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NECO SSCE Economics 2010 past questions and answers

This 2010 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 2010 set with instant marking.

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Sample NECO SSCE Economics 2010 questions

1. Which feature most clearly distinguishes a public good from a private good?
  1. It is produced only by government employees
  2. It is always available in unlimited quantity
  3. People can benefit without being excluded and one person's use does not reduce another's
  4. It has no cost of production

Answer: C. People can benefit without being excluded and one person's use does not reduce another's

Non-excludability and non-rivalry are the defining features of a pure public good.

2. A tax system is progressive when the
  1. tax rate rises as taxable income rises
  2. same amount is paid by every taxpayer
  3. tax rate falls as income rises
  4. tax is imposed only on imported goods

Answer: A. tax rate rises as taxable income rises

Under progressive taxation, higher income bands face higher tax rates.

3. A government records a budget deficit when its
  1. tax revenue equals public expenditure
  2. exports exceed imports
  3. revenue exceeds expenditure
  4. planned expenditure exceeds revenue

Answer: D. planned expenditure exceeds revenue

A deficit occurs when total government spending is greater than revenue.

4. To avoid double counting when calculating national output, statisticians should add the
  1. total sales value of every production stage
  2. value added at each stage of production
  3. value of intermediate goods only
  4. value of all second-hand sales

Answer: B. value added at each stage of production

Summing value added counts each contribution once rather than repeatedly counting intermediate inputs.

5. Nominal GDP is N600 billion and real GDP is N500 billion; what is the GDP deflator?
  1. 83.3
  2. 100
  3. 120
  4. 1,100

Answer: C. 120

The GDP deflator is (nominal GDP / real GDP) x 100, which equals 120.

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