Hello and Welcome to SSCE (WAEC and NECO) Practice Test - Economics 1. You will attempt 50 randomly generated objective questions for 40 minutes. 2. Don't guess answers. Leave answer blank if not sure. Incorrect answers attracts -1 (negative one) and it is cumulative. 3. If time allowed elapsed, your quiz ends immediately and scores will displayed and ranked. 4. Your performance in each of the question attempted alongside step-by-step solutions to attempted questions will be displayed on the screen at the end of the assessment. 5. Fill the form below and Click on the Next button to Begin Full Name: (Surname First) Location email address: Given that Qd = 80— 2p where Qd is quantity demanded and p is the price, what quantity would be demanded when the price p is $3? A. 86 units B. 80 units C. 76 units D. 74 units. A B C DGeneral rise in the price level induced by increased price of inputs is referred to as A. run-away inflation. B. cost-push inflation. C. demand-pull inflation. D. imported inflation. B A D CThe value of money is affected by the A. speculative motive. B. price level. C. precautionary motive. D. intervention of development banks B A D CAn agricultural production process which uses more machinery relative to labour is referred to as A. large-scale farming. B. capital intensive farming. C. commercial farming. D. land intensive farming. B A D CAll rates of interest in a country are influenced by the A. bank rate. B. population growth rate. C. wage rate. D. mortgage rate. D A C BWhich of the following statements is not a feature of a monopoly? A. Seller is allowed to fix his own price. B. Buyers and sellers are price takers. C. New entrances are restricted. D. There is only one seller of the commodity. C B D AA government that wants to get more revenue will increase the tax on commodities with a A. high price elasticity of demand. B. low price elasticity of demand. C. high income elasticity of demand. D. low income elasticity of demand. B D C AWhich of the following features best describes peasant agriculture in West Africa? It A. specializes in the production of one crop. B involves the use of small farm holdings. C. is a capital-intensive system of farming. D. is mostly associated with tree crops. A B D CIf particular consumer derives total utility of 22 utils having consumed 4 units of a given product, his average utility will be A. 88 utils. B. 18 utils. C. 5.5 utils. D. 3.5 utils. B C A DA condition for consumer utility maximization is A. equality of the ratio of marginal utilities and the ratio of prices. B. equality of the ratio of average utilities and the ratio of prices. C. equality of the marginal utility to total utility ratio for both commodities. D. total utility and marginal utility must be zero. B C A DAll the following are features of optimum population except A. full employment of available resources. B unlimited amount of unexploited resources. C. maximum per capita production and income. D. high standard of living. C A B DThe International Bank for Reconstruction and Development (IBRD) is important to developing nations because it A. gives aid for defence. B. offers loans for public projects. C. offers aid to finance private projects. D. gives loans for legal proceedings. A B C DWhich of the following items is not included in measuring national income by the income approach? A. Profits of companies B. Rents on property C. Students’ grants and scholarships D. Wages and salaries of public servants B D A CThe allocation of goods and services in a free market economy is performed by A. the price system. B the banking system. C. the central planning body. D. government budgets C D A BPrice fluctuation is a feature of A. common market. B. imperfect market. C. supermarkets. D. market failure. C B A DWhich of the following best describes the mode? The A. observation with the highest frequency B average of two middle numbers C. item that occupies the middle position D. difference of two extreme values A C B DWhich of the following is not a function of the West African Development Bank? A. Promotion of both private and public investments in member states B. Financing and executing projects in member states C. Promotion of social development of member states D. harmonization of oil prices to the advantage of member states A C D BWhich of the following is a function of money? A. Medium of communication B. Measure of securities. C. Store of wealth. D. Discounting bills of exchange. D A B CWhich of the following is true about import substitution? It A. helps in increasing exportation. B. is meant to reduce exportation. C. enables a country to curtail importation. D. enables a country to improve on importation. B D A CGoods are said to be in competitive demand when they are A. substitutes. B. complementary. C. jointly demanded. D. identical. B A C DWhich of the following is not a form of money? A. Coins B. Bank notes C. Bank balance D. Bank deposit B A D CPhysical productivity is affected by all the under-listed factors except the A. state of technology. B. quantity of inputs. C. quality of inputs. D. price of output. B C D AA shift in the demand curve indicates A. exceptional demand. B. change in demand. C. change in quantity demanded. D. elasticity of demand. D A C BThe introduction of tariffs and quotas A. reduce the prices of imports. B. increase the demand for locally made goods. C. discourage domestic industries from becoming more efficient. D. reduce the prices of locally made goods. C B A DGold, diamond, iron ore and limestone are collectively referred to as A. human resources. B. mineral resources. C. artificial resources. D. forest resources. A D B CThe type of monopoly that develops as a result of uneven distribution of resources is called A. legal monopoly. B. natural monopoly. C. state monopoly. D. international monopoly B D C AGiven the demand function Qd = 20 -P What is Qd when P is $12? A. 6 units B. 10 units C. 12 units D. 14 units D C A BA co-operative society is a A. finance house. B. self-help business organization. C. public corporation. D. non-democratic business organization. D C A BA price index as a statistic, measures A. how the value of money changes overtime. B. the volume of currency in the economy. C. the exchange rate of a country’s currency. D. the composition of goods and services. A D B CThe type of monopoly that develops as a result of granting patent right is known as A. natural monopoly. B. state monopoly C. legal monopoly. D. discriminating monopoly. C A B DAn arrangement in which the debts of a company can only be paid from its own assets implies A. unlimited liability. B. transferred liability. C. limited liability. D. capital liability. D C B AIn the balance of payments of a country, tourism is classified under A. capital account. B. invisible trade. C. merchandise trade. D. official reserves. A D B COne of the problems facing industrial development in West African countries is A. inadequate large market B. inadequate infrastructure. C. inadequate supply of labour. D. unavailability of natural resources. A C B DWhich of the following controls a limited liability company? A. The general manager. B. The managing director. C. Tax payers. D. The board of directors. B D A CIf V = Income, C = Consumption I = Investment, X = Export and M = Import, then national income is A. Y= C – I + (x + m) B. Y= C + I + (x + m) C. Y= C + I + (x - m) D. Y= C + I + (m - x). D C A BWhich of the following will enhance productivity in an economy? A. The use of obsolete capital. B. Technological change. C. Expansion of land under cultivation. D. An increase in the labour force. A D B CExchange control is a weapon used in regulating A. barter trade. B. stock exchange. C. foreign trade. D. international trade. B C A DIf a firm’s price is less than average cost but more than average variable cost, the firm is covering A. all of its fixed Cost and variable cost. B. all of its fixed cost and part of variable cost. C. all of its variable cost and part of fixed cost. D. part of its fixed cost and part of variable cost. A D B CThe demand curve for a commodity is downward sloping because the consumer will pay A. less as the marginal utility falls. B. more as the marginal, utility falls. C. less as the total utility falls D. more as the average utility falls. B A D CThe national income is the A. Gross Domestic Product at market prices. B. Gross National Product at factor cost. C. Net National Product at factor cost. D. Net National Product at market prices. D C A BA demand schedule shows the quantities of goods that are A. bought at given prices at a time. B. supplied at given prices at a time. C. produced at given prices at a time. D. reserved for future consumption. C D B AA public limited company could finance its operations through A. government taxes. B. equity shares. C. dividend payments. D. import duties. D C A BAny price below the equilibrium price will lead to A. increase in supply. B. excess demand. C. equality of demand arid supply. D. decrease in demand. A C D BWhich of the following is a function of a retailer? A. Banking services B. Hoarding services C. Storage services D. Sales services B A D CIn a situation where the finished product of an industry is fragile, bulky and perishable, such an industry should be located close to its A. raw materials. B. market. C. labour supply. D. power supply. B A C DWhy is the law of diminishing returns a short run phenomenon? A. All inputs are fixed B. All inputs are variable C. Some outputs are variable D. Some inputs are variable B A C DOne reason why small scale businesses are very common in West Africa is that A. they can easily float shares. B their management boards are easily formed. C. their initial capital is easy to raise. D. their dividend payments are very regular. C D A BWhich of the following markets determines its own price or output? A. Perfect market B. Common market C. Monopoly market D. Commodity market B C A DAll economic systems must decide what to produce because A. resources are not available. B. consumers want maximum satisfaction. C. resources are limited in supply. D. producers want maximum profit. C B A DIn the long-run, factors of production are considered to be A. at maximum. B. fixed. C. variable. D. increasing. B C A D51 out of 50Are you ready to submit? You have enough time to attempt skipped questions and review your answers by clicking the Previous Button, else click the Submit Quiz button to see your results! Lekwuwa kalu scores (-19) out of 50Heesk scores (-30) out of 50 Share this:TwitterFacebookLike this:Like Loading... Categories: EconomicsPractice Tests (FREE Access) Tags: SSCE (WAEC and NECO) Practice Tests - Economics 0 Comments Leave a Reply Cancel reply You must be logged in to post a comment. This site uses Akismet to reduce spam. Learn how your comment data is processed.