Neco 2017 Economics Question 1

Practice essay / theory question 1 from the 2017 Neco Economics examination. This question covers Scarcity, Opportunity Cost, Classification of Goods .

Neco 2017 Economics Essay / Theory
Topics: Scarcity Opportunity Cost Classification of Goods
Question 1 NECO • 2017 • ECONOMICS • essay

Consider the following statements about the Nigerian economy.

Question Parts

( a )
Define scarcity and explain why it is regarded as the fundamental economic problem.
( b )
A student can either work part‑time earning ₦15,000 per month or attend a short course that costs ₦30,000 and will increase future earnings by ₦10,000 per month. Using the concept of opportunity cost, which option should the student choose? Justify your answer.
( c )
Classify each of the following goods found in Nigeria as a private good, public good, common‑pool resource or club good, giving a brief reason for each classification: (i) Electricity supplied by the national grid. (ii) A privately owned restaurant. (iii) A public park in Lagos. (iv) A satellite TV subscription.

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About This Question

This is Neco 2017 Economics Question 1. It is one of the essay questions from the 2017 Neco Economics examination.

The question covers Scarcity, Opportunity Cost, Classification of Goods .

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