ECONOMICS FIRST TERM EXAMINATION SS 1

FIRST TERM

 

Examination malpractices may lead to a repeat of the subject or suspensions don’t be involved.

SUBJECT: ECONOMICS         CLASS: SS1                         TIME: 2HRS

1. Goods which have to be paid for are known as (A) physical goods  (B) economic goods  (C) free goods  (D) intangible goods.
2. A shift in the demand curve indicates (A) exceptional demand  (B) change in demand  (C) change in quantity demanded  (D) elasticity of demand
3. The components of a three-sector economy are (A) banks, Schools and hospitals  (B) workers, producers and marketers  (C) households, firms and the government  (D) producers, retailers and wholesalers
4. Other things being equal, an increase in supply will lead to (A) a fall in price and an increase in quantity bought and sold (B) an increase in price and increase in quantity bought and sold (C) a fall in price and a fall in quantity bought and sold  (D) an increase in quantity supplied and demand only.
5. Goods consumed out of habit have (A) elastic demand (B) Perfectly elastic demand  (C) Inelastic demand  (D) Unitary elastic demand
6. If the co-efficient of price elasticity of demand is 0.1, demand is (A) elastic  (B) inelastic  (C) Zero elastic  (D) Unitary elastic
7. Which of the following causes the demand curve to shift to the right? (A) A reduction in the size of population  (B) An increase in the income of the buyer  (C) The availability of substitutes  (D) A decrease in price of the good
8. Goods for which demand rises as income rises are (A) Complementary goods  (B) Inferior goods  (C) normal goods  (D) substitutes
9. A decrease in supply with demand remaining unchanged will cause the equilibrium price for a good to (A) be unchanged  (B) remain elastic  (C) remain inelastic  (D) rise
10. At the highest level of total utility, marginal utility is (A) negative  (B) Positive and falling  (C) positive and rising  (D) Zero
11. A condition for consumer utility maximization is (A) equality of the ration of marginal utilities and ration of prices.  (B) equality of the ratio of average utilities and the ratio of prices  (C) equality of the marginal utility to total utility ratio for both commodities  (D) total utility and marginal utility must be Zero
12. Which of the following best describes the mode? The (A) observation with the highest frequency  (B) average of two middle numbers  (C) item that occupies the middle position  (D) difference of two extreme values
13. Given the demand function; Qd = 20 – . What is Qd, when p is $12?.  (A) 6 units  (B) 10 units  (C) 12 units  (D) 14 units
14. The rate of increase in utility is (A) average utility  (B) increasing utility  (C) total utility  (D) marginal utility

Use the table to answer questions 15 and 16

X	2	3	4	5
F	2	5	2	1

15. From the table, the mean of the distribution is (A) 2.2  (B) 2.5  (C) 3.2  (D) 4.5
16. What is the median of the distribution? (A) 5  (B) 4  (C) 3  (D) 2
17. An increase in the price of a commodity from £10 to £15 leads to an increase in the quantity supplied from 10units to 15 units.  The price elasticity of supply is        (A) 0   (B) 0.5  (C) 1  (D) 5
18. If a 6% decrease in price results in more than 6% decrease in quantity supplied, supply can be regarded as (A) elastic  (B) unitary elastic  (C) Perfectly inelastic           (D) perfectly elastic
19. Households make economic decisions because they want to (A)  make more profit  (B) Increase their salaries and wages  (C) increase their purchases  (D) maximize their satisfaction
20. A normal supply curve has a positive slope which indicates that (A) sellers are willing to sell more at a lower price  (B) sellers are indifferent to prices  (C) sellers are willing to sell more at a higher price  (D) there is always a fixed supply.
21. If a particular consumer derives total utility of 22 utils having consumed 4 units of a given product, his average utility will be (A) 88utils  (B) 18 utils  (C) 5.5 utils  (D) 3.5 utils
22. The law of diminishing marginal utility applies to a (A) firm which minimizes cost  (B) consumer who maximizes satisfaction  (C) producer who maximizes marginal product  (D) consumer who minimizes total utility
23. A consumer purchasing a commodity X will maximize his satisfaction if (A) Px = Mux  (B) Px ≥ Mux  (C) Px > MUx  (D) Px < Mux
24. The demand and supply functions of commodity are given as follows;

Qd = 20 – 2p, Qs = 6p – 12

Where P = Price in Naira, Qd = Quantity demanded and Qs = Quantity supplied.  The equilibrium price is (A) 2 Naira  (B) 4 Naira  (C) 6 Naira  (D) 20 Naira.

25. At a co-efficient of price elasticity of supply of 0.5, supply is (A) Perfectly inelastic  (B) Inelastic  (C) Perfectly elastic  (D) elastic
26. Human wants are (A) limited  (B) scarce  (C) unlimited  (D) in grades
27. The co-efficient of income elasticity of demand for inferior goods is (A) positive  (B) equal to one   (C) less than one  (D) negative
28. Price fixed above the equilibrium is to (A) protect agricultural producers  (B) discourage agricultural producers  (C) lower the prices of agricultural produce  (D) favour consumer
29. Which of the following factors does not cause a change in demand? (A) Taste and fashion  (B) Vagaries of weather  (C) price of other commodities  (D) Price of the commodity
30. A major function of the price mechanism is that it determines the (A) allocation of resources  (B) amount of national savings  (C) population of the country  (D) number of goods to be taxed
31. The price  at  which  Qd equates Qs  is  called  ___ (A)  equilibrium  quantity  (B) Equilibrium  supply
32. (C) Equilibrium  price  (D)  Equilibrium  position
33. Perfectly inelastic  is  (A) infinity  (B)  zero  elasticity (C)  perfectly  elastic  (D) cross  elasticity
34. Golden necklace  is  a  good  example  of  prestigious  commodity  (B) inferior  goods  (C) interior goods  (D) giffen goods
35. Price above  equilibrium  brings  about  (A) surplus  (B) shortage  (C)  scarcity (D) none  of the  above
36. In a data  here  many  value  in  a  data  appears  more than  once  is  called  ____ mode  (A) bimodal  (B)  trimodal (C) multimodal (D) matrimodal
37. Increase in the price of  palm oil may  increase  the ____of  groundnut oil (A) price  (B)  supply   (C)  demand  (D)  quantity
38. _____ is the extra utils  enjoyed  when  additional commodity  is  (A) MU  (B) TU   (C) SU   (D) AU
39. Expected future change  in  price, luxurious  goods, Giffens goods  may lead  to a/an  ___ curve  (A) supply  (B) abnormal   (C) demand   (D) labour  supply
40. Below the  equilibrium  price we  have  ___ (A) wastage  (B)  surplus  (C)  shortage   (D) equilibrium
41. The total sum  of  deviation  () is equal  to  (A) 100%   (B) 10   (C) 0   (D) -1

 

 

 

 

 

 

 

 

 ECONOMICS 2 THEORY QUESTIONS

Essay-Section A

Answer One Question Only From This Section

1. (a). marks scored by some students in an Economics test are

6	9	5	7	6	7	5	8	9	5
8	9	5	7	5	8	7	8	6	5
6	5	7	6	9	9	7	8	8	7
8	9	8	5	8	9	5	6	9	7
8	5	6	9	8	6	7	6	9	5

 

Calculate the variance and the standard deviation of the distribution above

 

(b). the table below shows the scores of 40 students who took part in an economics test

Score	2	5	8	10	12	13	15
Frequency	2	4	6	12	8	5	3

 

 

• Find the means score (ii) calculate the median score (iii) what percentage of students scored 10 marks and above. (iv) find the modal score.

2. The following figures are extracted from a schedule of demand and supply

Price	Quantity demanded	Quantity supplied
N9.00	1,050	850
N10.00	1,000	1,0000
N11.00	950	1,150

10. Calculate the elasticity of demand when price rises from N10.00 to N11.00
11. State whether the demand in (i) above is elastic or inelastic

• Calculate the elasticity of supply when price falls from N10.00 to N9.00

1. State whether the supply in (iii) above is elastic or inelastic.

(2b).  The table below represents a traveller’s consumption of bottles of coca- cola. Study the table carefully and answer the questions that follow.

No of bottles	Total utility	Marginal utility
1	15	——
2	29	F
3	42	13
4	D	12
5	65	G
6	75	H
7	E	O

 

(bi). Complete the missing figure D, E, F, G and H (ii) Draw the demand curve for the traveller’s consumption of coca- cola (the use of graph sheet is essential) (iii) Explain the law of diminishing marginal utility as the basis for the slope of the traveller’s demand curve.

SECTION B

Answer Two Questions Only From This Section

3(a).   With the aid of diagrams, distinguish between a change in the quantity, demanded and a change in demand for a given commodity

3(b).   Explain the causes of such changes.

3c.      Carefully distinguish between changes in supply and changes in the quantity supplied

4a.      Define price elasticity of demand

4b.      A dealer in deep freezers increased the price of his product from $450 to $500 and sales dropped from 800 units to 600 units a week. Use the information above to answer the questions that follow:

• Calculate the price elasticity of demand
• What type of elasticity is it? Explain your answer
• Calculate the – total revenue of the company before and after the price increase. b. Change in total revenue
• What is the effect of the increase in price on the total revenue?
• State two factors influencing price elasticity of demand.

4c.      With carefully labeled diagrams, illustrate each of the following

(i).       perfectly inelastic

(ii)       unitary elastic

(iii)      fairly elastic

(iv)      Perfectly elastic

5a.      Define price control (b) state and explain types of price control

5c.      write short note on (i) Rationing (ii) Hoarding (iii) Black market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ELIAS INTERNATIONAL SECONDARY SCHOOL

ALPHA TERM EXAMINATION (2019/2020)

 

Examination malpractices may lead to a repeat of the subject or suspensions don’t be involved.

SUBJECT: ECONOMICS          CLASS: SS 3                        TIME: 2HRS

                  

1. State owned enterprises are more common in (A)  centrally planned economies  (B) mixed economies  (C) capitalist economies  (D) developed economies
2. A normal supply curve has a positive slope which indicates that (A) sellers are willing to sell more at a lower price  (B) sellers are indifferent to price  (C) sellers are willing to sell more at a higher price  (D) there is always a fixed supply
3. In a centrally planned economy, what to produce is (A) determined by the forces of demand and supply. (B) Driven by profit motive.  (C) Determined by consumers.  (D) the responsibility of state’s bureaucrats
4. Which of the following is related to resource allocation in an economy? (A) How to produce  (B) What to produce  (C) For whom to produce (D) Efficient use of inputs
5. The rate of increase in utility is (A) average  utility (B) increasing utility  (C) total utility  (D) marginal utility
6. The supply of tea is linearly presented as P=0. 2Q, where P is the price Q is the quantity. What is the P when Q = 25  A$.0.8  (B) $5.00  (C) $25.02  (D) $125
7. Increase in supply due to changes in plant size will take place only in the (A) normal time  (B) long run  (C) market period  (D) short run
8. Which of the following is not a feature of socialism? (A) Collective ownership of productive resources   (B) Freedom of enterprise  (C) Production is not based on the profit motive  (D) Maximization of public welfare
9. Households make economic decisions because they want to (A) make more profit   (B) increase their salaries and wages  (C) increase their purchases  (D) maximize their satisfaction
10. Human wants are unlimited because (A) Production is inadequate  (B) resources have alternative uses  (C) new wants always arise  (D) resources are limited
11. A basic economic problem of any society is (A) High level of illiteracy  (B) irregular power supply  (C) population growth  (D) resource allocation
12. To control inflation, the central bank of a country may adopt, (A) an expansionary monetary policy  (B) a restrictive monetary policy  (C) an increased wage policy  (D) a deficit financing policy
13. Disposable income is the income earned (A) by the nationals of a country resident within the country (B) from productive activities of nationals of a country both at home and abroad (C) when personal income tax is deducted from personal income (D) when the gross income of an individual is added to personal income tax.
14. Livestock production in West Africa is hindered mainly by (A) inadequate demand  (B) use of traditional implements  (C) land tenure system  (D) pests and diseases
15. The components of a three-sector economy are (A) banks, schools and hospitals  (B) workers, producers, and marketers  (C) household, firms and the government  (D) producers, retailers and wholesalers.
16. A declining population is one in which the population is (A) experiencing a high rate of emigration  (B) made up of large number of old people  (C) not producing enough goods  (D) not contributing enough to the national income
17. Examples of joint stock banks are (A) commercial banks  (B) co-operative credit societies  (C) central banks  (D) development banks
18. Which of the following is not a characteristic of a developing country? High (A) real per capita income (B) level of primary production  (C) population growth rate  (D) level of illiteracy
19. Goods consumed out of habit have (A) elastic demand  (B) perfectly elastic demand  (C) inelastic demand  (D) unitary elastic demand
20. 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.
21. Which of the following items is not a recurrent expenditure? (A) building of schools and colleges  (B) Maintenance of School building  (C) payment of teacher’s salaries  (D) purchase of stationery for examinations
22. If the coefficient of price elasticity of demand is 0, 1, demand is (A) elastic  (B) inelastic  (C) Zero elastic  (D)unitary elastic
23. An increase in the price of a commodity from $10 to $15 leads to an increase in the quantity supplied from 10units to 15units. The price elasticity of supply is (A) 0  (B) 0.5  (C) 1  (D) 5
24. Economic development may be hindered if there is (A) a high pool is skilled labour (B) a high rate of economic growth  (C) political stability  (D) rapid population growth
25. The long run average cost curve is made up of several short-run (A) marginal and average cost curves.  (B) average cost curves.  (C) average variable cost curves  (D) average variable and total cost.

Curves

 

26. Co-operative societies formed to market the output of their members are called (A) consumer’s co-operative societies  (B) Wholesale co-operative societies  (C) credit and thrift co-operative societies (D) producers’ co-operative societies
27. Money will serve as a standard of deferred payment if it is (A)  homogenous  (B) durable  (C) easily recognized  (D) stable in value
28. Due to an increase in price, a seller increase the quantity offered for sale from 400 units to 450 units. What is the percentage change in quantity supplied?  (A) 1%  (B) 7.5%  (C) 12.5%  (D) 20%
29. Which of the following will increase the nominal value of national income? (A) High rate of inflation (B) increase in the value of money  (C) increase in import  (D) high rate of subsistence production
30. Cyclical unemployment is associated with (A) inadequate information  (B) trade fluctuations  (C) structural changes  (D) seasonal changes
31. Which of the following best defines inflation? (A)  Cyclical increase in prices  (B) periodic increase in prices  (C) persistent increase in prices  (D) Occasional increase in prices

Use the table below to answer questions 32 and 33.

 

X	2	3	4	5
F	2	5	2	1

32. From the table, the mean of the Distribution is (A) 2.2  (B) 2.5  (C) 3.2  (D) 4.5
33. What is the median of the distribution? (A) 5  (B) 4  (C) 3  (D) 2
34. Perfect knowledge of events in a perfect market will be made possible by the existence of (A) many buyers and sellers (B) homogeneous products  (C) means of communication  (D) large number of trades
35. A change in the quantity demanded of a commodity is determined by the (A) size of the population  (B) income of the consumer  (C) price of the commodity  (D) taste and fashion
36. The likely implication of the devaluation of a country’s currency is that (A) exports of such a country become cheaper  (B) importation of goods into such a country becomes cheaper  (C) the value of such a country’s currency rises  (D) foreign goods are attracted into the country.
37. Which of the following types of unemployment results from changes in the pattern of aggregate demand? (A) Technological unemployment  (B) Structural unemployment  (C) Frictional unemployment  (D) Seasonal unemployment
38. Which of the following is not a reason countries import goods? (A) Differences in natural endowments.  (B) The law of absolute advantage  (C) Differences in tastes  (D) The love for other nations
39. Provision of short term loans to solve balance of payments problems is done by the (A) International Finance Corporation  (B) International Monetary Fund  (C) International Bank for Reconstruction and Development  (D) African Development Bank
40. A financial institution established for the purpose of providing specialized services like acceptance of bills of exchange and equipment leasing is known as (A) Merchant Bank  (B) Development Blank  (C) Central  Bank  (D) Insurance company
41. Which of the following functions of money is mostly affected during inflation? (A) Medium of exchange  (B) Unit of Account  (C) Store of value  (D) Standard of deferred payment
42. Which of the following agencies help to stabilize farmer’s income? (A)  Local government authorities  (B) Trade unions  (C) Marketing boards  (D) Co-operative organizations
43. Other things being equal, an increase in supply will lead to (A) a fall in price and an increase in quantity bought and sold  (B) an increase in price and increase in quantity bought and sold  (C) a fall in price and a fall in quantity bought and sold  (D)  an increase in quantity supplied and demanded only.
44. West Africa countries are experiencing worsening terms of trade because (A) they are primary producers  (B) their currencies are overvalued  (C) they import less machines  (D) they are tertiary producers.
45. The concentration of many firms of a particular industry in a particular area is known as (A)  location of industry  (B) amalgamation of industries  (C) localization of industry  (D) nationalization of industry
46. Which of the following is not an effect of the discovery of mineral resources in an area? (A) Increase in wealth  (B) Overcrowding  (C) Increase in crime rate  (D) Under population
47. Which of the following statements is correct? (A) As total utility increases, the marginal utility also increases  (B) the marginal utility is always zero whenever the total utility reaches the maximum  (C) the total utility is at maximum whenever marginal utility is at it’s maximum  (D) There is no relationship between total utility and the marginal utility.
48. International trade is desirable because it (A) may lead to overproduction  (B) brings about overdependence of countries on one another  (C) provides foreign market for local goods  (D) brings about unhealthy competition and rivalries.
49. Precautionary motive for holding money is to (A) meet daily and regular transactions  (B) take advantage of changes in the prices of goods and services  (C) cover unforeseen events  (D) cover expenses on house rent
50. Which of the following measures will not encourage industrialization in West Africa? (A) Taking over of all forms of industries by the government (B) Provision of social infrastructure (C) Giving tax incentives, especially to infant industries (D) Using tariffs to discourage the use of imported items.

 

SECTION A: ANSWER ONE QUESTION FROM THIS SECTION

1. (a) The table below shows the income and rates of income tax levied on four professionals in an economy.

Professional	Income Per Month($)	Tax rate (%)	Disposable income ($)
Doctor	8,000	10
Engineer	7,000	12
Civil Servant	5,000	18
Nurse	6,000	15

 

Use the above data to answer the questions that follows

• Calculate the disposable incomes of the four individuals
• What system of taxation was employed?
• Give reasons for your answers in 1(b)
• With the aid of a diagram, explain the system of taxation employed in 1(b).

(b)        The supply situation for rice in country X over a period is as shown in the table below. Use the information in the table to answer the questions that follow.

PERIOD                                                     PRICE (#)                           QUANTITY SUPPLIED(BAGS)

DECEMBER 2004                          30                                              100

JANUNARY 2007                          40                                              150

APRIL 2009                                    50                                              160

(a).        Calculate the co-efficient price elasticity of supply for rice between December 2004 and January   2007

(b)        is the supply of rice elastic? Give a reason for your answer.

(c).        state any three reasons which may cause an increase in the supply of rice.

 

2 (a)     The table below shows an extract from balance of payments for country A

Use the table to answer the questions that follow:

Balance of payments items

	Items of transaction	Receipts ($)	Payment ($)
1.	Merchandise (visible trade)	52,000.00	40,000.00
2.	Shipping, other transport and travel	4,000.00	8,000.00
3.	Investment income	20,000.00	5,000.00
4.	Other services	2,500.00	7,500.00
5.	Unrequited transfers	22,800.00	7,000.00
6.	Direct investment	50,000.00	26,000.00
7.	Other long-term capital	254,000.00	289,000.00
8.	Short-term capital	221,000.00	238,000.00

Calculate the: (a) balance of trade; (b) balance on current account; (c) balance on capital account (d) balance of payment

(b)        The table below presents the price and quantity supplied by a palm oil producer.

Use the information in the table to answer the following questions.

Price ($)	Quantity supplied (gallons)
6	200
12	300
18	400
20	500
24	600

• If the price of palm oil falls from $20.00 to $18.00, calculate the price elasticity of supply.
• Interpret your answer in question 2(a) above.
• Study the extract below and answer the following questions. The price of palm oil remains at $6.00 per gallons and an increase in the price of a related product causes an increase in the supply of palm oil.
• Give a graphical presentation to illustrate this change
• Indicate the type of supply for the two products.
• State three reasons that can cause a change in supply.

 

 

SECTION B: ANSWER FOUR QUESTION IN THIS SECTION

3. (a). Distinguish between wants and demand. (b) with the aid of diagrams show the effect on demand when (i) there is a reduction in the number of consumers (ii) prices of substitutes increase (iii) there is a decrease in the price of the commodity
4. (a) What is an economic system? (b) outline any four features of a capitalist economy

(c) Explain the advantages and disadvantages of a socialist economy system

5. (a) What is population census? (b) Describe the problems faced in conducting a population census in your country
6. (a) Describe the following types of co-operative societies (i) consumers’ co-operatives; (ii) producers’ co-operatives (iii) thrift and credit co-operatives

(b) Highlight any two problems faced by co-operative societies in West Africa.

7. (a) Define money. (b) State the three motives for holding money (c) mention two of each of the motives for holding money.
8. (a) Explain the following strategies of industrialization. (i) Import substation (ii) export promotion (b) Highlight any four objectives of industrial development programs in your country.

(b) Distinguish between location of industries and localization of industries.

9. (a) What is international trade? (b) Explain any four advantages of international trade.

(c) In what way is foreign trade different from domestic trade?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ELIAS INTERNATIONAL SECONDARY SCHOOL

ALPHA TERM EXAMINATION (2019/2020)

 

Examination malpractices may lead to a repeat of the subject or suspensions don’t be involved.

SUBJECT: ECONOMICS          CLASS: SS1                         TIME: 2HRS

1. The reward to land as a factor of production is (A) Profit  (B) rent  (C) interest  (D) wage
2. 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.
3. The reward to capital as a factor of production is (A) rent  (B) wage  (C) Interest  (D) Commission
4. Mining is an example of (A) tertiary production  (B) Primary production  (C) Secondary production  (D) advanced production
5. Human wants are unlimited because (A) Production is inadequate  (B) resources have alternative uses  (C) new wants always arise  (D) resources are limited
6. A basic economic problem of any society is (A) High level of illiteracy  (B) irregular power supply  (C) population growth  (D) resource allocation
7. Which of the following is related to resource allocation in an economy? (A) How to produce  (B) What to produce  (C) For whom to produce (D) Efficient use of inputs

 

8. 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
9. The sum of items divided by the number of items is the (A) frequency  (B) mean  (C) median  (D) Mode
10. Goods which have to be paid for are known as (A) Physical goods  (B) economic goods  (C) free goods  (D) Intangible goods

Use the table below to answer questions 11 and 12.

X	2	3	4	5
F	2	5	2	1

11. From the table, the mean of the Distribution is (A) 2.2  (B) 2.5  (C) 3.2  (D) 4.5
12. What is the median of the distribution? (A) 5  (B) 4  (C) 3  (D) 2
13. 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
14. Which of the following best describes the mode? (A) Observation with highest frequency  (B) average of two middle numbers  (C) item that occupies the middle position  (D) difference of two extreme values.
15. An arrangement of data in vows and columns is referred to as a (A) graph (B) bar chart  (C) pie chart  (D) table
16. Which of the following is not true about land? (A) The supply is fixed  (B) Land is mobile  (C) it is subject to diminishing returns  (D) Land is heterogeneous
17. The reward which accrues to labour for participating in production is (A) Interest  (B) wage           (C) Bonus   (D) Profit
18. One characteristic of labour is that it is (A) fixed in demand  (B) fixed in supply  (C) Mobile         (D) Untrainable
19. An example of a producer good is a (A) tin of milk  (B) hammer  (C) loaf of bread  (D) shirt
20. The type of production that involves the tapping and harnessing of natural resources is (A) Primary production  (B) secondary production  (C) tertiary production  (D) industrial production
21. The following are examples of economic goods except (A) bottled water  (B) air  (C) household utensils  (D) shelter
22. 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
23. Find the median of the following set of scores 8, 9, 6, 5, 10 (A) 9  (B)  8  (C) 6  (D) 5
24. The concept of opportunity cost is also referred to as (A) social cost  (B) real cost  (C) fixed cost  (D) variable cost
25. Choice is necessitated by (A) demand and supply  (B) cost of production  (C) Production possibility curve  (D) scarcity of resources
26. Labour can be efficient when there are (A) adequate tools to work with (B) high levels of employment  (C)  limited vacancies  (D) government restrictions
27. Productive resources can also be called (A) principle of production  (B) factors of production  (C) items of production  (D) labour and material resources
28. 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
29. The study of Economics enables individuals to (A) change jobs  (B) evade taxes  (C) accumulate huge wealth  (D) make rational decision
30. Which of the following tools of economic analysis is used when data contains more than one category? (A) Bar Charts  (B) Component bar charts  (C) Graphs  (D) Symbolical Statement
31. The reward to capital is ___(A) Bank rate (B) rent (C) interest  (D) commission
32. Fishing belong to the ___production (A) tertiary (B) extractive (C) constructive (D) industry
33. When TU equals 110, what is AU when Q is 10 (A) 10   (B) 11   (C) 120   (D) 100
34. If TU = 50 and TU2= 70, then  MU equals (A) 120  (B) 20   (C) 100  (D) 25
35. Land includes all except ____(A) atmosphere  (B) sea  (C) forest   (D) man
36. Arrangement of needs in order of priority is ____(A) choice (B) ends  (C) scale of preference (D) None
37. When MU equals zero, then TU is (A) low  (B) constant  (C) middle  (D) above
38. ______ is not a basic economic  problem  (A) what  to produce  (B) method  of  production  (C) resource  allocation  efficiency  (D) utility
39. Most acceptable definition of Economics  is by ___(A) Alfred Marshall  (B) Ricardo (C) Lionel Robbins  (D) Adam Smith
40. Reason for studying economics is because of (A) ends (B) scarcity  (C) economy  (D) scale  of  preference

THEORY: Section A:  Answer One Question Only From This Section

1a.      The mean of ten positive members is 15 when another number is added, the mean becomes 17.  Find the eleventh number.

1b.      The table below shows the age distribution of a hypothetical population

 

Age	No. of people(million)
Under 20	20.90
20- 29	13.75
30-59	12.10
60 and above	8.25
Total	55.00

 

Present the above information in the form of a pie chart. Show your workings clearly

 

1. The ungrouped frequency table below represents the number of oranges picked by 20 students. Calculate the mode of the table.

X	0	1	2	3	4	5
F	2	5	6	4	2	1

2a.      the values of different types of accounts held in Nigerian banks for the period 1984 to 1988 is shown in the table below

Year	1984	1985	1986	1987	1988
Savings	100	120	120	180	200
Current	65	75	70	100	130
Fixed deposit	40	45	60	145	50

 

Present the data above in the form of a component bar chart

 

1. Table of input and Output

Labour	Land	Total Product	Average Product	Marginal product
1	3	8	8
2	3	18	9	10
3	3	36	P	18
4	3	48	12	R
5	3	55	11	7
6	3	60	Q	5
7	3	60	86	S
8	3	56	7	T

 

Use the table to answer the following questions

1. Complete the missing figures PQRST
2. Draw the total product (TP) and Marginal Product (MP) curves in one graph (No graph sheet is require)

SECTION B

Answer Two Questions Only From This Section

3a.      Define Economics

1. State and explain the five reasons why we study economics
2. Write Short notes on
3. want ii.           Scarcity         iii.           Scale of Preference   iv.           Choice v. Opportunity cost

4a.      State and explain the basic economic problems of the society.

5a.      Define production

1. Discuss the factors that determine the volume of production

Ci.       What is land?

1. List four Characteristics of land?

iii.       write short notes on

(a) primary production (b) secondary production (c) tertiary production

1. State the law of diminishing returns