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NECO SSCE Economics 2019 past questions and answers

This 2019 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 2019 set with instant marking.

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Sample NECO SSCE Economics 2019 questions

1. A workshop assigns each worker one stage of assembling a product; the most direct likely effect is that
  1. workers become more proficient through repetition
  2. the need for coordination disappears
  3. the range of consumer wants is reduced
  4. the supply of labour becomes fixed

Answer: A. workers become more proficient through repetition

Repeated performance of a specialised task can improve workers' skill and raise output per worker.

2. A farm's total product is 70 bags with three workers and 74 bags with four workers; what is the marginal product of the fourth worker?
  1. 2 bags
  2. 4 bags
  3. 70 bags
  4. 74 bags

Answer: B. 4 bags

The marginal product of the fourth worker is the increase in total product, 74 minus 70, which is 4 bags.

3. A farmer uses a field for maize instead of cassava, which could have yielded 80 bags; what is the opportunity cost of producing maize on the field?
  1. The money already spent on the field
  2. The maize harvested from the field
  3. The 80 bags of cassava forgone
  4. The farmer's total annual income

Answer: C. The 80 bags of cassava forgone

Opportunity cost is the value of the best alternative forgone, which is 80 bags of cassava.

4. A firm's total cost is ₦900 when its total variable cost is ₦600; what is its total fixed cost?
  1. ₦150
  2. ₦250
  3. ₦600
  4. ₦300

Answer: D. ₦300

Total fixed cost equals total cost minus total variable cost, so ₦900 minus ₦600 is ₦300.

5. A single firm in a perfectly competitive market is described as a price taker because it
  1. accepts the market price determined by total demand and supply
  2. sets any price without losing customers
  3. sells a product with no close substitutes
  4. controls the entry of all rival firms

Answer: A. accepts the market price determined by total demand and supply

A perfectly competitive firm is too small relative to the market to influence the prevailing market price.

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