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NECO SSCE Economics 2003 past questions and answers

This 2003 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 2003 set with instant marking.

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Sample NECO SSCE Economics 2003 questions

1. A farmer owns land and a tractor, while hired workers cultivate the farm. Which item is an example of capital in production?
  1. The farmer's managerial skill
  2. The cultivated land
  3. The tractor
  4. The workers' effort

Answer: C. The tractor

A tractor is a man-made resource used to produce other goods and is therefore capital.

2. If the price of a normal good falls, other things being equal, what is most likely to happen?
  1. Quantity demanded rises
  2. Demand shifts left
  3. Supply falls
  4. The good's income elasticity becomes zero

Answer: A. Quantity demanded rises

A fall in price causes an extension of quantity demanded along the demand curve, all else unchanged.

3. The price of a commodity rises from N10 to N12 and quantity demanded falls from 100 to 80 units. Using the initial values, what is the price elasticity of demand in absolute value?
  1. 0.5
  2. 1.0
  3. 2.0
  4. 4.0

Answer: B. 1.0

Percentage change in quantity is 20% and in price is 20%, so elasticity is 20/20 = 1.

4. Which change is most likely to shift the supply curve of locally made shoes to the right?
  1. A rise in the price of shoes
  2. A fall in the number of shoemakers
  3. A fall in the cost of leather
  4. A rise in consumers' income

Answer: C. A fall in the cost of leather

Cheaper leather lowers production costs and enables producers to supply more shoes at each price.

5. At a market price above the equilibrium price, what condition will normally occur?
  1. A shortage of the commodity
  2. Excess supply
  3. A fall in supply to zero
  4. Demand equals supply

Answer: B. Excess supply

Above equilibrium, quantity supplied exceeds quantity demanded, creating a surplus.

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