PassSpark

NECO SSCE Economics 2002 past questions and answers

This 2002 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 2002 set with instant marking.

Practise the full 2002 setTimed exam mode

Sample NECO SSCE Economics 2002 questions

1. A farmer uses a plot of land to grow maize instead of cassava; the opportunity cost of the maize is the
  1. cassava that could have been produced
  2. money spent on maize seed
  3. total harvest of maize
  4. wages paid to farm workers

Answer: A. cassava that could have been produced

Opportunity cost is the value of the best alternative forgone, which is the cassava harvest in this case.

2. If the price of a normal good falls and all other factors remain constant, the usual result is
  1. a leftward shift of its demand curve
  2. an extension of quantity demanded along its demand curve
  3. a fall in consumers' income
  4. a rise in the price of a substitute

Answer: B. an extension of quantity demanded along its demand curve

A change in the good's own price causes movement along the existing demand curve.

3. When the price of a product rises by 10% and its quantity demanded falls by 20%, the absolute price elasticity of demand is
  1. 0.5
  2. 1.0
  3. 2.0
  4. 10.0

Answer: C. 2.0

The absolute elasticity is the percentage change in quantity divided by the percentage change in price, or 20/10 = 2.

4. At a market price of N5, quantity demanded is 90 units and quantity supplied is 60 units; this situation is a
  1. surplus of 30 units
  2. market equilibrium
  3. surplus of 150 units
  4. shortage of 30 units

Answer: D. shortage of 30 units

Quantity demanded exceeds quantity supplied by 90 - 60 = 30 units, creating a shortage.

5. A firm keeps its factory size fixed while adding more workers, and output eventually rises at a decreasing rate; this illustrates
  1. the law of diminishing marginal returns
  2. increasing returns to scale
  3. a fall in total output from the start
  4. the law of demand

Answer: A. the law of diminishing marginal returns

With a fixed factor, adding successive units of a variable factor eventually makes each extra unit add less to output.

More NECO SSCE Economics years

20262025202420232022202120202019201820172016201520142013201220112010200920082007200620052004200320012000

All NECO SSCE Economics years · NECO SSCE subjects

PassSpark questions are original practice questions written to each exam's syllabus and format, in the style of past questions. They are not official past papers and are not affiliated with JAMB, WAEC, NECO, any university or any exam body.