Mock Exams SS 3 Economics
ECONOMICS
1. The group of countries in the South east of Asia whose economies are referred to as Asian Miracle is A. ASEAN B. Asian Tiger C. China D. America.
2. What is needed to boost a country’s economy? A. Debt B. High savings rate C. Transfer payment D. Risk.
3. Those five country’s Economies became really big within A. 20 years B. 35years C. 40years D. 100 years.
4. Ikeda plan was unveiled in the year? A.1965 B. 1960 C. 1950 D. 1945.
5. The period from 1960 to 1970 Japan experienced A. recession B. double digit growth C. inflation D. unemployment.
6. The value that is added into a company by an employee is known as A. human capital B. capital C. physical asset D. developmental capital.
7. Physical capital is also known as A. human capital B. non-human capital C. labour D. humans.
8. One of these is not the charateristic of human capital A. it is mobile B. It is tangible C. It has feelings D. It requires motivation
9. The departure or emigration of individual with technical skills or knowledge from one country to another is known as A. mobility of labour B. brain drain C. travelling D. emigration
10. All are factors responsible for brain drain except A. poor opportunity B. political instability C. marriage D. social environment.
11. Where in Nigeria was petroleum first discovered in commercial quantity.
a. A. Enugu B. Oloibiri C. Kaduna D.Ogoja
12. Which company first discovered petroleum in commercial quantity in Nigeria.
A. Shell BP B. Agip C. Gulf D. Butman
13. Which of the following is not done by the NNPC?
a. A. Production of crude oil B. Refining of crude oil C. Exportation for crude oil
b. D. Exploitation of crude oil E. Pricing of crude oil
14. The major foreign exchange earner for Nigeria is
a. A. Agriculture B. sports C. Tourism D. Petroleum
15. Mono product economies are those that produce
A. only inter mediate product B. agricultural product C. agricultural products D. one man commodity
16. The industry concerned with conversion of raw material into finished goods is A. conversion
B. manufacturing C. construction D. power
17. An example of manufacturing industry is A. shoe making B. road construction C. service D. banking
18. One of the contribution of construction industry to the development of the economy is A. decreasing the GDP B. unemployment of graduate C. Stimulation of other sectors D.
shortage of infrastructure
19. The sector where the manufacturing industry gets its raw material is in A. secondary B. primary C. tertiary D. semi secondary
20. One of the problems facing the manufacturing and construction industry in Nigeria is……..except A. lack of skilled personnel B. high level of illiteracy C. lack of fund D. surplus fund.
21. The service industry is also known as the ………industry A. processing B. tertiary C. construction D. mining
22. There are …..types of services occupation a. A. five B. two C. ten D four.
23. Indirect service ……… except A. soldiers B. law makers C. civil servant D. housemaids
24. Banking, transport, insurance etc are also refer to as A. trade B. commerce C. auxiliaries
to trade D. occupation
25. All these are reasons for the growth of the service sector except A. urbanization B. privatization C. increase in demand D. decrease in urbanization
26. International trade and domestic trade are similar in all aspect except that………….
a. A. Transportation by land, water and air is involved B. Goods are exchanged
b. C. Services are exchanged D. The same currency is used as medium of exchange Specialization and increased consumption is encouraged.
27. International trade is necessary mainly because………………
A. no country can live in economic isolation B. different countries are endowed with the same natural and man-made resources C. some countries have comparative cost advantage in the production of certain commodities D. the world demand for and supply of various categories of commodities is expanding very fast. E. Countries want to build up their foreign exchange reserves.
28. 3. International trade takes place because of differences in …… A. production cost
B. language C. currency D. government policy D. international boundary
29. The instrument used in many countries to restrict imports include: A. high tariff
a. B. price index C. exercise duties D.bank rates E. subsidies
30. 5. The exchange of goods and services across different countries can be described as
………… A. Bi-lateral trade B. multilateral trade C. national trade D. home trade
31. Which of these does not relate to the law of comparative advantage?
a. A. the law of comparative advantage was propounded by David Ricardo B. the law stresses the importance of relative efficiency. C. in order to specialize a country must have absolute advantage D. the principle if followed, should increase total world output.
32. Devaluation means A. reduction in the value of the national currency B. a reduction in the purchasing power of foreign currencies C. a reduction in the value of domestic currency relative to foreign currencies D. a decrease in the purchasing power of foreign currencies.
33. Dumping in economics means the selling of goods in a foreign market ………….
A. at a price below that received in the home market B. at a price that receive in the home market C. at a price equal to the cost price in the home market D. in order to encourage indigenous producers E. at a price equal to selling price in the home market.
34. Foreign Exchange control in Nigeria is enforced by the ………….
A. Commercial banks B. Merchant banks C. Mortgage bank D. Central bank
E. Agricultural Development Bank
35. Exchange Control is a weapon used in regulating …………. A. Internal trade B. stock exchange C. Foreign trade D.barter trade E. exchange of per sound property
THEORY
1. Why do countries impose restrictions on international trade?
2. Justify government restriction of trade with foreign countries.
THEORY
1. State five benefits of international trade.
2. Outline five obstacles to effective trade among countries in the world.
THEORY THEORY
1. Outline any three problems which result from the concentration of manufacturing industries.
2. Discuss five contribution of industries to the Economy
THEORY
1. Explain three positive and two negative contributions of petroleum to the Nigerian economy.
2. Discuss the role of the Nigerian National Petroleum Corporation (NNPC)
THEORY
1. Briefly explain the factors affecting human capital
2. Differentiate in a tabular form human capital and physical capital.
THEORY
1. Discuss the factors that account for rapid development of the Asia Tiger.
2. What are the problems facing Small and Medium scale Enterprise in Nigeria?
