1st Term Examination ECONOMICS SSS 1

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Subuode Gbaga Gasline Ogun State

1st Term Examination




Instruction: Choose the correct option from alternatives.

  1. Economics is a __________ science (a)basic (b)real (c)social
  2. _________ is the father of Economics (a)Lionel Robbins (b)Adam Smith (c)Alfred Marshal
  3. An inquiry into the nature and causes of wealth of nations was credited to __________ (a) Adam Smith (b) Alfred Marshal (c)Paul
  4. Scarce means refers to ___________ available resources (a)unlimited (b)limited (c)relative
  5. _____________ is a systematic and orderly arrangement of information using rows and columns (a)graph (b)charts (c)tables
  6. _______ is not a type of bar charts (a)simple bar chart (b)hard bar charts (c)component bar charts
  7. Adam smith defined Economics in __________ (a)1776 (b)1980 (c)1890
  8. An arrangement of wants in order of their importance is called ___________ (a)choice (b)scale of preference (d)tables
  9. _______ is an alternatives forgone (a)choice (b)life opportunity (c)real cost
  10. The total amount of money spent to acquire a goods or services is called _________ (a)true cost (b)money cost (c)price
  11. We study economics for the following reasons except _________ (a)war purpose (b)allocation of resources (c)production
  12. _________ is the creation of goods and services (a)farm (b)production (c)factory
  13. ___________ is not a basic economic problem of the society (a)what to produce (b)fr whom to produce (c)when to produce
  14. _______ is not a factor that determines what to produce. (a)market demand (b)certificate degree (c)consumers needs
  15. _________ is a scope of Economics (a)consumption (b)budget (c)graph
  16. The dispersing of goods and services to where they are needed is called __________ (a)transport (b)distribution (c)production
  17. Prof. Lionel Robbins defined Economics in what year? (a)1890 (b)1776 (c)1932
  18. __________ is refer to as the number of time a particular outcome is used (a)mode (b)frequency (d)mean
  19. _________ is the average of a series of figures or values (a)mean (b)median (c)frequency
  20. The desire r need to own goods or services that gives satisfaction is referred to as ___________ (a)choice (b)wants (c)scarcity
  21. The reward to land as a factor of production is (A) Profit (B) rent (C) interest (D) wage


  22. The study of Economics becomes necessary because of the (A) large population size of the world (B) Scarcity of resources (C) opportunity cost of goods and services (D) need to satisfy every desire of man.


  23. The reward to capital as a factor of production is (A) rent (B) wage (C) Interest (D) Commission


  24. Mining is an example of (A) tertiary production (B) Primary production (C) Secondary production (D) advanced production


  25. Human wants are unlimited because (A) Production is inadequate (B) resources have alternative uses (C) new wants always arise (D) resources are limited


  26. A basic economic problem of any society is (A) High level of illiteracy (B) irregular power supply (C) population growth resource allocation


  27. Opportunity cost is very important to individual, firms and _________ (a)children (b)choice (c)government
  28. __________ is the creation of utility (a)scarcity (b)production (c)war
  29. __________ production is said to be complete when the goods reach the ________ (a)consumer (b)market (c)factory
  30. Production process involves __________ major groups of people (a)2 (b)3 (c)4
  31. The type of production concerned with the provision of professional services is ___________ (a)primary (b)secondary (c)tertiary
  32. __________ is the reward for capital (a)profit (b)interest (c)rent
  33. All forms of human efforts utilized in production is ___________ (a)labour (b)capital (c)entrepreneur

Use the below to answer questions 28 – 30

The scores of S.S.S. 1 students in Economics are given below:

5, 9, 2, 6, 2, 4, 8, 4, 5, 7, 8, 4

  1. Find the mean score
  2. Find the median
  3. Find the mode




  1. Rice production in Atiku’s farm
Fixed factor


Variable factor








1 1 10 10
1 2 A 20 B
1 3 75 C D
1 4 E 30 F
1 5 G H 20
1 6 I 15 J
1 7 84 K L

Find: A, B, C, D, E, F, G, H, I, J, K, L

  1. (a). What is efficiency of labour?

(b). state five factors that determine efficiency of labour

  1. (a). What is labour?

(b). State four characteristics of labour you know

  1. (a). according to Prof. Lionel Robbins, what is Economics?

(b). state four reasons why we study Economics