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100+ Free LC Economics Practice Questions

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2026 Statistics

Key Facts: LC Economics Exam

2 components

Leaving Certificate Economics is assessed by a written paper (80%) and a Research Study (20%)

NCCA Leaving Certificate Economics specification / SEC

2.5 hours

Written examination lasts 2 hours 30 minutes

State Examinations Commission examination papers

400 marks

Written paper is marked out of 400 marks (80% of the subject)

State Examinations Commission examination papers

100 marks

Research Study report is marked out of 100 marks (20% of the subject)

State Examinations Commission Research Study brief

5 strands

The NCCA specification is organised as five inquiry strands from scarcity to globalisation

NCCA Leaving Certificate Economics curriculum specification

H1-H8

Higher Level grades range from H1 (90-100%) to H8 (below 30%)

State Examinations Commission grading scale

2019 spec

Current specification introduced September 2019 and first examined in 2021

NCCA Curriculum Online

100

Free original single-best-answer practice questions here

OpenExamPrep

Leaving Certificate Economics is the Irish senior-cycle economics subject set by the State Examinations Commission under the NCCA five-strand specification. Assessment is a 2.5-hour written paper (80%, 400 marks: short answers plus extended responses) and a Research Study (20%, 100 marks). Content spans scarcity and sustainability, demand/supply and elasticity, firm costs, market structures, labour markets, national income and multipliers, fiscal and Eurozone monetary policy, banking, trade, globalisation and Irish competitiveness. This 100-question bank provides original single-best-answer concept practice across all five strands.

Sample LC Economics Practice Questions

Try these sample questions to test your LC Economics exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1In Leaving Certificate Economics, economics is best described as:
A.Only the study of how governments print money
B.A social science studying how people, firms and governments make choices about scarce resources
C.A branch of pure mathematics with no social applications
D.The exclusive study of stock-market trading techniques
Explanation: Economics is a social science concerned with production, consumption, exchange and distribution, and with how decision-makers allocate scarce resources. It is broader than money-printing, stock trading or pure maths alone.
2Opportunity cost is best defined as:
A.The accounting cost of raw materials only
B.The total money spent on all alternatives chosen
C.The value of the next-best alternative forgone when a choice is made
D.Any cost that cannot be measured in euro
Explanation: Opportunity cost is the value of the next-best alternative given up when a decision is made. It focuses on trade-offs under scarcity, not only on cash accounting costs.
3Which statement is a positive economic statement rather than a normative one?
A.Ireland should cut income tax to improve fairness
B.The government ought to prioritise green infrastructure spending
C.If the Central Bank raises interest rates, borrowing typically becomes more expensive
D.Unemployment benefits are too high in a just society
Explanation: Positive statements claim how the world is or how variables relate and can be tested against evidence. Normative statements involve value judgements (should/ought). The interest-rate claim is positive; the others are normative.
4Scarcity exists because:
A.All goods are free in a market economy
B.Wants are limited while resources are unlimited
C.Resources are limited relative to unlimited wants
D.Governments ban all production of goods
Explanation: Scarcity is the fundamental economic problem: resources (land, labour, capital, enterprise) are finite relative to human wants, so choices and opportunity costs arise.
5Which is the best example of an opportunity cost of a student choosing to study full-time for Leaving Certificate Economics revision this evening?
A.The price of the textbook already paid last year (sunk cost)
B.The wage that could have been earned working a paid shift instead
C.The cost of building a new school for the Department of Education
D.The national debt of Ireland
Explanation: The relevant opportunity cost of studying is the next-best alternative use of that time — often paid work, leisure or another subject. Sunk costs already incurred should not drive the forward-looking choice.
6Land, labour, capital and enterprise are known as:
A.The four factors of production
B.The four leakages from the circular flow
C.The four objectives of fiscal policy only
D.The four types of market failure
Explanation: The factors of production are land (natural resources), labour, capital (produced means of production) and enterprise (organisation and risk-taking).
7Economic, social and environmental sustainability in the LC specification emphasises that:
A.Only GDP growth matters for wellbeing
B.Economic activity, social cohesion and environmental limits are interconnected
C.Environmental concerns are outside economics
D.Sustainability applies only to agriculture and never to firms or households
Explanation: Strand 1 requires students to outline economic, social and environmental sustainability and their interconnections, and to consider implications for individual, business and government decisions.
8Which indicator would best help assess environmental sustainability rather than short-run GDP growth alone?
A.Nominal GDP rising 5% in one quarter
B.Greenhouse gas emissions per unit of output over a decade
C.The number of cash machines in Dublin
D.The face value of coins in circulation
Explanation: Environmental sustainability indicators include emissions, resource use and related measures over time. A one-quarter GDP rise does not capture environmental impact.
9An economist says: 'A carbon tax of €50 per tonne will reduce emissions if demand is price elastic.' This statement is mainly:
A.A normative value judgement only
B.A positive claim about a cause-and-effect relationship that can be investigated
C.Proof that markets never fail
D.An example of a budget surplus by definition
Explanation: It asserts a testable relationship between a tax, price responsiveness and emissions — a positive analytical claim, even if policy evaluation also involves normative goals.
10Ceteris paribus means:
A.All other relevant factors are held constant
B.Inflation is always zero
C.Government spending equals tax revenue
D.The economy is in long-run equilibrium by definition
Explanation: Ceteris paribus ('other things equal') is a modelling assumption used so economists can isolate the effect of one variable while holding other influences constant.

About the LC Economics Practice Questions

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