NECO SSCE Economics Past Questions 2018–2023 with Answers

Sample Questions

Showing 10 of 8 questions

NECO SSCE 2018

Which of the following is a factor of production?

A land

B money

C shares

D bonds

Answer: A

NECO SSCE 2019

Opportunity cost is best defined as

A the value of the next best alternative forgone

B the total cost of production

C the price of a commodity

D the cost of raw materials

Answer: A

NECO SSCE 2019

Gross National Product (GNP) is GDP plus

A net income from abroad

B government spending

C exports

D imports

Answer: A

NECO SSCE 2020

A budget deficit occurs when

A government expenditure exceeds revenue

B revenue exceeds expenditure

C revenue equals expenditure

D imports exceed exports

Answer: A

NECO SSCE 2022

Inflation can be defined as

A a persistent rise in the general price level

B a fall in the value of goods

C an increase in government revenue

D a rise in unemployment

Answer: A

NECO SSCE 2022

Which of the following is NOT a function of commercial banks?

A Issuing currency

B Accepting deposits

C Granting loans

D Providing overdrafts

Answer: A

NECO SSCE 2023

The factors of production include all EXCEPT

A money

B land

C labour

D capital

Answer: A

NECO SSCE 2023

Price elasticity of demand measures

A the responsiveness of quantity demanded to a change in price

B the total revenue of a firm

C the cost of production

D the profit margin

Answer: A

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Subject Overview

Exam: NECO SSCE
Subject: Economics
Total Questions: 8
Years Covered: 2018–2023
Years Available: 5
Format: Multiple Choice

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