ECONOMICS EXAM QUESTIONS SS1 FIRST TERM

SS1 ECONOMICS EXAM QUESTIONS FIRST TERM – EDUDELIGHT.COM

FIRST TERM EXAMINATION

Examination malpractices may lead to a repeat of the subject or suspensions don’t be involved.

SUBJECT: ECONOMICS          CLASS: SS1                         TIME: 2HRS

1. The reward to land as a factor of production is  (A) Profit  (B) rent  (C) interest  (D) wage
2. The study of Economics becomes necessary because of the (A) large population size of the world (B) Scarcity of resources (C) opportunity cost of goods and services (D) need to satisfy every desire of man.
3. The reward to capital as a factor of production is  (A) rent  (B) wage  (C) Interest  (D) Commission
4. Mining is an example of  (A) tertiary production  (B) Primary production  (C) Secondary production  (D) advanced production
5. Human wants are unlimited because   (A) Production is inadequate  (B) resources have alternative uses  (C) new wants always arise  (D) resources are limited
6. A basic economic problem of any society is  (A) High level of illiteracy  (B) irregular power supply  (C) population growth  (D) resource allocation
7. Which of the following is related to resource allocation in an economy?  (A) How to produce  (B) What to produce  (C) For whom to produce (D) Efficient use of inputs

• The action of government to forgo road construction in order to provide more health facilities denotes  (A) sound economic decision  (B) Opportunity cost  (C) Practicable government policy  (D) Scale of preference
• The sum of items divided by the number of items is the  (A) frequency  (B) mean  (C) median  (D) Mode
• Goods which have to be paid for are known as  (A) Physical goods  (B) economic goods  (C) free goods  (D) Intangible goods

Use the table below to answer questions 11 and 12.

X	2	3	4	5
F	2	5	2	1

1. From the table, the mean of the Distribution is  (A) 2.2  (B) 2.5  (C) 3.2  (D) 4.5
2. What is the median of the distribution?  (A) 5  (B) 4  (C) 3  (D) 2
3. Which of the following problems arises where there are more than one technically possible methods of production?  (A) Where to produce  (B) For whom to produce  (C) How to produce  (D) What to produce
4. Which of the following best describes the mode?  (A) Observation with highest frequency  (B) average of two middle numbers  (C) item that occupies the middle position  (D) difference of two extreme values.
5. An arrangement of data in vows and columns is referred to as a (A) graph   (B) bar chart  (C) pie chart  (D) table
6. Which of the following is not true about land?  (A) The supply is fixed  (B) Land is mobile  (C) it is subject to diminishing returns  (D) Land is heterogeneous
7. The reward which accrues to labour for participating in production is  (A) Interest  (B) wage           (C) Bonus   (D) Profit
8. One characteristic of labour is that it is  (A) fixed in demand  (B) fixed in supply  (C) Mobile         (D) Untrainable
9. An example of a producer good is a  (A) tin of milk  (B) hammer  (C) loaf of bread  (D) shirt
10. The type of production that involves the tapping and harnessing of natural resources is  (A) Primary production  (B) secondary production  (C) tertiary production  (D) industrial production
11. The following are examples of economic goods except  (A) bottled water  (B) air  (C) household utensils  (D) shelter
12. Which of the following best explains what to produce    (A)   How much goods are to be produced  (B)  the combination of resources to be used  (C) Which goods and services to be produced.  (D) How many wants are to be satisfied
13. Find the median of the following set of scores 8, 9, 6, 5, 10  (A) 9  (B)  8  (C) 6  (D) 5
14. The concept of opportunity cost is also referred to as  (A) social cost  (B) real cost  (C) fixed cost  (D) variable cost
15. Choice is necessitated by  (A) demand and supply  (B) cost of production  (C) Production possibility curve  (D) scarcity of resources
16. Labour can be efficient when there are (A) adequate tools to work with  (B) high levels of employment  (C)  limited vacancies  (D) government restrictions
17. Productive resources can also be called   (A) principle of production  (B) factors of production  (C) items of production  (D) labour and material resources
18. Production covers all the following except when  (A) Utility is created  (B) a good is manufactured  (C) a commodity is consumed  (D) individual wants are satisfied
19. The study of Economics enables individuals to  (A) change jobs  (B) evade taxes  (C) accumulate huge wealth  (D) make rational decision
20. Which of the following tools of economic analysis is used when data contains more than one category?  (A) Bar Charts  (B) Component bar charts  (C) Graphs  (D) Symbolical Statement
21. The reward to capital is ___(A) Bank rate (B) rent  (C) interest  (D) commission
22. Fishing belong to the ___production (A) tertiary  (B) extractive (C) constructive (D) industry
23. When TU equals 110, what is AU when Q is 10  (A) 10   (B) 11   (C) 120   (D) 100
24. If TU = 50 and TU2= 70,  then  MU equals (A) 120  (B) 20   (C) 100  (D) 25
25. Land  includes all except ____(A) atmosphere  (B) sea  (C) forest   (D) man
26. Arrangement of needs in order of priority  is ____(A) choice (B) ends  (C) scale of preference (D) None
27. When MU equals zero, then TU is  (A) low  (B) constant  (C) middle  (D) above
28. ______ is not  a basic economic  problem  (A) what  to produce  (B) method  of  production  (C) resource  allocation  efficiency  (D) utility
29. Most acceptable definition  of Economics  is by ___(A) Alfred Marshall  (B) Ricardo (C) Lionel Robbins  (D) Adam Smith
30. Reason for studying economics is because of (A) ends   (B) scarcity  (C) economy  (D) scale  of  preference

SS1 ECONOMICS EXAM QUESTIONS FIRST TERM – EDUDELIGHT.COM

THEORY: Section A:  Answer One Question Only From This Section

1a.      The mean of ten positive members is 15 when another number is added, the mean becomes 17.  Find the eleventh number.

1b.      The table below shows the age distribution of a hypothetical population

Age	No. of people(million)
Under 20	20.90
20- 29	13.75
30-59	12.10
60 and above	8.25
Total	55.00

Present the above information in the form of a pie chart. Show your workings clearly

c.         The ungrouped frequency table below represents the number of oranges picked by 20 students.  Calculate the mode of the table.

X	0	1	2	3	4	5
F	2	5	6	4	2	1

2a.      the values of different types of accounts held in Nigerian banks for the period 1984 to 1988 is shown in the table below 

Year	1984	1985	1986	1987	1988
Savings	100	120	120	180	200
Current	65	75	70	100	130
Fixed deposit	40	45	60	145	50

Present the data above in the form of a component bar chart

b.        Table of input and Output

Labour	Land	Total Product	Average Product	Marginal product
1	3	8	8
2	3	18	9	10
3	3	36	P	18
4	3	48	12	R
5	3	55	11	7
6	3	60	Q	5
7	3	60	86	S
8	3	56	7	T

Use the table to answer the following questions

a.         Complete the missing figures PQRST

b.        Draw the total product (TP) and Marginal Product (MP) curves in one graph (No graph sheet is require)

SECTION B

Answer Two Questions Only From This Section

3a.      Define Economics

b.        State and explain the five reasons why we study economics

c.         Write Short notes on

i.          want   ii.        Scarcity         iii.        Scale of Preference   iv.    Choice v. Opportunity cost

4a.      State and explain the basic economic problems of the society.

5a.      Define production

b.        Discuss the factors that determine the volume of production

Ci.       What is land?

ii.         List four Characteristics of land?

iii.        write short notes on

(a) primary production (b) secondary production (c) tertiary production  

iv.        State the law of diminishing returns

SS1 ECONOMICS EXAM QUESTIONS FIRST TERM – EDUDELIGHT.COM