CROWNS AND JEWELS HOME SCHOOLS

5, Wassy Agoro Crescent, valley view Estate, Ikorodu Lagos State

1, Omobowale Olowu Street, Bayeku Road Igbogbo Lagos State

3RD TERM EXAMINATION

Name: __________________

Subject : ECONOMICS

Class: SS1

Objectives

Answer all questions

1. All economic systems must decide what to produce because __________ (a) resources are not
available (b) consumer want maximum satisfaction (c) resources are limited in supply (d)
producers want maximum profit.
2. Which of the following best describe 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 asserts implies
_________ (a) unlimited liability (b) transferred liability (c) limited liability (d) capital liability.
4. The difference between the number of immigrants and emigrant is _________ (a) natural
growth rate (b) natural increase (c) net migration (d) census.
5. The following are means if reducing the population of a country except encouraging
____________ (a) emigration (b) family planning (c) early marriage (d) sex education.
6. The difference between death rate and birth 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) fixed cost (c) real
cost (d) variable cost.
10. What is the effect of pursuit of higher education on the size of 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 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 it 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. Wholesale are often critized because they ___________ (a) help to break bulk (b) finance
producers (c) increase price (d) provide after sale service.
19. Which of the following are not agent of distribution? (a) wholesaler (b) retailers (c) consumers
(d) government agencies.
20. A trader 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.
21. All these are type of retail trade except (a) hawking (b) street retailing (c) self service store (d)
wholesaler.
22. Distribution is part of the production because its _____________ (a) makes goods and services
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.
23. What is money? (a) paper (b) gold (c) anything that is generally acceptable as a medium of
exchange (d) something that is very good.
24. ____________ is the quantity of given commodity which a producer is willing to offer for sale (a)
demand (b) utility (c) supply (d) marginal.
25. Another name for subsistence farming is __________ (a) mechanise (b) plantation (c) pleasant
(d) cooperative.
26. 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.
27. The major natural resources Nigeria depends on is _________ (a) rubber (b) gold (c) crude oil (d)
garri.
28. All these are mineral resources except _________ (a) gold (b) diamond (c) crude oil (d) acid.
29. Who is the middle man in the distribution of goods (a) wholesaler and retailer (b) importer (c)
exporter (d) worker.
30. The exchange of goods for goods or services for services is called ___________ system (a) barter
(b) money (c) credit card (d balance payment.

THEORY

SECTION A

Answer One Out of these questions

1. The table above represent the market demand and supply schedule for yam.
Price (#) Qtydemand Qtysupplied

5 100 20

10 80 40

15 60 60

20 40 80

a. Represent the above in a Curve

b. What is the equilibrum price?
c. At what price was there excess demand (shortage)

2. The price of bread in 2000 was below

Price(#) Qtydemand

40 160

50 80

(a) calculate the Coefficient of price elasticity of demand

(b) What type of elasticity was your answer in a?

SECTION B

Answer any Three out of these questions

3.a. Who are middlemen?

b. Highlight two disadvantages of middlemen

c. Explain two problems middlemen encounter in the process of carrying out their business.

4. (a) what is money?

b. State two qualities of money

c. Highlight and explain two functions of

Money.

5. a. what are financial institutions?

b. Discuss three differences between Central bank and Commercial banks

(C) state any two non-banking financial institutions

6. a. what is demand?

b. What is the difference between demand Curve and demand schedule?

c. Explain any Two types of demand