Introduction
Economics is one of the most important subjects in the GCE exam. To perform well, students must understand concepts such as budget systems, agriculture, and economic structures. In this guide, we’ll review solved GCE Economics past questions and add extra practice questions with answers.
Worked Questions
Question 1 – Fiscal Policy
If government revenue receipts are less than expenditure in a fiscal year, the country is said to have:
A. Balanced budget
B. Deficit budget
C. Surplus budget
D. Capital budget
Answer: B. Deficit budget
A deficit budget occurs when expenditure exceeds revenue. Conversely, a surplus budget arises when revenue is greater than expenditure, and a balanced budget happens when they are equal.
Question 2 – Agriculture
The act of cultivating land and rearing animals for mass use is called:
A. Crop farming
B. Animal husbandry
C. Fishery
D. Agriculture
Answer: D. Agriculture
Agriculture includes crop farming, animal husbandry, and fishery. The other options are just subsets of agriculture.
Question 3 – Economic Systems
An economic system in which individuals control the productive resources is known as:
A. Socialist economy
B. Capitalist economy
C. Mixed economy
D. Traditional economy
Answer: B. Capitalist economy
In capitalism, individuals and private firms own and control resources. On the other hand, in socialism, resources are controlled by the state. A mixed economy combines both.
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Question 4 – Surplus Budget
When government revenue exceeds expenditure, the result is:
A. Deficit budget
B. Surplus budget
C. Balanced budget
D. Fiscal deficit
Answer: B. Surplus budget
Question 5 – Balanced Budget
Which of the following describes a balanced budget?
A. Revenue = Expenditure
B. Revenue > Expenditure
C. Revenue < Expenditure
D. Revenue + Expenditure
Answer: A. Revenue = Expenditure
Question 6 – Types of Agriculture
Which of these is not a branch of agriculture?
A. Forestry
B. Poultry
C. Banking
D. Crop farming
Answer: C. Banking
Question 7 – Socialist Economy
In a socialist economy, resources are controlled by:
A. The private sector
B. Government
C. Consumers
D. Producers only
Answer: B. Government
Question 8 – Mixed Economy
A mixed economy combines the features of:
A. Capitalism and Traditional economy
B. Capitalism and Socialism
C. Socialism and Communism
D. Feudalism and Capitalism
Answer: B. Capitalism and Socialism
Question 9 – Demand Curve
A movement along the demand curve is caused by a change in:
A. Consumer income
B. Population size
C. Price of the good
D. Tastes and preferences
C. Price of the good
A price change causes movement along the curve; the others shift the curve.
Question 10 – Public Goods
Which of the following is a public good?
A. Private hospital
B. National defence
C. Electricity from a prepaid meter
D. Chewing gum
B. National defence
Public goods are non-excludable and non-rivalrous—national defence fits; the others don’t.
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Conclusion
Economics questions in GCE often test definitions and applications of budget systems, agriculture, and economic structures. However, by practicing solved past questions like these, you can quickly understand patterns in the exam.
In summary, focus on key areas such as fiscal policy, types of budgets, and economic systems. Consistent practice will improve your confidence and performance in GCE Economics.
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