Economics First Term Examination and Continous Assessment Questions 2019/2020 Session – Senior Secondary School One( SSS 1)

                  EDUDELIGHT SECONDARY SCHOOL

                    1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

1st  TERM CONTINUOUS ASSESSMENT TEST FOR 2019/2020 SESSION

    SUBJECT: Economics     CLASS:    SS1             TIME: 45mins

  1. The study of Economics is primarily necessitated by——— (a)  production  (b) Scale of preference (c) scarcity (d) Resources
  2. The representation of data using a proportional degree and sectors is called  (a) pictograph (b) Histogram (c) Pie chart  (d) Bar chart
  3. If a student decides to buy rice instead of beans which of the following principle is applicable  (a) choice (b) opportunity cost  (c) scale of preference (d) exchange
  4. Applied Economics deals with ——— (a) making laws from the study of economics (b) using laws in solving economics question (c) a small unit of an economy  (d) the total economy as it affects the entire society
  5. Who is the father of economics  (a)Lionel Robbins (b) Adam Smith (c) A.C pigou (d) Alfred Marshal
  6. One of the following are noticeable similarity between Economics and Physics  (a) demand (b) generalization  (c) graph (d) choice
  7. The study of Economics makes an individual to (a) change Jobs (b) evade tax (c) make rational decision (d) accumulate huge wealth
  8.  Choice is necessary because resources (a) are available  (b) can be found everywhere (c) are constant  (d) are unlimited
  9. The concept of opportunity cost can also be referred to as  (a) social cost (b) fixed cost (c) real cost (d) variable cost
  10. The ranking of consumers need in order of importance is termed (a) choice (b) scale of preference (c) opportunity cost (d) economics of scale

Answer any two questions from this section

  1.  Define economics according to three scholars              (5 marks)
  •   write out 4 reasons why we study Economics              (5 marks )
  •   List and explain five basic economics problems          (5 marks)

                   EDUDELIGHT SECONDARY SCHOOL

                      1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

1st  TERM CONTINUOUS ASSESSMENT TEST (2)  FOR 2019/2020 SESSION

    SUBJECT: Economics     CLASS:    SS1             TIME: 45mins

  1. The study of Economics makes an individual to (a) change Jobs (b) evade tax (c) make rational decision (d) accumulate huge wealth
  2. The reward which accrued to capital  in production is (a) Interest  (b) Interest (c) wages (d) Profit
  3.  Choice is necessary because resources (a) are available  (b) can be found everywhere (c) are constant  (d) are unlimited
  4. If N270 was spent on some articles and one of them is represented in a circle with 40o, how much was spent on the article  (a)  N48  (b) N70 (c)N30 (d) N32
  5. Data presented in table are usually arranged in (a) charts and graph (b) graphs and rows (c) rows and columns (d) columns and graphs
  6.  Which of the following is not an example of land  (a) rivers(b) mountain (c) machine (d) trees
  7. The concept of opportunity cost can also be referred to as  (a) social cost (b) fixed cost (c) real cost (d) variable cost
  8. Find the mean of the following numbers 8,9,6,5,10 (a) 5  (b) 6 (c) 8 (d) 9
  9. Which of the following problems arises where there are more than one technically possible method of production? (a) where to produce  (b) how to Produce (c) when to produce (d) for whom to produce
  10. Which of the following best describe Mode (a) average of two middle numbers (b) observation with the highest frequency (c) differences of two extreme numbers (d) item that occupy the middle position

Theory

Scores (x) 0 2 4 5 6 7 8
Frequency (f) 7 11 8 9 7 5 3

                                           From the table above find

  1. The mean
  2. The median and
  3. The mode of the distribution

EDUDELIGHT SECONDARY SCHOOL

                             1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

                                 1ST TERM EXAMINATION 2019/2020

SUBJECT: ECONOMICS         CLASS: SS 1            TIME:  2hrs

OBJECTIVE: Answer all questions

  1. Economics is the study of mankind in the ordinary business of life. This definition is credited to——— (a) Adam Smith  (b) Daven Port (c) Alfred Marshal (d) A.C pigou
  2. Economics is defined as “ the science that treat phenomena from the stand point of price” is given by—– (a) Adams Smith   (b) J.S Mill   (c) Davenport   (d) A.C Pigou
  3. The study of Economics is primarily necessitated by———                              (a)  production  (b) Scale of preference (c) scarcity (d) Resources
  4. One of the following is a measure of central tendency                             (a)Standard deviation (b) variance (c) Mean (d) range
  5. The services of a musician can be classified under ————- production       (a) Secondary  (b) Primary (c) Tertiary (d intermediate
  6. The representation of data using a proportional degree and sectors is called  (a) pictograph (b) Histogram (c) Pie chart  (d) Bar chart
  7. Human wants are said to be  (a) satiable  (b) Limited  (c) Unlimited                      (d) unlimited 
  8. If a student decides to buy rice instead of beans which of the following principle is applicable  (a) choice (b) opportunity cost  (c) scale of preference (d) exchange
  9. The advantage of labour over other factors of productions is that labour is  (a) scarce  (b) mobile (c) rigid (d) not destructible
  10. A road side gardener can be classified under ——–  skill                                   (a) Skilled (b) semi-skilled  (c) unskilled  (d) none
  11. Applied Economics deals with ———                                                                     (a) making laws from the study of economics (b) using laws in solving economics question (c) a small unit of an economy  (d) the total economy as it affects the entire society
  12. Who is the father of economics?                                                                             (a)Lionel Robbins (b) Adam Smith (c) A.C pigou (d) Alfred Marshal
  13.  Production is completed when ——                                                                          (a)raw materials are converted into finished goods (b) goods reached the final consumer (c)goods are taken to the warehouse (d) when utility is added
  14. One of the following are noticeable similarity between Economics and Physics  (a) demand (b) generalization  (c) graph (d) choice
  15. The study of Economics makes an individual to                                                        (a) change Jobs (b) evade tax (c) make rational decision (d) accumulate huge wealth
  16. The reward  accrued to capital  in production is                                                                                    (a) Interest  (b) Interest (c) wages (d) Profit
  17.  Choice is necessary because resources (a) are available  (b) can be found everywhere (c) limited  (d) are unlimited
  18. If N270 was spent on some articles and one of them is represented in a circle with 40o, how much was spent on the article                                                     (a)  N48  (b) N70 (c)N30 (d) N32
  19. Data presented in table are usually arranged in                                                                             (a) charts and graph (b) graphs and rows (c) rows and columns (d) columns and graphs
  20.  Which of the following is not an example of land                                                                                               (a) rivers(b) mountain (c) machine (d) trees
  21. The concept of opportunity cost can also be referred to as                                                                (a) social cost (b) fixed cost (c) real cost (d) variable cost
  22. The following are examples of economic goods except,                                                       (a) bottle water (b) Air (c) house hold utensils (d) shelter
  23. Find the mean of the following numbers 8,9,6,5,10 (a) 5  (b) 6 (c) 8 (d) 9
  24. Which of the following problems arises where there are more than one technically possible method of production?                                                                (a) where to produce  (b) how to Produce (c) when to produce (d) for whom to produce
  25. Which of the following best describe Mode                                                                                  (a) average of two middle numbers (b) observation with the highest frequency (c) differences of two extreme numbers (d) item that occupy the middle position
  26. The ranking of consumer’s need in order of importance is termed                                                  (a) choice (b) scale of preference (c) opportunity cost (d) economics of scale

                                  Use the following table to answer question 27 – 28 

Scores (x) 0 2 4 5 6 7 8
Frequency (f) 7 11 8 9 7 5 3
  • In the distribution above the mode is (a) 7 (b) 2 (c) 6 (d) 11
  • The median is (a) 2  (b)4 (c) 5 (d)6
  • Basic extractive activities are classified as                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      (a) manufacturing production (b) primary production (c) tertiary production (d)secondary production
  •  Alfred Marshal  gave the definition of economics in the year                                           (a) 1932 (b) 1890  (c) 1843 (d) 1776
  • The most noticeable characteristic of land is that it                                                                    (a) assist in the creation of utility (b)  is a free gift of nature (c) contain valuables mineral resources (d)  is owned by individual and government
  • Economics as a field of study is a                                                                                             (a) social science (b) pure science (c) political science (d)physical science
  • Which of the following is not an advantage of tabular presentation of data (a) occupy more space than mathematical equation (b) enable easy location of required figure (c) makes for easy comparison (d) show whether the figure are increasing or decreasing

Use the following to answer question 34 – 37

Item Frequency
Rice 25
Beans 35
Garri 20
Flour 10
Yam 10
Total 100
  • If the above is presented in a pie chart what will be the angle representing Beans  (a) 172  (b) 126 (c) 72 (d) 36
  • Flour will be represented in a pie chart with  (a) 32  (b) 72 (c) 36 (d) 54
  • If N2,700 is to be spent on the items, how much will be allocated to  Garri  (a) N450 (b) N540 (c) N180 (d) N400
  • If flour received N100 from a sum total, how much will rice receive                                   (a) N150 (b) N250 (c) N300 (d) N540
  • One of the following is not a scope of economics                                                                                                                                   (a) production (b) Derivation (c) Distribution (d) Exchange

                              Use the following to answer question 39 – 40

Numbers 1 2 3 4 5 6
frequency 4 8 11 3 2 2
  • What is the mean of the ? (a) 2.9 (b) 2.8 (c) 2.7 (d) 2.6
  • The mode is (a) 1 (b)3 (c) 11 (d) 2

Part 2.

Answer only one question from this part (20 MARKS)

  1. Calculate the mean, median and mode from the following frequency distribution table
  2.  
X 1 2 3 4 5 6
F 3 6 10 8 5 3
  • The table below shows the sectorial allocation of a country’s budget.     Illustrate the data in a pie chart. Show your working clearly.
Sector Amount (N Million)
Health 40
Education 209
Housing 83
Manufacturing 80
Agriculture 138
Total 550

Part 3.

Answer only Two (2) questions from this part.

  1. (a) Define economics according to three scholars (6 marks) 

(b) Write out four reasons why we study Economics (4 marks)

  • (a) What is labour? (2 marks )

 (b) List and explain at least four characteristics of labour.  (8 marks)

  • (a) Define median          (2marks)                                                                                        (b). give three advantages and two disadvantages of median (8 marks)
  • List and explain any four basic concepts of Economics (10 marks)

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