ECONOMICS EXAM QUESTIONS SS1 SECOND TERM

SECOND TERM SS1 ECONOMICS EXAM QUESTIONS – EDUDELIGHT.COM

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

 SUBJECT: ECONOMICS        DURATION: 2HRS                                             CLASS: SSS 1

 1. The main concern of economists is to (a) control the growth of population   (b) satisfy              all human wants (c) allocate scarce resources to satisfy human wants    (d) redistribute Income between the rich and the poor.

 2. The following are examples of economic goods except  (a) bottled water    (b) air   (c) household utensils   (d) shelter.

3. One advantage of a sole proprietorship is that  (a) It can be managed without conflicts    (b) The sole proprietor raises money from the public    (c) it makes an increase in the volume of business possible    (d) there is no limit to the number of people who may bring in capital

4. Co-operative society formed to market the output of their members are called                         (a) consumers’ cooperative societies (b)whole sale cooperative societies (c)credit and thrift cooperative societies (d)producers’ cooperative societies

5. A cooperative society is a (a) finance house  (b) self-help business organization                         (c) public corporation  (d) non- democratic business organization.

6. Production covers all the following except when  (a) utility is created   (b) a good is manufactured   (c) a commodity is consumed    (d) individual want

7. Which of the following is regarded as fixed cost? A expenditure or raw materials   (b) expenditure on fuel    (c) Expenditure on power    (d) rent on land.

8. A business outfit is said to be public limited Company when it  (a) is owned by government   (b) Operates as a public corporation   (c) is run by the public    (d) sells its shares to members of the public.

9. The different between the number of immigrants and emigrants is  (a)natural growth rate  (b) natural increase (c)net migration (d)census

10.The following are means of reducing the population of a country except encouraging  (a)emigration (b)family planning   (c)early marriage   (d)sex exchange

11. Which of the following does not change in short run  (a)variable cost (b)marginal cost(c) total cost (d) fixed cost

12. All the following are source of finance to a joint stock company except  (a)debentures (b)cooperative loans  (c)shares   (d)bank loans

13. One advantage of sole proprietorship over the forms of business organizations is that it can (a)make very high profits  (b)employ many workers (c)keep its affairs private (d)produce on a very large scale

15. The main objective of setting up a private business organization is to (a)protect the interest of the owners (b)promote exports (c) provide infrastructure   (d) maximize profits

16.  One-man businesses are popular in West Africa because of all the following except the  (a)ease of entry    (b) small capital required     (c) limited entrepreneurial skill needed                               (d) tendency to become joint-stock companies.

17. The reward for land as a factor of production is   (a) Interest  (b) rent    (c) dividend    (d) wages.

18. Division of labour is limited by    (a) the sizes of the market    (b) the productivity of capital   (c) cost of production   (d) the factors of production

19. The three major agents of an economic system are the   (a) consumers, workers and producers  (b)  markets, telecommunication and banks   (c) schools, hospitals and universities   (d) Individuals, firms and government.

20. Which of the following factors of production consists of man-made goods?  (a) Land    (b) labour    (c) Capital   (d) Entrepreneur

21. Which of the following is a disadvantage of large scale production (a)market economies (b)managerial economies (c)impersonal organization (d)division of labour

22. When population is classified according to professions, it is called   (a) geographical distribution of population (b) age distribution of population (c) sex distribution of population (d) occupational distribution of population.

23.  Limited liability implies that    (a)  the owners of the company are very rich  (b)  the obligations of the investors are limitless  (c)  owners are protected against the sale of their personal assets  (d)  continuity of the business is most assured.

24. The resources used in production are called (a)variable inputs (b)factor of production (c)capital for production (d)fixed inputs

 25. Which of the following does not apply to Private Companies? (a) The number of Shareholders is limited         (b) The liability of shareholders is limited     (c) Accounts have to be publicized    (d) the companies are separate legal entities

26. Which of the following business establishments are not motivated mainly by profit?   (a) Public limited Companies    (b) Private Limited Companies     (c) Co-operatives societies  (d) Partnerships.

27.  Division of labour may be restricted when   (a) an ailing economy has improved     (b) producers live in Villages                (c) market is small     (d) there is inflation.

28. Major disadvantage of partnership form of business is that (a) every partner has to be consulted during decision making (b) partners could be too friendly to their customers (c) affairs could be kept private  (d) partners could take long holidays.

29.  Goods which have to be paid for are known as (a) physical goods   (b) economics goods (c) free goods   (d)intangible goods

30. The following are the advantages of sole proprietorship except (a) quick and easy decision making (b) keeping its business affairs private   (c) assurance of raising huge capital for expansion   (d) high level of commitment  

                        THEORY

Answer three question in all one question only from section A and nay two questions from Section B.

1. Use the information table and answer the following questions.

Population statistics of a country in 1980 and 1996

Year	1980	1996
No of births in million	–	48
No of deaths in million	–	12
No of immigrants in million	–	10
No of emigrants in million	–	4
Total population in million	56	98

            Calculate

(a)       The natural increase of the population in 1996

(b)       Determine the net migration within the period

(c)       The rate of growth of the population in 1996

(d)       Calculate the population of the country in 1996

(e)       What is the percentage increase in the population of the country from 1980 to 1996?

2.         The table below relates to the application of fertilizer to a fixed area of land and the production of maize.

Tones of Fertilizer Applied	Total Production in Bags	Marginal Product
0	1,000	–
1	1,100	100
2	1,250	150
3	1,500	250
4	–	400
5	–	250
6	–	125
7	2,350	–
8	2,380	–
9	2330	–

What will be the total output of maize when no fertilizer is applied to the land?

Calculate the total product after the application of the following quantities of fertilizer  (i) 4 tonnes     (ii) 5 tonnes

(iii) 6tonnes

c.         Calculate the marginal product after the application of the following quantities of fertilizer:

i. 7tonnes       ii. 8 tonnes     iii. 9 tonnes

d.         i. after what level of the application of fertilizer does diminishing marginal returns occur?

ii. After what level of fertilizer application will the total output decrease?

3. i.      Define division of labour

ii.         Discuss four advantages and  four disadvantages of division of

Labour .

iii.       Differentiate between small firm and large firm.  

iv.        What do you understand by economies of scale?

v.         explain types of economies of Scale

4. i.      Explain four advantages and  four disadvantages of sole Proprietorship.

ii.         List four  features of partnership

iii.       State and explain any five features distinguishing a public limited liability company from a Private Limited State the main features of public corporations.

5. i.        Define Capital

ii.         State and explain four types of Capital

iii.       Define entrepreneur

iv.        Explain four functions of entrepreneur

SECOND TERM SS1 ECONOMICS EXAM QUESTIONS – EDUDELIGHT.COM

2ND TERM EXAMINATION

CLASS: SS1

SUBJECT: ECONOMICS

1.            The study of economics enables individuals to   ? (a) change jobs (b) evade taxes (c) accumulate huge wealth (d) make rational decision

2.            Most of the problems of economics arise as a result of? (a) Competing demands fro scarce resources (b) increase in the demand for more goods and services (c) the desire of producers to supply more goods and services (d) the need to reduce the level of poverty

3.            Which of the following tools of economics analysis is used when data contains more than one category? (a) a bar charts (b) components bar charts (c) graphs (d) symbolical statement

4.            The reward of capital as a factors of production is             (a) rent (b) wage (c) interest (d) commission

5.            Mining is an example of                (a) tertiary production   (b) primary production

(c) Secondary Production             (d) advanced Production

6.            An owner-manager of a firm can also be called (a) a shareholder               (b) an enterpreneur (c) an employer (d) a chairman

7.            Distribution of goods and service is hindered by (a) good road network (b) efficient storage facility (c) too many middlemen (d) adequate market information

8.            Middlemen in an economy perform the function of (a) distribution         (b) hoarding

(c)           exchange            (d) protection

9.            The amount of satisfaction obtained from the consumption of a commodity at a particles time is called (a) marginal utility (b) diminishing utility (c) total utility

(d)          average utility

10.          A debenture holder is entitled to payments in form of (a) allowanc (b) interest (c) salary (d) donation

11.          Which  of the following is a legal tender in West Africa? (a) treasury bill  (b) share (c) credit card (d) Currency

12.          The tendency for prices to rise while the value of money falls is knows as (a) bill of exchange (b) inflation (c) depreciation (d) deflation

13.          Which of the following is an invisible item? (a) banking services (b) petroleum products (c) processed rice (d) processed milk

14.          The satisfaction derived from the use of a commodity is                (a) demand (b) elasticity (c) weather (d) utility

15.          The three principal economic units in any system are      (a) trade, industry & banking

(b) Workers, consumers & shareholders (c) households, firms & governments (d) companies, industry & plants

16.          The reward which accrues to labour for participating in production is (a) Interest

(b)          Wage    (c) bonus             (d) Profit

17.          Long-term  loans  can be secured from  (a)  commercial banks    (b) discount houses (c) development banks (d) acceptance houses

18.          Which of the following is an example of direct tax? (a) Import duties (b) Income tax (c) export duties (d) purchase tax

19.          Monetary control measures are coordinated by (a) development banks (b) Commercial banks (c) Merchant banks (d) the central bank

20.          Productive resources can also be called (a) Principle of production  (b) factors of production (c) Items of production (d) labour and material resource

21.          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

22.          The continuous fall in the general price level is called   (a) recession         (b) depression (c) deflation (d) stagflation

23.          The monopolist can determine (a) price and output (b) price only (c) out put only (d) price and out put

24.          In the long run all factors of production are (a) expensive             (b) variable (c) durable (d) fixed

25.          Interaction of supply and demand for labourdetermines  (a) production                (b) income (c) wage (d) profit.

26.          The type of demand that exists between torchlight and battery is (a) competitive demand (b) complementary demand (c) composite demand (d) independent demand

27.          Which of the following sectors is not capital intensive? (a) Insurance (b) Petroleum

(c)           Commerce          (d) Tourism

28.          The following are example of economics goods except (a) bottled water              (b) air

(c) household utensils   (d) shelter

29.          A tent-making factory offers (a) personal services            (b) indirect services (c) social services (d) reflex services

30.          The sum of items divided by the number of items is the (a) Frequency (b) Mean

(c) Median          (d) Mode

31.          A trade who buys in large quantity from the wholesaler and sells in unit to the final consumers is called [a] retailer [b] trader [c] producer [d] customer

46.          All these are types of retail trade except [a] hawking [b] street retailing [c] self service store [d] wholesaler

47.          A trader who buys goods in large quantity from the manufacturer is called           [a]

importer [b] exporter [c]producer [d] wholesaler

48.          Who are the middlemen in the distribution of goods [a] wholesaler and retailer [b]importer [c] exporter [d] worker

49.          Distribution is part of the production because its               [a] makes goods and service

available to the final consumer [b] transport the goods from one place to another [c]link the consumers to producers [d] offers employment to the people

50.          What is money [a] paper [b] gold [c] anything that is generally acceptable as a medium of exchange [d] something that is very good

51.          Money is a unit of account implies that be            [a] counted in units [b] used to facilitate

exchange [c]used to store goods and services [d] used for future payment

52.          The exchange of goods for goods or service for service is called system [a]

barter [b] money [c] credit card [d] balance payment

53.          Mention three types of money you know …………………….  ………………………..            and …………………

54           is the quantity of given commodity which a producer is willing to to offer for

sale. [a] demand [b] utility [c] supply [d] marginal

55           Is amount 0r quantity of good and services to buy and able to pay for. [a] supply

[b] demand [c] utility [d] marginal

56           is the production of animals , crops and forest resources for the benefits of man

[a]          economics [b]geography [c] commerce [d] agricultural science

57. Another name for subsistence farming is       [a] mechanise [b] plantation [c] peasant

[d] co-operative

58           agriculture ensures large scale production, [a] mechanized [b] co-operative [c]

plantation [d] peasant

59           agriculture involves production to meet up with family. [a] subsistence [b]

mechanized [c] plantation [d] co-operative

60.          All these are minerals resources except [a] crude oil [b] diamond [c] gold [d] acid

61.          We derive petroleum from one of the following [a]gold [b] diamond [c] rubber [d] crude oil

62.          The major minerals resources that Nigeria depends on is …. [a] rubber [b] gold [c] crude oil [d] gaari

63.          The industry that deals with extraction of minerals and other natural resources from the ground is …….[ A] Transport industry [b] mining industry [c] manufacturing industry [d] electrical industry

49. Rules and regulations guiding the members of a partnership business is called …… [a] partnership deeds [b] capital deeds [c] active deeds [d] passive deeds

50           is the partnership whereby the partners do not have equal responsibility [a] ordinary

partnership [b] united partnership [c] equal partnership [d] active partnership

ECONOMICS EXAM QUESTIONS SS1 SECOND TERM

THEORY ANSWER ANY (4) QUESTIONS

1a. Define production

b. Discuss the types of goods you know

c. List five (5) factors that determines the volume of production 2a. Define the following with 3 characteristics

i.              Land

ii.             Capital

iii.            Enterpreneur

iv.           Labour

b. Explain with (4) examples the following types of production 3a. State the law of diminishing return

bi. Divine division of labour

ii. Define specialization

ci. State and explain the types of specialization

ii. What is the Firm?

4a. Differentiate in 5 sentences small and large Firm in the tabular form bi. List six (6) business organization you know

ii. Define business organization

c. Differentiate between private and public enterprises. 5a. Define Public corporation and Co-operative Society bi. State (5) five features of Public corporation

ii. Define population and population census

ci. State the determinants of population and growth

ii.             Mention the types of population census

ECONOMICS EXAM QUESTIONS SS1 SECOND TERM