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NECO SSCE Economics 2001 past questions and answers

This 2001 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 2001 set with instant marking.

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Sample NECO SSCE Economics 2001 questions

1. A student has time to study either Economics or Government, but chooses Economics; the opportunity cost of this choice is the
  1. benefit of the best Government study opportunity given up
  2. total money spent on both subjects
  3. effort used to study Economics
  4. benefit of every possible activity the student could have chosen

Answer: A. benefit of the best Government study opportunity given up

Opportunity cost is the value of the next-best alternative sacrificed when a choice is made.

2. If nominal GDP rises from N100 billion to N110 billion while the price index rises from 100 to 110, real GDP in the second year, measured in first-year prices, is
  1. N90 billion
  2. N100 billion
  3. N110 billion
  4. N121 billion

Answer: B. N100 billion

Real GDP equals nominal GDP multiplied by 100 and divided by the price index, giving N100 billion.

3. A consumer's total utility from one, two and three units of a good is 10, 16 and 19 utils respectively; the marginal utility of the third unit is
  1. 2 utils
  2. 6 utils
  3. 3 utils
  4. 19 utils

Answer: C. 3 utils

The third unit adds 19 minus 16, or 3 utils, to total utility.

4. A production possibility curve bowed outward from the origin illustrates that as production shifts toward one good, the opportunity cost of producing additional units of it generally
  1. remains zero
  2. falls continuously
  3. is equal to total output
  4. rises

Answer: D. rises

A curve bowed outward reflects increasing opportunity costs as resources become less suitable for the expanding activity.

5. Holding other factors constant, what is the usual effect on the quantity demanded of a good when its own price falls?
  1. It increases
  2. It decreases
  3. It remains fixed by definition
  4. It becomes equal to supply

Answer: A. It increases

The law of demand states that a lower price usually leads to a greater quantity demanded, other things equal.

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