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NECO SSCE Economics 2000 past questions and answers

This 2000 NECO SSCE Economics set has 40 practice questions. Try these 5 free sample questions, tap a question to reveal the answer and explanation. Then practise the whole 2000 set with instant marking.

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Sample NECO SSCE Economics 2000 questions

1. A student has one free afternoon and chooses to attend an economics lesson instead of earning ₦2,000 at a job; the opportunity cost of attending the lesson is
  1. the ₦2,000 income forgone
  2. the cost of every activity the student might ever do
  3. the money spent on transport only
  4. the lesson's total benefit

Answer: A. the ₦2,000 income forgone

Opportunity cost is the value of the best alternative sacrificed, which here is the ₦2,000 wage.

2. Which factor of production receives rent as its conventional reward?
  1. Labour
  2. Land
  3. Capital
  4. Entrepreneurship

Answer: B. Land

Rent is the conventional reward for the use of land.

3. If an economy is producing at a point strictly inside its production possibility curve, it is most likely
  1. using all resources at maximum efficiency
  2. producing beyond its current capacity
  3. leaving some resources unemployed or underused
  4. experiencing an unavoidable shortage of every good

Answer: C. leaving some resources unemployed or underused

A point inside the curve indicates that available resources are not being fully or efficiently used.

4. In a mixed economic system, the allocation of resources is determined mainly by
  1. custom alone
  2. the state alone
  3. private firms alone
  4. both market forces and government decisions

Answer: D. both market forces and government decisions

A mixed economy combines private market decisions with government participation and regulation.

5. The law of diminishing marginal utility states that, other things being equal, as a consumer uses more units of a good, the additional satisfaction from each successive unit tends to
  1. fall
  2. rise without limit
  3. remain exactly constant
  4. become equal to its price

Answer: A. fall

Diminishing marginal utility means that the extra satisfaction from successive units generally decreases.

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