GO-AHEAD COLLEGE,IBADAN.

IJOKODO, IBADAN.

THIRD TERM EXAMINATION 2023/2024 SESSION

SUBJECT: ECONOMICS CLASS: SS1

1. Economics is a social science subject because
(a) it is the study of science (b) it is about social life (c) it studies human behavior
(d) it studies human and their leaders.
2. ———– can also be called ‘forgone alternative’
(a) scarcity (b) choice (c) opportunity cost (d) wants.
3. All are concepts of Economics except __________
(a) wants (b) choice (c) opportunity cost (d) desires.
4. All are reasons for the study of Economics except
(a) allocation of resources (b) preparation of budget
(c) consumption of commodities (d) all of the above.
5. All the following factors determine what to produce except
(a) market demand (b) consumer income (c) cost of production (d) technique of production.
6. The technique of production that has to do with the use of more capital, machine and machinery is
(a) labor intensive (b) knowledge intensive (c) capital intensive (d) machine intensive.
7. The problems that people encounter while attempting to satisfy their numerous wants with the limited
resources available to them is __________.
(a) basic economic problem (b) high development problem (c) educational problem (d) basic social problem.
8. The optimum use or combination of factors of production of production to achieve higher and better output at a
reasonable cost is ______________.
(a) what to produce (b) for whom to produce (c) how to produce (d) efficiency of resources use.
9. A disadvantage of division of labour is that ____________
(a) it saves time (b) it builds expertise (c) it is monotonous (d) it makes goods to be cheaper
10 Population census can be defined as_______
(a) The count of all nationals of a country at a particular time (b) The head count of all persons of a country at a
time (c) Total number of people living within a country (d) The head count of all nationals of a country at a
particular time.
11. _______ is a reason for population census.
(a) Forecasts past needs ( b) Revenue estimates (c) Giving of alms (d) High Integrity.
12. The named given to a trained personnel who conducts population census is called_____
(a) Lexographer (b) Remographer (c) Demographer (d) Geographer.
13. One of these is not a way to control population growth.
(a) delayed marriage (b) killing people (c) poverty eradication (d) legislative actions
14. Which of the following is the approximate working age in Nigeria? (a) 1-15 (b) 15-65 (c) 30-40 (d) 40-65
15. The natural growth rate of a population is the ____ (a) sum of the death rate and birth rate (b) sum of the birth
rate and the net immigration rate (c) birth rate minus the death rate (d) birth rate divided by the net
immigration

16. In a sole proprietorship, decisions are made by the _____

(a) government (b) owner (c) share holder’s conference (d) management

17. In economics, the reward for labour is in the form of ______ (a) wages (b) profit (c) rent (d) dividend
18. Production is not complete until the ______ (a) goods gets to the wholesalers (b) goods reached the final
consumers (c) factors of productions are combined (d) goods are ready for transportation

19. Land is often distinguished as a factor of production because it_______ (a) is a free gift of nature (b) constitute
one-third of the entire world (c) is unlimited in supply (d) is owned by individuals

20. 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 full employment

21. The growth rate of population is the ______ (a) annual increase in population (b) total population of a country
at a given time (c) addition to the total population over a given period (d) increase in the working population
over a given period

22. Capital as a factor of production is important because _______ (a) it enables us to carry out task which cannot
be done by human effort only (b) most tasks can be done with bare hands (c) people can work without capital
(d) it provides money which is essential for the growth of business

23. An economic system in which the states owns and controls the means of production is known as ____ (a) free
enterprise (b) socialist economy (c) mixed economy (d) capitalist economy

24. Mr Idowu needs a television and a refrigerator. Each costs #500.00, the exact amount he has . If Mr Idowu buys
the television, the refrigerator would be regarded as the _______ (a) marginal cost (b) inferior items (c)
opportunity cost (d) supplementary item

25. The difference between the number of immigrants and emigrants is ______ (a) internal mobility (b) internal
migration (c) net migration (d) marginal migration

26. Risk bearing and managerial control are the main functions of the _____ (a) managing directors (b) manager (c)
entrepreneur (d) Chief Executive

27. A Nigeria household demand curve for semovita is downward sloping because ______ (a) the demand for
semovita is high (b) the local market are flooded with semovita (c) semovita is produced in Nigeria (d) the
higher the price of semovita, the lower the quantity demanded

28. Which of the following is not an advantage of government ownership of enterprises,? (a) more capital is
provided (b) pricing policy may be in the interest of the consumers (c) government workers may be indifferent
towards the public (d) infrastructures are rapidly developed

29. The law of demand states that _______ (a) as the price increases, quantity demanded remains constant (b)
demand increases as price increases (c) as price falls , quantity demanded also falls (d) as price falls, quantity
demanded increases

30. If AC= Average Cost of production, FC= Fixed Cost of production, VC= Variable Cost of production, and TC= Total
Cost of production, then ___ (a) VC = TC/FC (b) VC = FC + AC (c) VC = TC – AC (d) VC = TC-FC

31. Public corporations in West Africa are set up to _____ (a) make maximum profit (b) provide jobs for the people
(c)Provide welfare for the people (d) show that the government can do business (e) compete with private
enterprises

32. Which of the following business establishment s are not motivated mainly by profit? (a) public limited
companies (b) ;private limited companies (c) holding companies (d) partnerships (e) co-operative societies
33. Which of the following is not a reason why statutory corporations are run only by government ? (a) the
duplication of some services will lead to resource wastage (b) all corporations provide services which
individuals cannot provide (c) essential services must be provided irrespective of the economic system adopted
(d) some corporations require large financial capital which may not be easy to acquire by individuals (e) there
is need to protect consumers from exploitation.

34. Which of the following is true of NEPA as a public corporation in Nigeria? It is (a) a solar energy distributor (b)
organized in a perfectly competitive market (c) a duopoly (d) a monopolistically competitive industry (e) a
monopoly

35. Which of the following is not an advantage of government ownership of enterprises? (a) more capital is
provided (b) pricing policy may be in the interest of consumers (c) government workers may be indifferent to
towards the public (d) infrastructure are rapidly developed (e) income may be more evenly distributed

36. Which of the following states is not among the North Central in the six geo-political zones in Nigeria? (a) Kogi
state (b) Benue state (c) Rivers State (d) Ogun state

37. The total amount of all forms of money in the circulation in a country at a given period of time is referred to as
_______ (a) demand for money (b) supply of money (c) printing of money (d) available money

38. Which of the following is not a factor for demand for money ? (a) laundering motive (b) precautionary motive
(c) speculative motive (d) transactionary motive

39. Any form of money that have the back up of the government of a country is called a _____ (a) fiduciary note (b)
legal tender (c) commodity money (d) barter money

40. Which of the following is not an example of soft fund? (a) donation (b) grant (c) subsidies (d) debentures

PART B: THEORY

Instructions: Answer any two questions in this section.

1. Complete the following cost schedules

Output Total Cost(TC) Average Cost (AC) Marginal Cost (MC

1 8 8 ______

2 14 ? ?

3 ? 6 ?

4 20 ? ?

5 ? 6 ?

6 48 ? ?

2. The demand function for a textbook on Basic Accounting in a bookshop market is estimated as:

Qd = 410 – 0.2P
 The supply function is also given as:

Qs = 60 + 0.05P

You are required to determine : (a) the quantity demanded when the price is #20

(b) the quantity supplied when the price is #50

3. (a) Mention any five features of co-operative societies.

(b) List and explain any three types of co-operative societies.

(c) Write out the six geo-political zones in Nigeria with all the states that are in Nigeria.

4. (a) Define “ Public Corporation”.

(b) List five attribute of Public corporation

(c)Explain the two type of funding under financial instrument