SS1 ECONOMICS

1. The activity that involves the creation of goods and services which satisfy human want is
________.(a)demand schedule (b)supply schedule (c)production
2. The following are the types of goods except ______.(a)consumer goods (b)producer goods
(c)market size
3. One of the following is the example of consumer goods______.(a)lumbering (b)mining
(c)milk
4. Consumer goods can further be grouped into two classes _____and_____.(a)durable and
non-durable (b)market size and non-dinable goods (c)quarrying and production
5. _____and_____ are the type of production.(a)direct and indirect (b)secondary and primary
(c)land and labour
6. The breaking down of a production process into different stages is called____.(a)production
(b)capital (c)division of labor
7. The concentration of the productive efforts of an individual is called______.specialization
(b)economic (c)policy
8. One of the following do not belong to the types of division of labour______.(a)specialization
by process (b)availability of labour (c)specialization by sex
9. The advantages of division of labour are the following except ______.(a)time saving (b)large
scale (c)production function
10. _______ production involves in small capital outlay and therefore results in a low level
output.(a)small -scale (b)risk bearing (c)financial economies
11. The independently administered business unit which is capable of carrying out production
construction or distribution activities is called______.(a)firm (b)production (c)entrepreneur
12. _____ are the internal band external cost saving benefits that accrue to a firm aa it expands
in size.(a)economics scale (b)output (c)production
13. _____ is a place where a firm carries out its productive activities.(a)plant (b)machinery
(c)labour
14. The combination of a number of firms producing broadly similar commodities or services for
the same market is called______.(a)what to produce (b)how to produce (c)industry
15. A legal person or entity created by the association of a number of people in accordance with
the law is called _____.(a)skill labour (b)production (c)company
16. _____ is an enterprise set up by an individual or group of individuals, government or its
agencies for the main purpose of making profit.(a)labour (b)factory (c)business organization
17. A form of business enterprise owned, financed and managed by one person is called______.
(a)public corporation (b)private enterprise (c)sole proprietorship
18. One of the following is example of sole proprietorship found in primary industries is______.
(a)farming (b)lawyer (c)doctor
19. A business in which two to twenty persons agreed to legally set up and manage a business
outfit with the sole aim of making profit is called_____(a)public corporation (b)sole
proprietorship (c)partnership
20. The sources of capital for partnership is _____.(a)contribution (b)osusu (c)loans and
overdraft

Part B
1. State and explain the types of partnerships
b. List 4 sources of capital to a sole proprietorship
c. Write 3 source of capital to a sole proprietorship

2. Write 3 each differences between private and public limited company

Private limited company
Public limited company
b. What is public limited company?
c. Write 2 features of public or joint stock company

3. Briefly explain the following

(i) labour (ii)market (iii)labour market (iv)efficiency of labour

4. Explain population?
b. What is population census?
c. Mention types of population census

5. State problems that associated with population census

b. Explain birth rate and death rate
c. Write short note in migration, immigration, emigration.
d. What is over population and under population.