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Key Facts: SPM Economics Exam

SPM Ekonomi has the subject code 3767 and is administered by Lembaga Peperiksaan Malaysia under the Ministry of Education Malaysia.

SPM Economics Paper 1 (3767/1) contains 40 objective multiple-choice questions answered in 1 hour 15 minutes, contributing 40% of the total mark.

SPM Economics Paper 2 (3767/2) lasts 2 hours 15 minutes with structured (Bahagian A) and essay (Bahagian B) questions worth 60% of marks.

SPM Ekonomi is examined in Malay and is an elective in the Humanities and Vocational stream (Elektif Kemanusiaan dan Sastera Ikhtisas).

SPM subjects are graded on a scale from A+ to G, where E or above is a pass and G (Gagal) is a fail.

The subject was rebranded from 3757 Ekonomi Asas (KBSM) to 3767 Ekonomi (KSSM) in 2017, with the current paper format effective from SPM 2021.

The KSSM Economics syllabus spans Form 4 and Form 5, covering markets, money and banking, production, government and the economy, and international economics.

Economics (3767) had around 43,800 SPM candidates with an A-grade rate near 21% and a fail rate near 10% in a recent reported year.

SPM Ekonomi (3767) is examined in Malay in two papers: a 40-question MCQ Paper 1 (40%, 1h15m) and a structured-plus-essay Paper 2 (60%, 2h15m), graded A+ to G across the KSSM Form 4 and Form 5 syllabus.

Sample SPM Economics Practice Questions

Try these sample questions to review concepts for the SPM Economics exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1In SPM Ekonomi (3767), the fundamental economic problem (masalah asas ekonomi) arises mainly because of which condition?
A.Economic resources are limited while human wants are unlimited
B.Human wants are limited while resources are unlimited
C.Both resources and wants are unlimited
D.Both resources and wants are limited
Explanation: The basic economic problem (masalah asas ekonomi) stems from scarcity (kekurangan): factors of production are limited (terhad) while human wants (kehendak) are unlimited (tidak terhad). This mismatch forces individuals, firms and the government to make choices.
2Which of the following is classified as a factor of production (faktor pengeluaran) that is an inborn natural endowment with a limited supply?
A.Capital (modal)
B.Land (tanah)
C.Labour (buruh)
D.Entrepreneur (usahawan)
Explanation: Land (tanah) is defined in KSSM Ekonomi as a natural endowment (anugerah alam semula jadi) whose supply is limited. Its reward is rent (sewa). The other three factors are human-created or human contributions.
3Firma Kasih can produce either 160 units of T-shirts or 40 shirts using technique X, or 110 T-shirts and 95 shirts using technique Y. If the firm switches from technique X to technique Y, what is the opportunity cost (kos lepas)?
A.160 units of T-shirts
B.40 shirts
C.50 units of T-shirts
D.95 shirts
Explanation: Opportunity cost (kos lepas) is the best alternative forgone. Switching from X to Y gains 55 extra shirts (95 - 40) but sacrifices T-shirt output, which falls from 160 to 110, a loss of 50 T-shirts. The forgone 50 T-shirts is the opportunity cost.
4In a free market economy (sistem ekonomi pasaran bebas), the answer to 'What goods to produce?' (Apa yang hendak dikeluarkan) is determined mainly by:
A.A central planning board appointed by the government
B.The maximisation of community welfare only
C.Religious authorities and zakat collection
D.Market demand and supply forces
Explanation: In a free market economy, decisions on what, how much and for whom to produce are decided by the price mechanism, i.e. the forces of market demand and supply (kuasa permintaan dan penawaran). Producers respond to consumer demand to maximise profit.
5Which feature distinguishes the Islamic economic system (sistem ekonomi Islam) from both the free market and central planning systems?
A.Economic activity must comply with Syariah, and zakat redistributes wealth
B.All factors of production are owned solely by the government
C.Prices are fixed entirely by a central planning board
D.Profit maximisation is the only objective of producers
Explanation: The Islamic economic system requires that all economic activity conform to Syariah law, prohibiting riba (interest), gambling and oppression, while zakat is used to narrow the income gap and ensure everyone obtains basic necessities. This moral-religious framework distinguishes it from the other two systems.
6Which statement correctly explains why scarcity (kekurangan) exists?
A.Natural resources will eventually be depleted
B.Factors of production are limited compared with the various unlimited wants
C.The population is growing in an uncontrolled manner
D.Factors of production are unlimited but wants are limited
Explanation: Scarcity (kekurangan) means the available factors of production are limited (terhad) relative to humans' various and unlimited wants. This is the textbook definition and the root of the basic economic problem.
7The production possibility curve (keluk kemungkinan pengeluaran) is used to illustrate which economic concept?
A.Scarcity, choice and opportunity cost
B.The equilibrium price of a single good
C.The relationship between money supply and inflation
D.The progressive structure of income tax
Explanation: The production possibility curve (KKP) shows the maximum combinations of two goods an economy can produce with fixed resources, illustrating scarcity (limited resources), choice (which combination), and opportunity cost (output of one good forgone for more of another).
8Which combination correctly matches the four factors of production with their rewards (ganjaran)?
A.Land - wages; Labour - rent; Capital - profit; Entrepreneur - interest
B.Land - profit; Labour - interest; Capital - rent; Entrepreneur - wages
C.Land - rent; Labour - wages; Capital - interest; Entrepreneur - profit
D.Land - interest; Labour - profit; Capital - wages; Entrepreneur - rent
Explanation: In KSSM Ekonomi the rewards are: land earns rent (sewa), labour earns wages (upah), capital earns interest (faedah/bunga), and the entrepreneur earns profit (untung). Matching each factor to its reward is a common exam item.
9A characteristic shared by BOTH the central planning economy and the mixed economy (ciri persamaan) is that:
A.All resources are owned entirely by the private sector
B.Production decisions are made only by the price mechanism
C.There is no government intervention at all
D.The government participates in economic decision-making
Explanation: Both the central planning economy and the mixed economy involve government participation in economic decisions. In central planning the government decides everything; in a mixed economy the government and private sector share decisions, so government involvement is the shared feature.
10According to the law of demand (hukum permintaan), assuming ceteris paribus, when the price of a good rises, the quantity demanded will:
A.Decrease
B.Increase
C.Remain unchanged
D.First increase then decrease
Explanation: The law of demand states that, ceteris paribus, there is an inverse relationship between price and quantity demanded: when price rises, quantity demanded falls, and when price falls, quantity demanded rises. This gives the demand curve its downward slope.

About the SPM Economics Exam

SPM Ekonomi (subject code 3767) is the Economics paper of the Sijil Pelajaran Malaysia, the national Form 5 leaving examination administered by Lembaga Peperiksaan Malaysia under the Ministry of Education. It is an elective in the Humanities and Vocational stream, examined in Malay across two papers: Paper 1 (3767/1) is 40 objective multiple-choice questions in 1 hour 15 minutes and carries 40% of marks, while Paper 2 (3767/2) is 2 hours 15 minutes of structured (Bahagian A) and essay (Bahagian B) questions worth 60%. The KSSM syllabus spans Form 4 and Form 5 topics: introduction to economics, markets, money and banking, production, government and the economy, and international economics. The subject code was rebranded from the former 3757 Ekonomi Asas (KBSM) to 3767 Ekonomi (KSSM) in 2017, with the current paper format effective from the 2021 examination. Results are reported on a grade scale from A+ down to G (Gagal).

Exam sponsor: Lembaga Peperiksaan Malaysia (Malaysian Examinations Board), Ministry of Education Malaysia. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Questions

100 questions

Time Limit

Paper 1: 1 hour 15 minutes; Paper 2: 2 hours 15 minutes

Passing Score

Grade E or above is a pass on the A+ to G scale; G (Gagal) is a fail

Exam / Certification Fees

No separate subject fee for government school candidates; private (calon persendirian) candidates pay a yearly registration fee set by Lembaga Peperiksaan

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

16%

Introduction to Economics

Scarcity, choice and opportunity cost, factors of production, economic systems including Islamic economics, types of goods, and the production possibility curve.

22%

Markets

Demand and supply, market equilibrium and disequilibrium, shifts versus movements, and price elasticity of demand and supply with total-revenue effects.

16%

Money, Bank and Individual Income

Functions and characteristics of money, barter, central and commercial banks, disposable income, savings, personal budget and wise spending.

12%

Production

Production concept, cost structure, total revenue and economic profit, productivity, and positive and negative externalities.

20%

Government and the Economy

Roles of government, economic indicators, inflation and its types, taxation, fiscal and monetary policy, and the national budget.

14%

International Economics

Globalisation, international trade and trade barriers, balance of payments and balance of trade, and exchange rates.

Preparing for the SPM Economics Exam

What You Need to Know

  • Passing score: Grade E or above is a pass on the A+ to G scale; G (Gagal) is a fail
  • Exam length: 100 questions
  • Time limit: Paper 1: 1 hour 15 minutes; Paper 2: 2 hours 15 minutes
  • Exam / certification fees: No separate subject fee for government school candidates; private (calon persendirian) candidates pay a yearly registration fee set by Lembaga Peperiksaan Official sources

Using Our Practice Resources

  • Work through all 100 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

SPM Economics: Suggested Study Strategy

1Master the demand and supply diagrams: practise drawing shifts versus movements and analysing the new equilibrium price and quantity, a recurring Paper 2 skill.
2Drill the elasticity formulas until automatic: price elasticity of demand and supply use percentage change in quantity over percentage change in price, with original values as the base.
3Learn the cost and revenue calculations: total cost equals fixed plus variable cost, economic profit deducts both explicit and implicit costs, and total revenue equals price times quantity.
4Memorise factor-reward pairs (land-rent, labour-wages, capital-interest, entrepreneur-profit) and the four basic questions of every economic system.
5Distinguish fiscal policy (government spending and taxation) from monetary policy (interest rates and money supply by Bank Negara Malaysia) and know which to use against inflation or recession.
6Practise international economics calculations: balance of trade equals exports minus imports, and currency conversion multiplies the foreign amount by the ringgit exchange rate.
7Use the kata tugas (task words) in Paper 2 correctly: nyatakan needs full facts, terangkan needs facts plus explanation or examples, and bincang needs two-sided discussion.

Frequently Asked Questions

How is the SPM Economics (3767) exam structured?

It has two papers in Malay. Paper 1 (3767/1) is 40 objective multiple-choice questions in 1 hour 15 minutes, worth 40% of marks. Paper 2 (3767/2) lasts 2 hours 15 minutes and has Bahagian A (compulsory structured questions) and Bahagian B (choice-based essays), worth 60%.

What language is SPM Ekonomi examined in?

SPM Ekonomi is examined in Malay (Bahasa Melayu). It is an elective subject in the Humanities and Vocational stream of the SPM, taken by Form 4 and Form 5 students who choose Economics.

How is SPM Economics graded and what counts as a pass?

SPM subjects are graded A+, A, A-, B+, B, C+, C, D, E and G (Gagal). A grade of E or above is a pass and G is a fail. There is no fixed numeric pass mark published per subject.

What topics are covered in the KSSM Economics syllabus?

The Form 4 and Form 5 syllabus covers introduction to economics, markets (demand, supply, elasticity), money and banking, production and externalities, government and the economy (taxation, fiscal and monetary policy, the national budget), and international economics (trade, balance of payments, exchange rates).

Is there a difference between SPM Ekonomi 3767 and STPM Ekonomi 944?

Yes. SPM Ekonomi (3767) is a Form 5 secondary subject administered by Lembaga Peperiksaan Malaysia, while STPM Ekonomi (944) is a pre-university subject administered by Majlis Peperiksaan Malaysia (MPM). They are at different levels with different syllabuses.

When did the current SPM Economics format take effect?

The subject was rebranded from 3757 Ekonomi Asas (KBSM) to 3767 Ekonomi (KSSM) in 2017, and the current two-paper format (Paper 1 objective and Paper 2 structured/essay) has been effective from the SPM 2021 examination.

Can I use a calculator in the SPM Economics exam?

Yes, a scientific calculator is permitted, which is useful for quantitative items such as elasticity, average cost, economic profit, balance of trade and currency conversion calculations that appear in both papers.