ECONOMICS THIRD TERM EXAMINATION SENIOR SECONDARY SCHOOLS (SS 1) EXAM QUESTIONS Volume 1

SECTION A – OBJECTIVES

INSTRUCTION – CHOOSE THE CORRECT ANSWER FROM THE OPTIONS A – D. 

1. All economic systems must decide what to produce because ______.

(a) resources are not available

(b) consumers want maximum satisfaction

(c) resources are limited in supply

(d) producers want maximum profit

 

2. Which of the following best describes the mode? The ______.

(a) observation with the highest frequency

(b) average of two middle numbers

(c) item that occupies the middle position

(d) difference of two extreme values

 

3. An arrangement in which the debts of a company can only be paid from its own assets implies ______.

(a) unlimited liability

(b) transferred liability

(c) limited liability

(d) capital liability

 

4. The difference between the number of immigrants and emigrants is ______.

(a) natural growth rate

(b) natural increase

(c) net migration

(d) census

 

5. The following are means of reducing the population of a country except encouraging ______.

(a) emigration

(b) family planning

(c) early marriage

(d) sex education

 

6. The difference between birth rate and death rate is known as ______.

(a) demographic transition

(b) natural growth rate

(c) migration rate

(d) fertility rate

 

7. 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

 

8. The reward to land as a factor of production is ______.

(a) profit

(b) rent

(c) interest

(d) wage

 

9. The concept of opportunity is also referred to as ______.

(a) social cost

(b) real cost

(c) fixed coat

(d) variable cost

 

10. What is the effect of pursuit of higher education on the size of the labour force?

(a) it makes labour force to be effective

(b) it brings higher wage rate

(c) it increases the size of labour force

(d) it reduced the size of labour force

 

11. The Mathusian theory of population does not concern itself with ______.

(a) growth of food production in arithmetical progression

(b) growth of population in geometric progression

(c) positive checks to population growth

(d) development and growth of manpower

 

12. What must be added to variable cost to give total cost?

(a) average total cost

(b) average marginal cost

(c) fixed cost

(d) marginal cost

 

13. A country where labour is not sufficient to make proper use of the natural resources is said to have an ______.

(a) active population

(b) optimum population

(c) over population

(d) under-population

 

14. 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

 

15. Which of these persons is a middle man in the chain of distribution?

(a) An entrepreneur

(b) A producer

(c) A banker

(d) A retailer

 

16. A business outfit is said to be a public limited company when it ______.

(a) is owned by government

(b) operates as a public corporation

(c) it is run by the public

(d)it sells its shares to members of the public

 

17. Which of the following does not affect a country’s population?

(a) birth rate

(b) death rate

(c) emigration

(d) unemployment

 

18. Wholesalers are often criticized because they ______.

(a) help to break bulk

(b) finance producers

(c) increase price

(d) provide after sale service

 

19. Which of the followings are not agents of distribution?

(a) Wholesalers

(b) Retailers

(c) Consumers

(d) Government agencies

Get more Exam Questions for Economics – Third Term Examination Economics for SS Classes Links

 

SECTION B – THEORY

INSTRUCTION – ATTEMPT ALL QUESTIONS IN THIS SECTION. 

QUESTION 1

A. Define labour market.

B. What is labour force?

C. Enumerate people that are not members of the labour force.

D. Define demand for labour.

E. Define supply for labour.

 

QUESTION 2

A. What is mobility of labour?

B. List the types of mobility of labour.

C. Explain the types of mobility of labour.

D. State two factors that affect each type of mobility of labour.

 

QUESTION 3

A. List out the forms of business organizations.

B. Which of the business organization is the oldest and most common?

C. From your list in (3a) above, state the advantages and disadvantages of one of them.

 

QUESTION 4

The age distribution of population in West Africa countries is roughly as follows:

Children                ______ 45%

Labour force        ______ 35%

Old people.            ______ 20%

A. What are the economic implications of the age distribution?

B. What problems are encountered in the process of collecting census information in West Africa?