ECONOMICS EXAM QUESTIONS FOR SS1 THIRD TERM

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THIRD TERM SS1 ECONOMICS EXAM QUESTIONS
Examination malpractices may lead to a repeat of the subject or suspensions don’t be involved.

SUBJECT ECONOMICS CLASS: S.S.S 1

DURATION 2HR

1. Price fixed above the equilibrium is to (a) protect agricultural producers (b) discourage agricultural producers (c) lower the prices of agricultural produce (d) favour consumers
2. The types of production that involves the tapping and harnessing of natural resources is (a) primary production (b) secondary production (c) tertiary production (d) industrial production
3. A firm’s main aim is to (a) survive in business (b) maximize profits (c) increase its market share (d) satisfy the ambitions its managers.
4. Human wants are unlimited because (a) production is inadequate (b) resources have alternative uses (c) new wants always arise (d) resources are limited
5. The profit of a producer is the difference between (a) total cost and marginal cost (b) total revenue and total cost (c) average cost and total cost (d) price and total cost
6. Any price below the equilibrium price will lead to (a) increase in supply (b) excess demand (c) equality of demand and supply (d) decrease in demand
7. Given the demand function Qd = 20 – 1/2 P, what is Qd when P is $12? (a) 6 units (b) 10 units (c) 12 units (d) 14 units
8. Which of the following is a function of money? (a) medium of communication (b) measure of securities (c) store of value (d) discounting bills of exchange
9. Which of the following is an asset of a commercial bank? (a) reserve funds (b) shareholders’ capital (c) customers’ deposits (d) treasury bills
10. The central bank controls money supply through all the following except (a) lending to the public (b) bank rate (c) legal reserve requirements (d) open market operation
11. The function of the central bank as a lender of last resort means that when all other sources fail, (a) the consumer can always borrow money from the central bank (b) the government can ask the central bank to print more money (c) commercial banks can raise loans from the central bank (d) commercial banks can deposit money with the central bank.
12. Palm oil and palm kernel have (a) competitive supply (b) excess supply (c) joint supply (d) composite supply
    One good reason for the elimination of middlemen is that they(a) cause increase in price (b) help in price stability (c) grade and blend goods (d) are too many.
13. Goods which have to be paid for are known as (a) physical goods (b) economic goods (c) free goods (d) intangible goods
14. An agricultural production process which uses more machinery relative to labour is referred to as (a) large – scale farming (b) capital intensive farming (c) commercial farming (d) land intensive farming
15. All rates of interest in a country are influenced by the (a) bank rate (b) population growth rate (c) wage rate (d) mortgage rate
16. Equilibrium price is the price at which quantity (a) demanded is greater than quantity supplied (b) supplied is greater than quantity demanded (c) demanded is equals to quantity supplied (d) supplied equals quantity produced
17. The following are reasons for the failure of agricultural policies in West Africa except (a) vague policy statement (b) negation of policies (c) creation of agro- service stations (d) provision of obsolete implements
18. A normal demand curve slopes (a) downwards from left to right (b) upwards from right to left (c) downwards from right to left (d) upwards from left to right
19. Money will serve as a standard of deferred payment if it is (a) homogenous (b) durable (c) easily recognized (d) stable in value.
20. The following are features of subsistence agriculture except (a)little capital (b) processing of raw materials (c) small allotments of land (d) use of crude implements
21. Which of the following is a legal tender? (a) bank notes (b) bank overdrafts (c) bills of exchange (d) money order
22. Economics is regarded as a science because it (a) studies laws that govern human behaviour (b) uses scientific method to explain human behaviour (c) makes use of controlled experiments to explain human behaviour (d) resources are unlimited
23. Which of the following is not an effect of many middlemen in the chain of distribution? (a) shortage of commodities (b) low retail prices (c) hoarding of goods (d) high retail prices
24. The market supply curve slopes upwards from left to the right indicating that (a) producers pay high taxes (b) two commodities can be supplied at the same time (c) at a lower price, less is supplied (d) at a lower price, more is supplied and demanded.
25. Which of the following is a function of a retailer? (a) banking services (b) hoarding services (c) storage services (d) after sales services
26. Which of the following is not a form of money? (a) coins (b) bank notes (c) bank balance (d) bank deposit
27. A demand schedule shows the quantities of goods that are (a) bought at given prices at a time (b) supplied at given prices at a time (c) produced at given prices at a time (d) reserved for future consumption
28. The action of government to forgo road construction in order to provide more health facilities denotes (a) sound economic decision (b) opportunity cost (c) practicable government policy (d) scale of preference
29. The slope of a supply curve is (a) horizontal (b) uniform (c) positive (d) vertical
30. The quality of money that emphasizes its uniformity is referred to as (a) acceptability (b) divisibility (c) durability (d) homogeneity
31. A basic economic problem of any society is (A) High level of illiteracy (B) irregular power supply (C) population growth (D) resource allocation
32. Which of the following factors can facilitate mobility of labour? (a) cost of transferring to another place (b) discriminating from employers (c) education and training (d) social ties
33. Which of the following best explains what to produce (A) How much goods are to be produced (B) the combination of resources to be used (C) Which goods and services to be produced. (D) How many wants are to be satisfied
34. Which of the following problems arises where there are more than one technically possible methods of production? (A) Where to produce (B) For whom to produce (C) How to produce (D) What to produce
35. Labour can be efficient when there are (A) adequate tools to work with (B) high levels of employment (C) limited vacancies (D) government restrictions
36. Productive resources can also be called (A) principle of production (B) factors of production (C) items of production (D) labour and material resources
37. Production covers all the following except when (A) Utility is created (B) a good is manufactured (C) a commodity is consumed (D) individual wants are satisfied
38. The reward to capital as a factor of production is (A) rent (B) wage (C) Interest (D) Commission
39. Mining is an example of (A) tertiary production (B) Primary production (C) Secondary production (D) advanced production
40. Effective demand is backed up with the ___ (a) supply (b) demand (c) ability to pay (d) competitors

THIRD TERM SS1 ECONOMICS EXAM QUESTIONS.

ESSAY-SECTION A

Answer ONE question ONLY from this section

1. Given that the prices and quantities supplied per period of time in litres of gasoline is expressed as :
   Qs = 25 + 0.25 P ,Where Qs is quantity supplied P is Price
2. Determine the quantity supplied when price per litre is0 Naira (ii) 24 Naira (iii) 40 Naira (iv) 60 Naira (v) 80 Naira
3. From your calculations in (a) (i) present the supply schedule (ii) draw the supply curve

Supply and demand schedule
Price per unit (#)

Quantity demanded per week

Quantity suppied per week
5 500 60
6 400 150
7 300 300
8 250 400
9 150 500
10 50 600
Use the schedule to answer the following questions:

1. At what price and quantity does the market attain equilibrium and why?
2. At what price does the market exhibit excess demand and by how many units?
3. At what price does the market exhibit excess supply and by how many units?
4. At what price will the seller be willing to sell most? What quantity will he be willing to sell at that price?

SECTION B

ANSWER TWO QUESTIONS ONLY FROM THIS SECTION

3ai. Define Demand

3aii. Define Supply

3b. write notes on

4a. State and explain types of demand

4b. State and explain types of supply

4c. State 5 factors affecting supply.

5a. What is money?

5aii. Explain five characteristics

5bi. What is trade by barter?

5bii. Highlight four problems posed by trade by barter

6a. Discuss 4 the functions of money

6b. Describe any five functions of the central Bank of Nigeria (CBN)

6c. Explain any four functions of commercial banks.

7a. What is distributive trade?

7bi. who is a retailer?

7bii Distinguish between the functions of a wholesaler and retailer in the distribution of commodities.

C. Describe any five problems of distribution in Nigeria

D. Discuss the circumstances that may warrant the by- passing of the middlemen.

THIRD TERM SS1 ECONOMICS EXAM QUESTIONS – EDUDELIGHT.COM

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Examination Question
ECONOMICS

S S ONE

SECTION A THEORY

ANSWER ONE QUESTION IN THIS SECTION

[1].

OUTPUT FIXED COST VARIABLE COST TOTAL COST TOTAL REV.
0 100 0 100 ?
1 100 40 140 ?
2 100 64 164 ?
3 100 70 170 ?
4 100 80 180 ?
5 100 96 196 ?
The fixed price of the firms is N45,00

[a]. Calculate the AFC,AVC,AC,AR ANDMR

[B]. At what point did the firm break even

[c]/ What point did the firm make profit

[d]. Did the firm make profit at output

[e] Show your workings clearly

20 marks

[2]. The table below shows the various possible combination of military and civilian goods produced by a country . Use the table to answer the questions that follow;

MILITARY GOODS 0 CIVILIAN GOODS 200
20 160
40 120
60 80
80 40
100 0
[A]. Draw the production possibility curve on a graph

[b]. Indicate point S and K at which production is not feasible

[c]. Indicate points M and N at which resources are not efficiently utilized

[d]. What does the downward slope of the PPC indicates

[e]. Why is production not feasible t the point S and K

SECTION B [ ANSWER FOUR QUESTIONS ONLY FROM THIS SECTION]

QUESTION 2 AND 3 ARE COMPULSORY.

[1]Define financial institution

[b] List the differences between commercial and Central banks

[c] List four types of financial institution and explain any three

[2]. Give 3 scholarly definition of economics

[b] List and explain 5 basics concepts of Economics

[c]. Give five reasons why we study Economics

[3] Write on everything you know about the concepts demands and supply

[b]. Explain three motives of holding money

[4]. Define population census and gives its types.

[b]. Define labour market

[5]. Define the following terms and give the formular for each

[b]Marginal revenue

[c] Average revenue

[d]Elasticity of supply

COMMERCE

S S ONE

SECTION B [ ANSWER FIVE QUESTIONS ONLY,NUMBER 3 IS COMPULSORY]

[1] Define cooperative society

[b]. State four characteristics of cooperative society

[c]. Explain three as given in [b] above.

[2]. Explain shares and shares certificate

[b] Mention and explain 3 classes of shares

[3] State the steps for the formation of limited liability company

a

[4]. What is international trade

[b]. Differentiate between balance of payment and balance of trade

[5] List and explain five factors that determine choice of transportation

[b] Mention and explain the forms of transportation

[c] Differentiate between tramp line and ocean line, at least five.

[6] Give 5 importance of transportation

[b] Give and explain five traditional media

[c]List four forms of communication

[7]. Draw the diagram for the scope of commerce

[b]Define 5 of the aid to trade

[8] Define advertisement

[b]Mention and explain three forms of advertising

[c] What is window display advertising

[9] What is money