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NECO SSCE Economics 2004 past questions and answers

This 2004 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 2004 set with instant marking.

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Sample NECO SSCE Economics 2004 questions

1. A firm's total cost rises from ₦450 to ₦510 when its output increases from 20 to 24 units; what is the marginal cost per additional unit?
  1. ₦15
  2. ₦60
  3. ₦12.75
  4. ₦4

Answer: A. ₦15

Marginal cost is the change in total cost divided by the change in output, so ₦60 divided by 4 is ₦15.

2. Using the midpoint method, what is the price elasticity of demand when price rises from ₦10 to ₦12 and quantity demanded falls from 100 to 80 units?
  1. 0.82
  2. 1.22
  3. 2.00
  4. 0.18

Answer: B. 1.22

The absolute elasticity is (20/90) divided by (2/11), which is approximately 1.22.

3. A firm's long-run average cost falls as it expands output; this situation is known as
  1. diminishing marginal utility
  2. diseconomies of scale
  3. economies of scale
  4. constant returns to scale

Answer: C. economies of scale

A fall in long-run average cost as output expands is an economy of scale.

4. Which condition is characteristic of a perfectly competitive market?
  1. One seller controls the entire market
  2. Products are differentiated by each seller
  3. Entry into the market is legally prohibited
  4. Many buyers and sellers trade a homogeneous product

Answer: D. Many buyers and sellers trade a homogeneous product

Perfect competition features many buyers and sellers offering a homogeneous product with free entry and exit.

5. A trader sells 8 identical items at ₦50 each; what is the trader's total revenue?
  1. ₦400
  2. ₦58
  3. ₦350
  4. ₦6.25

Answer: A. ₦400

Total revenue equals price multiplied by quantity, so ₦50 times 8 is ₦400.

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