
01-10: BBEBDDCAED
11-20: ABBECBBAEB
21-30: CCCACBECAA
31-40: ADCCDBAEEC
41-50: ABCCAACBBE
51-60: DAEDDACCED
COMPLETED
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EDO STATE
ECONOMICS OBJECTIVE
01-10: CBBBCEDECE
11-20: BEDBADBDEB
21-30: EDBDDADACD
31-40: CABBABBDAC
41-50: DDBADDEEED
51-60: AAACEDCABA
COMPLETED
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OGUN STATE
ECONOMICS OBJECTIVE
01-10: CEECCEEDEA
11-20: ACCBCDCACA
21-30: DEEEBADCED
31-40: DCDBDDDDDE
41-50: EBDCEEBECC
51-60: DACACCAEAC
COMPLETED
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JIGAWA STATE
ECONOMICS OBJECTIVE
01-10: BECDDBCADB
11-20: BCDCCABCAD
21-30: BDBEBBCEDC
31-40: EABBDBDEDD
41-50: ADEECCAADC
51-60: BDCBDEBCED
COMPLETED
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KANO STATE
ECONOMICS OBJECTIVE
01-10: ABBDBEDAEB
11-20: EEECBABAAC
21-30: DDECBADECD
31-40: ADACABDBCC
41-50: DAACCAEDDE
51-60: EDBADADEAD
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nstructions : Answer five questions in all, one from section A and four from section B.
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OYO NUMBER 1
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NUMBER 2
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OYO NUMBER FOUR
(4a) Effective demand is the quantity of a commodity that a consumer is able and willing to buy at a particular price and at a particular time, backed by the money to pay for it.
(4b)
(i) Price of the commodity: When the price of a commodity increases, the quantity demanded will fall, and when the price falls, the quantity demanded will rise.
(ii) Income of the consumer: When a consumer's income increases, he will be able to demand more goods, especially normal goods, while a fall in income will reduce demand.
(iii) Price of related goods: For substitute goods, when the price of one good increases, the demand for the other increases. For complementary goods, an increase in the price of one will reduce the demand for the other.
(iv) Taste and preference: When people's taste changes in favour of a commodity, the demand for it will increase, but if taste changes against it, demand will fall.
(v) Population: An increase in population will lead to an increase in the demand for goods and services, while a fall in population will reduce demand.
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OYO NUMBER FIVE
(5a) Price system is an economic system whereby the forces of demand and supply are allowed to determine the prices of goods and services and also determine what to produce, how to produce, and for whom to produce, without much interference from the government.
(5b)
(i) It helps in the allocation of resources.
(ii) It determines what to produce.
(iii) It helps to check wastage.
(iv) It brings about competition.
(5c)
(i) In a capitalist price system, resources are privately owned and prices are determined by market forces of demand and supply, while in a socialist price system, resources are owned by the state and prices are usually fixed or controlled by the government.
(ii) In a capitalist system, production decisions are based on the profit motive, while in a socialist system, production decisions are based on the welfare of the citizens rather than profit.
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OYO NUMBER SIX
(6a) A Marketing Board is a government agency that is set up to control the purchase, pricing, and export of agricultural produce from farmers, and to ensure that farmers get a fair and stable price for their produce.
(6b)
(i) Price stabilization: The board fixes and maintains stable prices for agricultural produce so that farmers are not affected by fluctuations in world market prices.
(ii) Provision of research: Marketing boards carry out or sponsor research into ways of improving the quality and yield of agricultural produce.
(iii) Provision of farm inputs: The board provides farmers with improved seedlings, fertilizers, and other farm inputs to help increase their level of production.
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OYO NUMBER SEVEN
(i) Inadequate capital: Setting up industries requires huge capital, and most Nigerian entrepreneurs find it difficult to raise enough funds to start or expand industries.
(ii) Poor power supply: Epileptic and unstable electricity supply discourage industrial growth since most industries depend heavily on power to function.
(iii) Poor infrastructure: Bad roads, inadequate rail network, and poor water transportation make it difficult to move raw materials and finished goods, thereby slowing down industrialisation.
(iv) Political instability: Frequent changes in government and inconsistent economic policies discourage both local and foreign investors from investing in industries.
(v) Shortage of skilled manpower: There is a lack of adequately trained technical and managerial staff needed to run modern industries efficiently.
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OYO NUMBER EIGHT (8)
(8a) Savings and investment are closely related in the sense that savings serve as the main source of funds for investment. When individuals and firms save part of their income instead of spending it all, the money saved is usually channeled through banks and other financial institutions to those who want to invest in businesses. Therefore, the higher the level of savings in an economy, the higher the amount of funds available for investment.
(8b)
(i) Level of income: The higher a person's income, the more he is able to spend on consumption of goods and services, while low income reduces his level of spending.
(ii) Price of goods and services: When prices of goods are high, people tend to reduce their consumption, while low prices encourage more spending.
(iii) Taste and preference: A person's likes and dislikes will determine what and how much he spends his income on.
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OYO NUMBER NINE (9)
(i) Under population: This is a population situation whereby the number of people in a country is too small compared to the available resources, such that the resources are underutilized and could still support a much larger population without a fall in the standard of living.
(ii) Over population: This is a situation whereby the number of people in a country is more than the available resources can conveniently take care of, leading to a fall in the standard of living of the people.
(iii) Optimum population: This is the ideal population size that a country's resources can support in order to give the highest standard of living and maximum output per head. It is neither too much nor too small.
(iv) Malthusian Population Theory: This theory was propounded by Thomas Robert Malthus. It states that population grows in geometric progression (2, 4, 8, 16...) while food supply grows in arithmetic progression (1, 2, 3, 4...). Because of this, population will always tend to outgrow the means of subsistence, and the imbalance will be checked by positive checks (such as famine, war, and disease) or preventive checks (such as moral restraint and family planning).
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OYO NUMBER TEN (10)
(10a) Supply of labour refers to the total number of workers who are willing and able to offer their services for work at a given wage rate within a particular period of time.
(10b)
(i) Wage rate: A higher wage rate will attract more people to offer their labour, while a low wage rate will discourage people from working.
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(ii) Population size: A country with a large population will generally have a higher supply of labour compared to a country with a small population.
(iii) Education and training: The level of education and skill acquisition in a country determines the quality and quantity of labour available, especially skilled labour.
(iv) Working conditions: Good working conditions, such as safety, good remuneration, and welfare packages, attract more people into the labour force, while poor conditions discourage the supply of labour.
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IMO STATE
ECONOMICS PAPER II ANSWERS
IMO STATE NUMBER ONE (1)
1(a)(i) Co-efficient of Income Elasticity of Demand
Annual Income = ₦120,000 to ₦200,000
Quantity Demanded = 50 to 40
Income Elasticity (Ey)
= % Change in Quantity Demanded ÷ % Change in Income
= (40 − 50)/50 ÷ (200,000 − 120,000)/120,000
= (-10/50) ÷ (80,000/120,000)
= (-0.2) ÷ (0.667)
= -0.30 (approx.)
Answer: -0.30
1(a)(ii) Type of Goods
Garri is an Inferior Good because its income elasticity is negative. As income increases, the quantity demanded decreases.
1(b) Explain Any Four Factors Affecting Elasticity of Supply
(i) Time Period: Supply is more elastic in the long run because producers have enough time to increase production.
(ii) Availability of Raw Materials: The easier it is to obtain raw materials, the more elastic supply becomes.
(iii) Level of Spare Capacity: Firms with unused capacity can easily increase output when prices rise.
(iv) Ease of Storage: Goods that can be stored easily have a more elastic supply than perishable goods.
COMPLETED
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IMO STATE NUMBER THREE (3)
3(a) Opportunity Cost
Opportunity cost is the value of the next best alternative forgone when a choice is made because resources are scarce.
3(b) Relevance of Opportunity Cost
(i) Individual
- Helps individuals make wise choices.
- Assists in proper budgeting of income.
- Promotes efficient use of scarce resources.
(ii) Firm
- Helps firms choose the most profitable investment.
- Assists in efficient allocation of resources.
- Reduces waste in production.
(iii) Government
- Guides allocation of national resources.
- Assists in budget preparation.
- Helps set development priorities.
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IMO STATE NUMBER FOUR (4)
4(a) Three Differences Between Public and Private Limited Companies
(i) Public Limited Company: Can sell shares to the public.
Private Limited Company: Cannot sell shares to the public.
(ii) Public Limited Company: Shares are freely transferable.
Private Limited Company: Transfer of shares is restricted.
(iii) Public Limited Company: Requires a larger number of members.
Private Limited Company: Has fewer members.
4(b)(i) Article of Association
The Article of Association is a document containing the internal rules and regulations governing the management of a company.
Functions:
- Regulates internal affairs.
- States powers and duties of directors.
- Guides meetings and voting procedures.
- Protects the rights of shareholders.
4(b)(ii) Memorandum of Association
The Memorandum of Association is the legal document that establishes a company and states its objectives and powers.
Contents:
- Name clause.
- Registered office clause.
- Object clause.
- Capital clause.
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IMO STATE NUMBER FIVE (5)
5(a) Labour Force
Labour force refers to all persons of working age who are willing and able to work, including both the employed and unemployed.
5(b) Explain Any Four Factors Affecting Demand for Labour
(i) Demand for Product: Higher demand for a firm's product increases the demand for labour.
(ii) Wage Rate: Lower wages encourage employers to hire more workers.
(iii) Level of Technology: Improved technology may increase or reduce the demand for labour depending on its nature.
(iv) Productivity of Labour: The more productive workers are, the greater the demand for them.
COMPLETED (Questions 1, 3, 4 & 5)
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CROSS RIVER & OSUN STATES
ECONOMICS PAPER II ANSWERS
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CROSS RIVER & OSUN STATES NUMBER ONE (1)
1(a)(i)
Price = ₦5 to ₦10
Quantity = 10 to 25
Elasticity of Supply (Es)
= % Change in Quantity ÷ % Change in Price
= (15/10) ÷ (5/5)
= 1.5
Answer: 1.5
1(a)(ii)
Price = ₦20 to ₦25
Quantity = 60 to 75
Elasticity of Supply (Es)
= (15/60) ÷ (5/20)
= 1.0
Answer: 1.0
1(b) Nature of Elasticity
(1bi) A–B = Relatively Elastic Supply
(1bii) D–E = Unitary Elastic Supply
1(c) Explain Any Four Types of Elasticity of Demand
(1ci) Perfectly Elastic Demand: A slight increase in price causes demand to fall to zero.
(1cii) Perfectly Inelastic Demand: Quantity demanded remains unchanged regardless of changes in price.
(1ciii) Relatively Elastic Demand: Percentage change in quantity demanded is greater than the percentage change in price.
(1civ) Relatively Inelastic Demand: Percentage change in quantity demanded is less than the percentage change in price.
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CROSS RIVER & OSUN STATES NUMBER TWO (2)
2(a)(i) Retail Price Index (RPI)
Base Year (2019)
Rice = ₦600
Beans = ₦500
Total = ₦1,100
Current Year (2022)
Rice = ₦1,000
Beans = ₦2,000
Total = ₦3,000
RPI = (3000 ÷ 1100) × 100
= 272.7% ≈ 273%
Answer: 273
2(a)(ii) Weighted Retail Price Index
Weights:
Rice = 3
Beans = 1
Base Year:
(600 × 3) + (500 × 1)
= 2300
Current Year:
(1000 × 3) + (2000 × 1)
= 5000
Weighted RPI
= (5000 ÷ 2300) × 100
= 217.4% ≈ 217%
Answer: 217
2(a)(iii) Interpretation
The weighted retail price index of 217% shows that the general price level increased by about 117% between 2019 and 2022 after considering the consumer spends three times more on rice than beans.
2(b) Three Motives for Holding Money
(2bi) Transaction Motive: Money is held for day-to-day purchases and payments.
(2bii) Precautionary Motive: Money is kept for emergencies and unforeseen expenses.
(2biii) Speculative Motive: Money is held to take advantage of future investment opportunities or expected changes in interest rates.
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CROSS RIVER & OSUN STATES NUMBER THREE (3)
3(a) What is Comparative Cost Advantage?
Comparative Cost Advantage is the ability of a country, firm, or individual to produce a good or service at a lower opportunity cost than another country, firm, or individual. It is the principle that countries should specialize in producing goods in which they have a comparative advantage and trade for other goods.
3(b) Explain Any Five Assumptions of Comparative Cost Advantage
(3bi) Two Countries and Two Commodities: The theory assumes that only two countries produce and trade only two goods.
(3bii) Free Trade: There are no tariffs, quotas, or restrictions on international trade.
(3biii) Constant Cost of Production: The cost of producing each additional unit remains constant throughout production.
(3biv) Perfect Mobility of Factors Within a Country: Labour and capital can move freely between industries within a country but cannot move between countries.
(3bv) Full Employment of Resources: All available resources are fully and efficiently utilized in production.
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CROSS RIVER STATE & OSUN STATE NUMBER FOUR (4)
(4i) Investigation of Financial Crimes: The commission is responsible for investigating all suspected cases of economic and financial crimes. This includes public sector corruption, money laundering, cybercrime, advance fee fraud (419), embezzlement, and counterfeiting of currencies.
(4ii) Prosecution of Offenders: The EFCC is vested with the legal power to prosecute individuals, corporate bodies, or public officials indicted for economic and financial crimes in a court of competent jurisdiction to ensure justice is served.
(4iii) Identification and Seizure of Illicit Assets: The commission tracks, identifies, and freezes bank accounts or assets acquired through fraudulent or corrupt practices. It works to ensure that these illegally acquired properties are permanently forfeited to the federal government upon court order.
(4iv) Eradication and Prevention of Economic Sabotage: The EFCC adopts measures to detect and prevent activities that sabotage the Nigerian economy. This includes monitoring financial institutions, enforcing compliance with anti-money laundering regulations, and checking illegal oil bunkering or smuggling of mineral resources.
(4v) Public Enlightenment and Advocacy: The commission conducts public sensitization campaigns, workshops, and educational programs to sensitize citizens about the dangers of economic crimes. This function aims to foster institutional integrity and enlist public support in the fight against corruption.
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CROSS RIVER STATE & OSUN STATE NUMBER FIVE (5)
(5a)
Money is defined as anything that is generally acceptable by law as a medium of exchange for the settlement of debts and for the purchase of goods and services in a given society. To function effectively as money, an item must be legally recognized and universally trusted within the economy, eliminating the problems of the barter system.
(5b)
(5bi) General Acceptability: Money must be universally recognized and accepted by everyone within the economy as a means of payment for goods, services, and settlement of financial obligations.
(5bii) Portability: Money must be easy to carry from one place to another. It should possess high value relative to its weight and bulk.
(5biii) Divisibility: Money must be capable of being divided into smaller denominations to facilitate purchases of low-value items and provide exact change.
(5biv) Durability: The material used to make money must be strong and long-lasting, able to withstand wear and tear without deteriorating easily.
(5bv) Relative Scarcity: Money must not be so abundant that anyone can produce it freely. Its supply must be regulated to preserve its purchasing power.
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CROSS RIVER STATE & OSUN STATE NUMBER SIX (6)
(6i) Structural Unemployment: This occurs when there is a mismatch between the skills possessed by workers and the skills required for available jobs.
(6ii) Frictional Unemployment: This is temporary unemployment that occurs while workers are searching for new jobs or entering the labour market.
(6iii) Cyclical (Deficient-Demand) Unemployment: This results from economic recessions when businesses reduce production and lay off workers due to low demand.
(6iv) Seasonal Unemployment: This occurs when employment is available only during certain seasons of the year, such as farming or tourism.
(6v) Technological Unemployment: This occurs when machines, computers, or automation replace human labour.
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CROSS RIVER STATE & OSUN STATE NUMBER SEVEN (7)
(7a)
Supply is defined as the total quantity of a commodity that a producer or seller is willing and able to offer for sale in the market at a given price and within a specific period of time. It differs from stock, which refers to the total quantity of goods available.
(7b)
(7bi) Price of the Commodity: According to the law of demand, the higher the price, the lower the quantity demanded, and vice versa.
(7bii) Income of the Consumer: For normal goods, an increase in consumer income increases demand, while a decrease reduces demand.
(7biii) Prices of Related Commodities: The prices of substitutes and complementary goods influence demand.
(7biv) Tastes and Preferences: Changes in consumer tastes, fashion, and preferences affect the demand for goods.
(7bv) Size and Composition of the Population: An increase in population generally increases demand for goods and services.
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CROSS RIVER STATE & OSUN STATE NUMBER EIGHT (8)
(8i) Provision of Raw Materials to Agro-allied Industries: Agriculture supplies essential raw materials such as cotton, cocoa, and oil palm for manufacturing industries.
(8ii) Supply of Food to the Industrial Workforce: Agriculture provides food for industrial workers, helping to maintain productivity.
(8iii) Provision of a Ready Market for Industrial Products: Farmers purchase fertilizers, machinery, pesticides, and other industrial products, stimulating industrial growth.
(8iv) Generation of Foreign Exchange: Export of cash crops earns foreign exchange used to import machinery and industrial equipment.
(8v) Release of Surplus Labour to the Industrial Sector: Mechanized agriculture releases excess labour that can be absorbed by industries.
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CROSS RIVER STATE & OSUN STATE NUMBER TEN (10)
(10a)
A perfect competitive market is a market structure characterized by a large number of buyers and sellers dealing in homogeneous products, where no individual buyer or seller can influence market price. Both buyers and sellers are price takers, and firms enjoy free entry and exit.
(10b)
(10bi) Monopoly: A market with a single seller and no close substitutes.
(10bii) Duopoly: A market controlled by two dominant firms.
(10biii) Oligopoly: A market dominated by a few large firms whose decisions are interdependent.
(10biv) Monopolistic Competition: A market with many sellers offering differentiated products.
(10bv) Monopsony: A market with many sellers but only one buyer.
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CROSS RIVER STATE & OSUN STATE NUMBER ELEVEN (11)
(11a)
Location of Industry refers to the siting or establishment of a single firm or manufacturing plant in a particular place due to economic or physical advantages.
Localisation of Industries refers to the concentration or clustering of many similar industries within a particular town, region, or geographical area.
(11b)
(11bi) Provision of Basic Economic Infrastructure: Government provides roads, electricity, railways, water supply, and ports.
(11bii) Granting of Tax Incentives and Tax Holidays: Government reduces tax burdens and import duties to encourage investment.
(11biii) Establishment of Industrial Estates and Free Trade Zones: These provide ready-made facilities, security, and simplified procedures for industries.
(11biv) Provision of Subsidies and Low-Interest Loans: Government provides financial assistance through institutions such as the Bank of Industry.
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CROSS RIVER STATE & OSUN STATE NUMBER TWELVE (12)
(12i) Canon of Equity (Equality): Tax should be distributed fairly according to each person's ability to pay.
(12ii) Canon of Certainty: The amount, time, and method of tax payment should be clear and certain.
(12iii) Canon of Convenience: Taxes should be collected at the most convenient time and manner for taxpayers.
(12iv) Canon of Economy: The cost of tax administration and collection should be kept as low as possible.
COMPLETED
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KOGI STATE
ECONOMICS PAPER II ANSWERS
KOGI STATE NUMBER THREE (3)
3(a)
Money is anything that is generally accepted as a medium of exchange, a measure of value, a store of value, and a standard for deferred payment.
3(b)
(i) Acceptability: It must be generally accepted by people for buying and selling.
(ii) Durability: It should last long and not get spoilt easily, e.g. coins and notes.
(iii) Portability: It should be easy to carry from one place to another.
(iv) Divisibility: It can be divided into smaller units without losing value, e.g. ₦1,000 = 10 × ₦100.
(v) Homogeneity: Units of the same denomination should be identical in value and appearance.
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KOGI STATE NUMBER FOUR (4)
(i) Frictional unemployment: This is temporary unemployment when a person leaves one job and is looking for another.
(ii) Structural unemployment: This occurs due to changes in technology. Workers' skills no longer match available jobs.
(iii) Cyclical unemployment: This is caused by trade cycles such as boom and recession. During recession, many people lose their jobs.
(iv) Seasonal unemployment: This occurs in seasonal industries like agriculture and tourism during the off-season.
(v) Residual unemployment: This affects people who cannot work due to age, disability, illness, or lack of skills.
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KOGI STATE NUMBER FIVE (5)
5(a)
Supply is the quantity of a commodity that producers are willing and able to offer for sale at a given price, place, and time.
5(b)
(i) Price of the commodity: The higher the price, the lower the quantity demanded.
(ii) Income of consumers: Increase in income leads to an increase in demand for normal goods.
(iii) Tastes and preferences: If people like a product, demand will increase.
(iv) Population: Increase in population leads to an increase in demand.
(v) Price of related goods: The prices of substitutes and complements affect demand.
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KOGI STATE NUMBER SIX (6)
(i) Poor transportation network: Bad roads make it difficult to move goods from producers to consumers.
(ii) Inadequate storage facilities: Lack of warehouses leads to spoilage of perishable goods.
(iii) High cost of transportation: Fuel price increases make distribution expensive.
(iv) Multiple taxation and checkpoints: Too many taxes and roadblocks delay the movement of goods.
(v) Insecurity: Armed robbery and kidnapping on highways disrupt the movement of goods.
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KOGI STATE NUMBER SEVEN (7)
7(a)
Localisation of industry is the concentration of similar industries in a particular area or region.
7(b)
(i) Availability of raw materials: Obajana has large deposits of limestone, the main raw material for cement.
(ii) Large market: Its central location makes it easy to serve markets in Northern and Southern Nigeria.
(iii) Good transportation: Proximity to major roads and railways allows easy movement of cement.
(iv) Land availability: A vast expanse of land is available for the factory at low cost.
(v) Government policy: Government incentives and encouragement promote industrialisation in Kogi State.
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KOGI STATE NUMBER EIGHT (8)
8(a)
A public corporation is a business enterprise owned, financed, and controlled by the government to provide essential services to the public.
8(b)
(i) Provision of essential services: Government provides services such as water and electricity that private firms may not provide.
(ii) Employment generation: It creates jobs for citizens.
(iii) Price control: Government can sell goods and services at subsidised rates to help the masses.
(iv) Even development: Industries can be located in rural areas to promote development.
(v) Revenue to government: Profits made are paid into the government treasury.
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KOGI STATE NUMBER NINE (9)
9(a)
Under-population is a situation where the population of a country is too small to exploit the available resources effectively.
9(b)
(i) High birth rate: Due to early marriage and cultural preference for large families.
(ii) Low death rate: Improvement in medical care and sanitation reduces deaths.
(iii) Illiteracy: Lack of education about family planning methods.
(iv) Religious beliefs: Some religions are against birth control.
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KOGI STATE NUMBER TEN (10)
10(a)
A wholesaler is a middleman who buys goods in large quantities from producers and sells them in smaller quantities to retailers.
10(b)
(i) Breaking bulk: Buys goods in bulk and sells them in smaller quantities.
(ii) Provision of credit: Sells goods to consumers on credit.
(iii) Storage: Stores goods until they are needed.
(iv) Advertising: Informs consumers about new products.
(v) After-sales service: Provides services such as repair and maintenance.
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KOGI STATE NUMBER ELEVEN (11)
(i) Mechanization: Use of tractors and machines instead of crude tools.
(ii) Provision of fertilizers and improved seedlings: Helps increase yield per hectare.
(iii) Good storage and processing facilities: Reduces post-harvest losses.
(iv) Provision of credit facilities: Loans help farmers purchase inputs.
(v) Extension services: Educates farmers on modern farming techniques.
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KOGI STATE NUMBER TWELVE (12)
12(a)
Unemployment is a situation where people who are willing and able to work cannot find jobs at the prevailing wage rate.
12(b)
(i) Poor remuneration: Low salaries compared to those in other countries.
(ii) Poor working conditions: Lack of equipment and infrastructure.
(iii) Insecurity: Fear of kidnapping and terrorism.
(iv) Better opportunities abroad: Greener pastures and better research facilities.
COMPLETED
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KANO STATE
ECONOMICS PAPER II ANSWERS
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KANO STATE NUMBER THREE (3)
(3a)
Savings are the part of income that is not spent on current consumption but is kept aside for future use, while investment is the use of saved money to acquire capital goods or establish productive businesses.
The relationship between savings and investment is that savings provide the funds needed for investment. When individuals and firms save money in banks and other financial institutions, these funds are made available to investors as loans for business expansion and production. Therefore, an increase in savings generally leads to an increase in investment, which promotes economic growth, employment and higher national income.
(3b)
(PICK ANY THREE)
(3bi) Level of income: The amount of income earned by an individual or household greatly influences consumption expenditure. People with higher incomes usually spend more on goods and services than those with lower incomes. An increase in income generally leads to an increase in consumption. For example, a worker who receives a salary increase may buy more food, clothing and household appliances.
(3bii) Price level: The prices of goods and services determine the quantity consumers can afford to buy. When prices rise, consumers tend to reduce their spending, especially on non-essential goods. Lower prices usually encourage higher consumption. For example, people may buy more rice when its market price falls.
(3biii) Size of the family: A large family requires more food, clothing, education and healthcare than a small family. As family size increases, consumption expenditure also increases. Households with more dependants usually spend more. For example, a family of eight spends more on food than a family of three.
(3biv) Taste and fashion: People's preferences and changing fashion trends influence what they buy. Consumers often spend more on goods that are fashionable or suit their personal tastes. This causes demand for certain products to increase. For example, many youths buy the latest smartphones because they are fashionable.
(3bv) Availability of credit: Easy access to loans, overdrafts and hire purchase enables consumers to buy goods even when they have limited cash. This increases their current consumption expenditure. Credit facilities encourage higher spending. For example, a worker may buy a refrigerator through hire purchase.
(3bvi) Rate of interest: High interest rates encourage people to save rather than spend, while low interest rates encourage borrowing and consumption. Interest rates therefore influence consumers' spending decisions. For example, people may postpone borrowing for a car when bank lending rates are high.
(3bvii) Future expectations: Consumers' expectations about future income, prices or employment affect their current spending. If they expect higher income, they may spend more now, while fear of unemployment encourages saving. Expectations influence present consumption behaviour. For example, a worker expecting a bonus may decide to purchase new furniture.
(3bviii) Government policies: Government policies such as taxation, subsidies and inflation-control measures affect consumers' purchasing power. High taxes reduce disposable income, while subsidies lower the prices of some goods. These policies directly influence the level of consumption expenditure. For example, a reduction in fuel prices may leave households with more money to spend on other needs.
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KANO STATE NUMBER FOUR (4)
(4i) Under-population: Under-population may be defined as the type of population that is less than the available resources of a country. It means that the size of the population is so small that when combined with the available resources and the existing level of technology, it secures minimum returns per head. In summary, it is a situation where the population is too small relative to the available resources.
(4ii) Over-population: Over-population is a situation where a country has more people than its physical and human resources can support with adequate living standards. The population exceeds the available resources, leading to competition for scarce resources and a fall in the standard of living.
(4iii) Optimum Population: Optimum population is the size of population which, when combined with the available resources and level of technology, yields the highest output per head. It is neither too small nor too large.
(4iv) Malthusian Population Theory: Malthusian Population Theory is based on the essay titled *An Essay on Population* written in 1798 by Reverend Thomas Robert Malthus. The theory explains that population tends to grow faster than the means of subsistence, creating pressure on available resources unless checked by measures such as famine, disease, war or moral restraint.
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KANO STATE NUMBER FIVE (5)
(5a)
Supply of labour is the total number of workers who are willing and able to offer their services for employment at a given wage rate and during a given period of time. It depends on the willingness of people to work under existing conditions.
(5b)
(PICK ANY FOUR)
(5bi) Wage rate: The amount paid to workers greatly influences the supply of labour. Higher wages attract more people into the labour market, while lower wages discourage workers from offering their services. For example, an increase in teachers' salaries may attract more graduates into the teaching profession.
(5bii) Population size: The size of the population determines the number of people available for work. A large population usually provides a larger labour force than a small population.
(5biii) Level of education and training: Education and vocational training improve workers' knowledge and skills. More skilled people are able to secure employment in different sectors of the economy.
(5biv) Working conditions: Good working conditions such as job security, safety and attractive benefits encourage people to work, while poor conditions discourage workers.
(5bv) Government policies: Government policies on employment, taxation, retirement age and minimum wage influence the supply of labour. Policies that favour workers encourage greater participation in the labour market.
(5bvi) Migration: Immigration increases the supply of labour, while emigration reduces it. Movement of people affects the availability of workers.
(5bvii) Health condition of workers: Healthy workers are more productive and willing to work than unhealthy workers. Good healthcare therefore increases labour supply.
(5bviii) Retirement age: A higher retirement age keeps experienced workers in the labour force for a longer period, thereby increasing the supply of labour.
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Completed
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