3RD TERM EXAMINATION |
CLASS: s. S. S. 1 |
subject: ECONOMICS |
• The study of economics enables the individual to (a) be misery in the spending of his money (b) determines the right market
to visit (c) derive maximum satisfaction from the money he spends (d) A &
B |
• Economics is a_________ science subject (a) social (b) theorectional (c) physical (d) organic |
• Which of the following features best describes peasant agriculture in West Africa? It________ (a) specializes in the production of one crop (b) is a capital intensive system of farming (c) It involves the uses of small farm tools (d) is mostly associated with tree
crops |
• _______may be defined as a independently
administered business unit which is capable of carrying out production,
construction or distribution activities (a) firm (b) NEPA (c) INEC (d) PHCN |
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• Production is said to be creation of__________ (a) food (b) utility (c) clothes (d) bread |
• Which of these is middlemen in chain of distribution (a) wholesaler (b) consumer (c) producer (d) producer |
• The factor of production which takes the initiative in combining resources for production is known as________ (a)
capital (b) entrepreneur (c) land (d) labour |
• Which of the following is not among the reasons why we study economics? (a) spiritual power (b) rational decision (c) satisfaction of want (d) production |
• Economic resources are________ (a) land (b) labour (c) capital (d) all of the above |
• 80% of Nigerian are farmers (a) Yes (b) No (c) May be (d) Not yet decided |
SECTION B |
ANSWER FIVE QUESTIONS
FOR THIS SECTION |
• a. Write short notes on the following |
• Scarcity (2marks) |
• Choice (2marks) |
• Scale of
preference (2marks) |
b. Why is the study of economics important? (4marks) |
• The school populations in four secondary schools are as follows |
School A = 340 |
School B = 300 |
School C = 250 |
School D = 500 |
Draw a graph to show the above data using |
• The bar chart method and |
• The pie chart method |
• “Every economic system tries to solve its fundamental economic problems in its own way”. Name these fundamental economic problems and briefly explain how they are solved by different economics system |
• a. Explain the following terms and show the relationship between them |
• Primary production (2marks) |
• Secondary production (2marks) |
• Tertiary production (2marks) |
b. What is division of labour? (4marks) |
• a. Define the term “Money” (3marks) |
b. What are the main causes of inflation? (4marks) |
c. What are the effects of inflation? (3marks) |
• Mention and explain any five sources of finances available for business organization |
• a. What is Deflation? (3marks) |
b. Mention four (4) effects of deflation (3marks) |
c. Mention any three (3) measures that government of your country is taken in recent times to control inflation (3marks) |
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3RD TERM EXAMINATION |
CLASS: s. S. S. 2 |
subject: ECONOMICS |
• Money can be defined as (a) cash (b) printed papers (c) anything that is generally acceptable for the purchasing of goods and selling of debts (d) a precious metal |
• Which one of the following is most likely to benefit from inflation? (a) a borrower (b) a school teacher (c) a prisoner
(d) a pensioner |
• The satisfaction derived from the use of a commodity is________ (a) demand (b) elasticity (c) utility (d) wealth |
• Which of the following doesn’t belong to the group (a) demand (b) socialism (c) communism (d) capitalism |
• The most important quality of money is that it must be (a) relatively scarce (b) generally acceptable (c) portable (d)
durable |
• In which of the following markets does a firm have power to make super normal profit both and long run (a) imperfect market
(b) perfect market (c) ougoply (d) none of the above |
• The following are features of subsistence
agriculture except (a) little capital (b) processing of raw – material (c)
small allotments of land (d) use of crude implement |
• The full meaning of the IMF is (a) international monetary fund (b) international military force (c) international monetary financing (d) international mortgage fund |
• The following are means of reducing the
population of a country except encourage (a) family planning (b) early marriage (c) sex education (d) emigration |
• Price legislation is also known as_________ (A) price control policy (b) minimum price (c) one control legislation (d) none of the above |
SECTION B |
INSTRUCTION: Answer five questions from this part |
• a. What is business organization? (3marks) |
b. List any five sources of finance available to business organization (5marks) |
c. List problems of business enterprises |
• a. What is market structure? (2marks) |
b. Write short note on the following |
• Industry |
• Firm |
• Money cost |
• Social cost |
• Write short note on the following heading |
• Competitive demand |
• Derived demand |
• Complementary (joint) demand |
• Composite demand |
• Independent demand |
• a. Explain the role or importance of industrialization in the economic development of your country |
b. What factors determine the location of industries? |
• Write short notes on the following |
• Capitalism |
• Socialism |
• Communism |
• Mixed economic system |
• List and explain the sources of government revenue |
• a. Economics is the science which studies human behavior as a relationship between ends and scare means which have alternative uses. Discuss |
b. Highlight seven reasons why we study economics |
• a. Discuss the concept unemployment. (4marks) |
• b. List and explain at least three type of unemployment |
