Economics Practice Question Quizzes

Are you preparing for your next Economics exam or simply looking to test your knowledge? Whether you’re in Senior High School (SHS) or getting ready for WASSCE, Economics practice Question Quizzes are one of the best ways to strengthen your understanding.

This Economics practice quiz has been carefully designed to reflect the kind of questions you’ll encounter in class tests, assignments, and final exams.

Economics

1 / 10

Sarah has $20 and wants to buy a book ($15), a movie ticket ($12), and lunch ($8). What economic principle does Sarah’s situation best illustrate?

Sarah has $20 and wants to buy a book ($15), a movie ticket ($12), and lunch ($8). What economic principle does Sarah's situation best illustrate?

Economic growth

Scarcity

Inflation

2 / 10

Which service cannot be stored for later consumption?

Software licenses

Live concert performance

Digital music downloads

Streaming subscriptions

3 / 10

RIDDLE: “I move in opposite directions to my partner, yet we both determine where we meet. What am I in relation to demand?”

Complementary goods

Supply curve

Substitute goods

Income effect

4 / 10

Quantitative easing involves:

Raising interest rates

Large-scale purchases of long-term securities

Decreasing government spending

Increasing tax rates

5 / 10

Market failure occurs when:

Prices are too high

There's perfect competition

Markets don't allocate resources efficiently

Government intervenes

6 / 10

RIDDLE: “I am the economy’s lowest point, where things cannot get worse. Like valleys between mountains, I separate one cycle from the next. What am I?”

Peak

Recession

Trough

Recovery

7 / 10

A person claims they “need” a vacation. From an economic perspective, this suggests:

Vacations are basic necessities

Mental health needs can blur the needs/wants distinction

The person is economically illiterate

Tourism is overpriced

8 / 10

A lighthouse providing navigation signals is an example of:

Private good

Public good

Merit good

Consumer good

9 / 10

A firm will hire workers until:

Marginal product equals zero

Marginal revenue product equals wage

Average product is maximized

Total product is maximized

10 / 10

Economic profit differs from accounting profit because it includes:

Explicit costs only

Implicit costs

Fixed costs only

Variable costs only

Your score is

The average score is 37%

Economics is more than just theories, it’s about understanding how resources are allocated, how markets work, and how individuals and governments make decisions. That’s why working through practice quizzes is so important. It helps you recall key definitions, apply concepts, and spot areas where you need more revision.

In this quiz, you’ll find questions that touch on essential SHS Economics topics such as demand and supply, production, national income, market structures, and decision-making. These questions will not only boost your confidence but also train you to think critically under exam conditions.

Why take this Economics Practice quiz?

It helps you identify your strengths and weaknesses.
You’ll get a better feel for the structure of exam-style questions.
It’s a quick and interactive way to revise important concepts.

Remember, the more you practice, the more confident you become on exam day.

Want more Quizzes? Check here

The Students Fellow

Economics Practice Question Quizzes

Why take this Economics Practice quiz?

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