Exam Questions SS 1 Economics Second Term

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Exam Questions SS 1 Economics Second Term

SECTION A

1. A stock of useful and exchangeable goods of a given time that has money value is…………. A. production B. wealth C. property D. distribution

2. The factor of production which has absolute control and bears the risks of the business is……………. A. entrepreneur B. land C. labour D. capital

3. ………………. is the goods that is not wanted directly for its own sake. But for the production of further goods. A. exchange B. capital C. choice D. land

4. Division of labour give rise to A. the exchange of goods and services B. delay in production C. the production of limited goods D. unemployment

5. The concentration of a region in a particular aspect of economic activities is…………. A. specialization by sex B. specialization by product C. specialization by process D. territorial specialization

6. 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 inflation

7. The joint stock companies are an example of A. marketB. medium firmsC. large firm D. Small firm

8. When the growth of a firm is achieved by its own single effort , it is calledA. external diseconomies B. Internal diseconomiesC. external economies D. internal economies of scale

9. Characteristics of a small firm over large firms includes A. small capital required

B. large capital requirementC. provision of standardized productD. large market

10. What is Average Product? A. TP/ MP B. MP x AP C. TP / Number of workers(Labour) D. TP x MP

11. The shape of the TP Curve from the graph is usually the A. Highest B. negative

C. lowest D. constant

12. What is the total product ? A. total output B. average production C. total cost

D. average cost

13. Which of the following is not a feature of a sole trader A. decisions can only be taken by 10 people B. he provides capital to start the business. C. there is unlimited liability. D. continuity is doubtful.

14. One of the advantages of a sole trader is that A. it can fold up in case of death , lunacy or insolvency B. risks are unlimited C. technological progress is out of reach D. initiative can be used in all cases

15. In a sole proprietorship decision are made by the A. government B. owner

C. management D. board of directors

16. The joint Stock company can be a private company whose minimum membership is A. 2B. 5C. 7D. 10

17. The management of public limited company is by the A. customers B. shareholders

C. board of directors D. government

18. The maximum membership of a private company is A. 50B. 100C. 1000 D. unlimited

19. Where the net profit of a business is re-invested as a capital, it is called…. A. invested capital B. capital profit C. re-invested capital D. ploughed-back profit

20. Public corporation is owned by the government but financed by A. foreigners B. tax payers money C. micro finance banks D. share subscription.

21. Which of the following is problem of public corporation? A. lackadaisical attitude of workers B. lack of capital C. lack of security D. inadequate officials.

22. West African countries experience rapid population growth due to? A. existence of birth control clinics B. early marriages C. adequate sex education in schools D. late marriages

23. The region where people are leaving in migration is called……….. A. receiving region B. urban region B. source region D. rural region

24. Net Migration is the difference between A. population and census B. immigrants and emigrants C. PCI and population D. Internal and external migration.

25. Census figures of most countries in West Africa are inaccurate because of A. low cost of enumeration B. low PCI C. high degree of illiteracy D. high level of civilization.

26. Which of the following does not require the use of information from census A. demarcating constituencies for elections in the state or region B. providing adequate social amenities and services in the state or region C. controlling geographical mobility of labour among the states or regions D. planning for development in the states or regions.

27. Which of the following increase the population of a country A. a decrease in birth rate B. a decrease in death rate C. emigration D. marriage

28. The population size which harness available resources to yield maximum average output is A. ageing population B. optimum population C. under-population D. over-population

29. Occupational distribution of population is mainly influenced by A. economic factors B. religious factors C. geographical factors D. social factors

30. One economic implication of over population is that it A. leads to low demand of goods B. reduces balance of payment difficulties C. leads to a fall in PCI D. reduces pressure on the available social facilities

31. One of the problems of geographical mobility of labour is……….. A. bond of affection B. pension right C. monotony of work D. legal bond

32. The place where the wages and other conditions of services are determined and agreed upon by the buyer and seller is called……………. A. financial market B. labour market C. commodity market D. capital market

SECTION B

1. What do you understand by mobility of Labor?

I. Explain the Malthusian Theory of Population

II. How can population growth be controlled in West Africa countries

III. Explain the major importance of population census to a nation.

2. Briefly explain the determinants of population size and growth of a country

3. List and explain four disadvantages of public corporation.

4. With the use of a table give three differences between a private and a public company

5. Explain five content of the partnership agreements

6. The sole proprietorship form of business is the commonest in Nigeria why?

7. Copy and complete the table below

Unit of land No of Men Employed Total Product Average product Marginal Product

1 1 1 1 –

1 2 6 3 5

1 3 20 6.7 E

1 4 35 C 15

1 5 40 8 5

1 6 A 7 2

1 7 42 6 F

1 8 40 5 -2

1 9 B D -4

1 10 27 2.7 G

a) Calculate the estimated missing letters A-G

b) How many men were employed when marginal output is at the maximum?

8. Write short note on the following;

a. Marketing economies

b. Training economies

c. Welfare economies

d. Research Economies

9. Define division of labor and specialization.

10. Explain the factors limiting the use of division of labor.

11. Define capital and explain the types of capital.

12. Who is an entrepreneur?