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NECO SSCE Economics 2014 past questions and answers

This 2014 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 2014 set with instant marking.

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Sample NECO SSCE Economics 2014 questions

1. A country records a current-account surplus when, over the period, its receipts from goods, services, income and current transfers are:
  1. less than its payments for those items
  2. equal to its capital inflows
  3. greater than its payments for those items
  4. greater than its total imports alone

Answer: C. greater than its payments for those items

A current-account surplus occurs when current receipts exceed current payments.

2. If the naira depreciates against the dollar, other things being equal, the immediate effect on the naira price of an imported machine is that it will:
  1. rise
  2. fall
  3. remain fixed by definition
  4. become zero

Answer: A. rise

A weaker naira requires more naira to buy the same dollar-priced machine.

3. A Nigerian government imposes a tariff on imported footwear mainly to:
  1. eliminate all domestic production costs
  2. increase imports by lowering their price
  3. prevent domestic consumers from buying footwear
  4. raise revenue and make imported footwear relatively more expensive

Answer: D. raise revenue and make imported footwear relatively more expensive

An import tariff is a tax that can raise public revenue while protecting local producers through higher import prices.

4. A country's export price index is 150 and its import price index is 125; its terms-of-trade index is:
  1. 83.3
  2. 120
  3. 125
  4. 275

Answer: B. 120

The terms-of-trade index is (150 / 125) x 100, which equals 120.

5. Under a fixed exchange-rate system, an official reduction in the value of a country's currency is called:
  1. appreciation
  2. devaluation
  3. revaluation
  4. convertibility

Answer: B. devaluation

Devaluation is an official downward adjustment of a currency's fixed value.

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