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NECO SSCE Economics 2017 past questions and answers

This 2017 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 2017 set with instant marking.

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Sample NECO SSCE Economics 2017 questions

1. A community uses its available timber to make desks instead of using it to build boats. The boats forgone represent the community's
  1. opportunity cost
  2. fixed cost
  3. total utility
  4. sunk revenue

Answer: A. opportunity cost

Opportunity cost is the value of the next best alternative forgone when a choice is made.

2. The reward paid to the owner of land for allowing it to be used in production is
  1. wages
  2. rent
  3. interest
  4. profit

Answer: B. rent

Rent is the factor reward earned by the owners of land and other natural resources.

3. A production point located inside a country's production possibility curve indicates that the country is
  1. producing beyond its capacity
  2. using all resources efficiently
  3. underutilising some resources
  4. facing no opportunity cost

Answer: C. underutilising some resources

A point inside the curve shows that available resources are not being fully or efficiently used.

4. If the market price of a good is above its equilibrium price, the market will normally experience
  1. excess demand
  2. a shortage
  3. a fall in supply
  4. a surplus

Answer: D. a surplus

At a price above equilibrium, quantity supplied exceeds quantity demanded, creating a surplus.

5. Other things being equal, a fall in the price of a normal good causes
  1. an extension of its demand
  2. a contraction of its demand
  3. a rightward shift of its demand curve
  4. a leftward shift of its supply curve

Answer: A. an extension of its demand

A price fall causes movement down the existing demand curve and increases quantity demanded.

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