NECO Economics Objective & Essay Answers 2023 & Questions
Economics NECO Exams Paper II & Paper III (Objective OBJ and Essay 2023 Questions and Answers. What you need to know before sitting for Economics examination The National Examination Council (NECO)
1. Study the Syllabus: Get a copy of the Economics NECO syllabus and familiarize yourself with the topics and sub-topics covered in the exam. Pay close attention to the weightage of each section to prioritize your study efforts accordingly. Review the past questions papers and answers.
2. Practice with Past Questions: Obtain past Economics NECO exam papers and practice solving them within the time limit. This will help you get accustomed to the exam format, identify common question patterns, and improve your time management skills. By practicing the past questions papers you would be able to know more about the subject.
Exam Day Planning
1. Time Management: When you receive the exam paper, carefully read through all the questions to understand their requirements. Allocate time for each question based on their marks and difficulty level. It’s essential to answer all questions, so if you get stuck on a particularly challenging one, move on and come back to it later if time permits.
2. Show Your Work: In quantitative questions, show your calculations and workings clearly. Even if your final answer is incorrect, you may still earn partial marks for the steps you correctly followed. For essay questions, provide well-structured and coherent answers with relevant examples to support your points.
Relevance of Economics in Nigeria
1. Economic Development: Economics plays a crucial role in the development of Nigeria’s economy. By studying and analyzing the country’s production, distribution, and consumption of goods and services, economists can identify areas that need improvement and suggest policies to promote sustainable economic growth.
2. Resource Allocation: Nigeria is rich in natural resources, and economics helps in making informed decisions about their allocation. By understanding the principles of resource allocation, the country can utilize its resources efficiently and ensure they are directed towards sectors that contribute most effectively to the overall development of the nation.
3. Policy Formulation: Economics provides policymakers with valuable insights into the functioning of the economy. Through economic analysis, policymakers can design and implement appropriate fiscal and monetary policies to tackle inflation, unemployment, and other economic challenges, thereby stabilizing the economy and improving the standard of living for the citizens.