BENVIC INTERNATIONAL MONTESSORI ACADEMY
BESIDE ZUMA FM MAJE ROAD SULEJA, NIGER STATE.
FIRST TERM EXAMINATION
CLASS: S.S.S ONE
SUBJECT: ECONOMICS
INSTRUCTION: ANSWER ALL THE QUESTION IN THIS SECTION
1. The definition of economics as the science which studies human behavior as a relationship
between ends and scare means which have alternative use was given by …………..
(a) Adam Smith (b) David Rishardo (c) Lionel Robbins
2. Economics is a social science because it …….. (a) deals with an aspect of human behavior
(b) provide people with the commodities they want (c) deals with limited resources which have
alternative uses
3. Scarcity in economics generally refers to ……..
(a) a period of production (b) resources being limited (c) period of famine
4. Opportunity cost is defined as the ………. (a) money cost (b) cost of production (c) real cost
5. Which of the following defines economics most comprehensively?
(a) study of human behavior in the allocation of scarce resources (b) national development
planning and budgeting (c) study of market forces as they affect human behavior
6. Choice is necessary because resources are ……… (a) unlimited (b) available (c) scarce
7. Which of these factors does not cause a change in demand?
(a) price of the commodity (b) population (c) income
8. Find the median of the following set of scores: 8, 9, 6, 5, 10 ……… (a) 9 (b) 8 (c) 6
9. Human wants are…… (a) limited (b) scarce (c) unlimited
10. The most basic concern of economics is the…….. (a) create human wants (b) allocate scarce
resources to satisfy human want (c) create perfect competition
11. Economics can be best defined as the study of …….. (a) how scarce resources can be used
efficiently (b) why resources are scarce (c) how to find minimum cost of production
12. Which of the following is a measure of central tendency? (a) percentage (b) graph (c) median
13. Who is the father of economics? ………….
14. Which of the following is not basic concept of economics?..... (a) wants (b) choice (c) mean
15. …….. can be defined as a diagram showing a functional relationship between two variables
(a) Graph (b) Pie charts (c) Tables
SECTION B. THEORY (Answer 3 questions only)
1. Explain each of the following measure of central tendency
i. Mean ii. Median iii. Mode
1b. Calculate the median of the following sets of values: 2, 8, 11, 13, 15, 6, 9, 20, 7
2. Find the median of the following numbers: 20, 8, 12, 10, 14, 18, 5, 8
2b. What is Bar charts?
3. What is table?
3b. List five characteristics of a table
4. Write short notes on (a) Wants (b) Choice (c) Scarcity (d) Opportunity
BENVIC INTERNATIONAL MONTESSORI ACADEMY
BESIDE ZUMA FM MAJE ROAD SULEJA, NIGER STATE.
FIRST TERM EXAMINATION
CLASS: S.S.S TWO
SUBJECT: ECONOMICS
INSTRUCTION: ANSWER ALL THE QUESTION IN THIS SECTION
1. The law of demand states that ……… (a) as price increases, quantity decreases (b) demand
increases as price increases (c) as price falls, quantity demanded increases
2. Effective demand in economics means ……. (a) the desire for a commodity (b) proposal to
purchase a good on credit (c) the desire for a commodity or service backed by purchasing
3. The term production in economics means …… (a) manufacturing of goods (b) the creation of
utilities (c) giving birth to children
4. Under the socialist economy, the decision on what to produce is determined by the ………..
(a) producers (b) price (c) government
5. An economic system in which most means of production are owned and controlled by the state
is known as ……… (a) socialist economy (b) capitalist economy (c) mixed economy
6. Goods are said to be in competitive demand when they are …………
(a) substitute (b) jointly demanded (c) complementary to each other
7. The system whereby goods are exchanged for goods is known as …………
(a) stock exchange (b) barter system (c) banking
8. In a socialist economy system, factors of production are owned and controlled by the ……….
(a) citizens (b) business (c) government
9. The demand for a commodity that serves two or more purposes is …………
(a) competitive demand (b) complementary demand (c) composite demand
10. Which of the following correctly illustrates the chain of distribution? …………. (a)
Manufacturer – Wholesaler - Retailer – Consumer (b) Consumer – Retailer – Wholesaler –
Manufacturer (c) Wholesaler – Retailer – Manufacturer – Consumer
11. The following except ……. Is a factor affecting demand. (a) Price (b) Taxation (c) Demand
12. The following except .… is a factor affecting supply. (a) Natural disaster (b) Price (c) Change
13. What is the formulae for calculating total production?
14. State the formulae for calculating average production
15. 30 men were employed in a farm and they produced an average of 15 tons of cassava per
person. What is the total product? (a) 450 tons (b) 360 tons (c) 750 tons
SECTION B. THEORY (Answer 3 questions only)
1. What is demand?
1b. What is supply?
1c. Define average product
2. Discuss the various types of revenue
2b. Explain the relationship between average revenue and marginal revenue
3. List and explain the factors affects demand
3b. Explain two types of demand
4. State the law of supply
4b. Define cost of production
4c. List five types of cost concept
BENVIC INTERNATIONAL MONTESSORI ACADEMY
BESIDE ZUMA FM MAJE ROAD SULEJA, NIGER STATE.
FIRST TERM EXAMINATION
CLASS: S.S.S THREE
SUBJECT: ECONOMICS
INSTRUCTION: ANSWER ALL THE QUESTION IN THIS SECTION
1. The exchange of goods and services across different countries can be described as ……….
(a) Bilateral trade (b) Multilateral trade (c) Home trade
2. Which of the following is a major barrier to international trade?.........
(a) ideological differences among nations (b) educational imbalance (c) religions
3. The main role of the organization of O.P.E.C is …….. (a) fixing oil production levels
(b) supplying oi at affordable rates (c) ensuring optimum production of oil
4. The organization of petroleum exporting countries (OPEC) is an example of a ……….
(a) perfect competition (b) cartel (c) monopoly
5. The two largest producers of crude oil in Nigeria are ……… (a) Borno and Ondo State
(b) Rivers and Bendel States (c) Kwara and Benue States
6. Which of the following is not done by the N.N.P.C?
(a) Pricing of crude oil (b) production of crude oil (c) refining of crude oil
7. The headquarter of OPEC is in …. (a) Geneva Switzerland (b) Vienna Austria (c) Paris France
8. The full meaning of OPEC is ……… (a) Organization of Petroleum Exporting Companies
(b) Organization of Petroleum Exporting Countries (c) Oil and Petroleum Exporting Countries
9. The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by ……
(a) ECOWAS (b) OPEC (c) NNPC
10. International trade takes place because of differences in …………..
(a) production cost (b) language (c) currency
11. The following factors affect the efficiency of human capital except ………. (a) education
(b) experience (c) production
12. One of the following is a factor that affect the efficiency of human capital ………….
(a) competence (b) production (c) delay
13. The first attempt made towards oil exploration was in ……….. (a) 1908 (b) 1996 (c) 1976
14. The full meaning of NNPC is …….. (a) Nigeria National Petrol Company
(b) Nigerian National Petroleum Corporation (c) National Nigeria Petroleum Corporation
15. One of the roles of NNPC is …..….. (a) employment (b) vandalization (c) destruction
SECTION B. THEORY (Answer 3 questions only)
1. Define and explain the following terms: (i.) Human Capital (ii.) Physical Capital
1b. Name six factors affecting human capital
2. State any three positive and any two negative effects of petroleum industry on the economy
of Nigeria.
2b. What is manufacturing industries?
3. Define service industry
3b. List and discuss the types of service industry
4. Define commerce.
4b. List the roles of the service industry to economic development of Nigeria
