Third Term Examinations SS 1 Examination ECONOMICS

CLASS: S S ONE

SUBJECT: ECONOMICS

THEORY [ANSWER 5 QUESTIONS]

1a. Define agriculture and state its branches

b. Mention 3 systems of agriculture with 2 characteristics each.

c. State 5 minerals resources found in Nigeria

2a. What is labor market

b. State 5 efficiency of labour

c. Calculate the population density of Nigeria having a total population of 88,514,501 as of 1991 with total area of 923,768 square kilometers

3a. Define migration and mention 4 forms of migration

b. What is birth and death rate

c. Explain the term population census

4a. Mention the types of capital

b. Differentiate between shares and stock

c. Define co-operative society and types

5a. Differentiate in four lines between private and public enterprises

b. Define specialization and division of labour

c. Plot the demand schedule using the following information

6a. calculate the arithmetic means of the numbers

42,56,38,41,86,56,20,12,14.

b. Value of items most exported in Nigeria in 1980, calculate and draw a pie chart

c. Define money and illustrate its channel of distribution

OBJECTIVE

1. A trade who buys in large quantity from the wholesaler and sells in unit to the final consumers is called ………….. [a] retailer [b] trader [c] producer [d] customer
2. All these are types of retail trade except [a] hawking [b] street retailing [c] self service store [d] wholesaler
3. A trader who buys goods in large quantity from the manufacturer is called………… [a] importer [b] exporter [c]producer [d] wholesaler
4. Who are the middlemen in the distribution of goods [a] wholesaler and retailer [b]importer [c] exporter [d] worker
5. Distribution is part of the production because its……….. [a] makes goods and service available to the final consumer [b] transport the goods from one place to another [c]link the consumers to producers [d] offers employment to the people
6. What is money [a] paper [b] gold [c] anything that is generally acceptable as a medium of exchange [d] something that is very good
7. Money is a unit of account implies that be ………… [a] counted in units [b] used to facilitate exchange [c]used to store goods and services [d] used for future payment
8. The exchange of goods for goods or service for service is called ………….. system [a] barter [b] money [c] credit card [d] balance payment
9. Mention three types of money you know ……………………. ……………………….. and …………………
10. …………….. is the quantity of given commodity which a producer is willing to to offer for sale. [a] demand [b] utility [c] supply [d] marginal
11. ……………. Is amount 0r quantity of good and services to buy and able to pay for. [a] supply [b] demand [c] utility [d] marginal
12. ……….. is the production of animals , crops and forest resources for the benefits of man [a] economics [b]geography [c] commerce [d] agricultural science
13. Another name for subsistence farming is ……….. [a] mechanise [b] plantation [c] peasant [d] co-operative
14. ……… agriculture ensures large scale production, [a] mechanized [b] co-operative [c] plantation [d] peasant
15. …………… agriculture involves production to meet up with family. [a] subsistence [b] mechanized [c] plantation [d] co-operative
16. All these are minerals resources except [a] crude oil [b] diamond [c] gold [d] acid
17. We derive petroleum from one of the following [a]gold [b] diamond [c] rubber [d] crude oil
18. The major minerals resources that Nigeria depends on is …. [a] rubber [b] gold [c] crude oil [d] gaari
19. The industry that deals with extraction of minerals and other natural resources from the ground is …….[ A] Transport industry [b] mining industry [c] manufacturing industry [d] electrical industry

Use the information to answer questions 20 to 24. Mention 4 types of minerals resources and their location in Nigeria.

MINERALS RESOURCES LOCATION

20.

21.

22.

23.

24. State two problems facing mining in Nigeria.

……………………………………………………………………………………………………

……………………………………………………………………………………………………..

25.Mention two importance of agriculture in west Africa

26. A business firm owned and controlled by more than one owners is called ………. [a] sole proprietorship [b] partnership [c] foreign [d] local

27. Another name for sole proprietorship is ………. [a] one man business [b] two men business business [c] three men business [d] none of the above

28.A partnership where all the partners have equal responsibility and bear all the rule of the business equally is called ………… [a] ordinary partnership [b] limited partnership [c] unlimited partnership [d] active partnership

29. Rules and regulations guiding the members of a partnership business is called …… [a] partnership deeds [b] capital deeds [c] active deeds [d] passive deeds

30. ……… is the partnership whereby the partners do not have equal responsibility [a] ordinary partnership [b] united partnership [c] equal partnership [d] active partnership

31. A business organization owned and controlled by one person is referred to as ………… [a] partnership [b] sole proprietorship [c] bie-business [d] large business

32. ………… and ………. Will cause a decline in population [a] natural disasters, war [b] increase in birth rate , migration [c] war, large labour [d] religious, sufficient food

33. Under population causes …………. [a] inadequate labour force [b] free amenities [c] good road [d] budget planning

34. Agriculture contributes ….. to the economy [a] positively [b] negatively [c] absolutely [d] abitually

35.Nigeria is blessed with various …………. [a] minerals [b] solid materials [c] mineral resources [d] facilitators

36…………. Is responsible for collecting the cash of a cheque [a] drawee [b] drawer [c] payee [d] receiver

37………….. is a reason for dishonoring a cheque [a] mandatory date [b]irregular signature [c] absenteeism [d] crossing cheque

38. …….. is a cheque that bears a date in the future and ca not be drawn before the date [a] post dated cheque [b] dishonored cheque [c] stale cheque [d] open cheque

39. …… bank has no transaction with private individual [a] commercial bank [b] central bank [c] micro finance bank [d] development bank

40. Money also functions as ……………. [a] way of making note [b] study of finance [c]promotion of trade association [d] medium of exchange.