Neco Model Questions Vol1 2023 Economics Question 1

Practice essay / theory question 1 from the 2023 Neco Model Questions Vol1 Economics examination. This question covers Basic Economic Concepts .

Neco Model Questions Vol1 2023 Economics Essay / Theory
Topic: Basic Economic Concepts
Question 1 NECO_MODEL_QUESTIONS_VOL1 • 2023 • 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. Illustrate your answer with a relevant example from Nigeria.
( b )
Distinguish between wants and needs, and discuss how opportunity cost arises when a household decides to satisfy one want over another.
( c )
A farmer has 5 hectares of land. He can either plant maize, which yields a net return of ₦150,000 per hectare, or cassava, which yields a net return of ₦120,000 per hectare. If the farmer decides to plant maize on the whole farm, calculate the opportunity cost of this decision.
( d )
Discuss how the government can use price controls to alleviate scarcity of a staple food. Mention two possible advantages and two possible disadvantages of such intervention.

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About This Question

This is Neco Model Questions Vol1 2023 Economics Question 1. It is one of the essay questions from the 2023 Neco Model Questions Vol1 Economics examination.

The question covers Basic Economic Concepts .

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