Try 10 free Economics questions below, each with the answer explained. When you are ready, practise all 1,035 on a timed CBT screen.
The NECO SSCE (June/July) is the National Examinations Council's final exam for Nigerian secondary school students. Like WAEC, each subject has an objective paper and a theory paper, and the syllabus covers the same topics.
Tap an answer to check it and see the explanation.
Total cost is ₦7,740 at 26 units and ₦7,800 at 27 units. Find the marginal cost of the last unit.
Answer: C. MC = change in total cost = 7,800 − 7,740 = ₦60.
A household earns ₦37,000 and spends ₦22,200 on consumption. Find its average propensity to consume.
Answer: D. APC = consumption ÷ income = 22,200 ÷ 37,000 = 0.6.
When the price of a good rose from ₦1,500 to ₦2,250, quantity demanded fell from 2,000 to 1,000 units. Find the price elasticity of demand.
Answer: C. PED = % change in quantity ÷ % change in price = 50% ÷ 50% = 1 (ignoring the minus sign).
A firm sells 110 units at ₦560 each. To sell 120 units it must lower its price to ₦520. Find the marginal revenue per unit of the extra 10 units.
Answer: B. TR rises from 61,600 to 62,400; MR = change in TR ÷ change in quantity = 800 ÷ 10 = ₦80.
In Economics, the entrepreneur is best described as
Answer: D. The entrepreneur: the factor of production that organises the others and bears the risk.
If the marginal propensity to consume is 0.5, find the value of the multiplier.
Answer: B. Multiplier = 1 ÷ (1 − MPC) = 1 ÷ 0.5 = 2.
According to the law of demand, when price rises the quantity demanded
Answer: B. Other things equal, higher prices reduce the quantity demanded.
Inflation is
Answer: A. Inflation is a sustained increase in the general level of prices.
A market with only one seller is called
Answer: A. "Mono" means one: a single seller controls supply.
Land, labour, capital and ___ are the factors of production.
Answer: B. The entrepreneur organises the other three factors.
Real CBT screen, timed mock exams, your score by topic, and an explanation for every answer. Works on any phone.
Create a free accountQuestions in the MyGradePrep bank for each topic.
| Topic | Questions |
|---|---|
| Theory of the firm | 240 |
| National income | 187 |
| Costs and revenue | 120 |
| Consumption and savings | 62 |
| Basic concepts | 61 |
| Production | 61 |
| Elasticity | 61 |
| Money and inflation | 60 |
| Population and labour | 60 |
| Demand and supply | 60 |
| Price index | 60 |