Third Term Examination Economics SS 1 – Exam Questions








Objectives: choose the correct OPTIONS. 

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




Answer all questions. 


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.



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.



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.



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

Children                 ___________ 45%

Labour force         ___________ 35%

Old people.            ___________ 20%

What are the economic implications of the age distribution?



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



Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.