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

EDUDELIGHT GROUP OF 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. The central problem of economics is  (a) needs  (b) scarcity (c) choice (d) scale of preference
  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 allocation of resources among the various member of the society is the theory of ? (a)  production  (b) Exchange (c) consumption (d) Distribution
  4. One of the following is a measure of central tendency  (a) mean (b) variance (c) Standard deviation (d) range
  5. The activities of the Miners can be classified under ————- (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) scarce (d) unlimited  
  8. If a student decides to buy rice instead of garri which of the following principle is applicable  (a) choice (b) opportunity cost  (c) scale of preference (d) exchange
  9. If N210 was spent on some articles and one of them is represented in a circle with 48o , how much was spent on the article  (a)  N48  (b) N70 (c) N28 (d) N32
  10. The advantage of land over other factors of productions it that land is  (a) mobile  (b) scarce (c) flexible (d) not destructible
  11. A road side Mechanic can be classified under ——–  skill    (a) Skilled (b) semi-skilled  (c) unskilled  (d) none
  12. Macroeconomics deals with ——— (a) using laws in solving economics question (b) a small unit of an economy  (c) the total economy as it affects the entire society (d) making laws from the study of economics
  13. Who is the father of economics  (a)Lionel Robbins (b) Adam Smith (c) A.C pigou (d) Alfred Marshal
  14. Goods are said to be produced when  (a)raw materials are converted into finished goods (b) reached the final consumer (c) taken to the ware house (d) when utility is added
  15. One of the following are noticeable similarity between economics and chemistry (a) Demand (b) observation (c) graph (d) choice
  16. The study of economics makes an individual to (a) change Jobs (b) evade tax (c) make rational decision (d) accumulate huge wealth
  17. The reward which accrued to labour for participating in production is (a) Interest  (b) Bonus (c) wages (d) Profit
  18. Production covers the following except when  (a) utility is created (b) a commodity is consumed (c) a good is manufactured (d) individual wants are satisfied
  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. Choice is necessitated by  (a) demand and supply (b) cost of production (c) scarce resources (d) wants
  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 economics 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 consumers 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 6 7 7 4 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
  • Lionel Robbins gave the definition of economics in the year (a) 1932 (b) 1776  (c) 1843 (d) 1890
  • Land is a factor of production because (a) assist in the creation of utility (b) it is a free gift of nature (c) contain valuables mineral resources (d) It 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 15
Beans 45
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) 162 (c) 72 (d) 36
  • Flour will be represented in a pie chart with  (a) 36  (b) 72 (c) 20 (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) N450
  • One of the following is not a scope of economics  (a) production (b) Derivation (c) Distribution (d) Exchange

Usethe following to answer question 39 – 40

Numbers 1 2 3 4 5 6
frequency 3 8 12 5 1 1
  • What is the mean of the distribution (a) 2.77  (b) 2.87 (c) 2.97 (d) 2.88
  • The mode is (a) 1 (b)2 (c) 3 (d) 12

Part 2.

Answer only one question from this part (20 MARKS)

  1. Calculate the mean, median and mode from the following frequency distribution table
X 1 2 3 4 5 6
F 2 3 1 5 4 3
  • The table below shows the sectoral allocation of a country’s budget. Illustrate the data in a pie chart. Show your working clearly.
Sector Amount (N Million)
Health 4.10
Education 20.90
Housing 8.25
Manufacturing 8.00
Agriculture 13.75
Total 55.00

Part 3.

Answer only Two (2) questions from this part.

  1. (a) Define economics using the most generally accepted definition of economics ( 3 marks)  (b). List and explain the scope of economics (7 marks )
  2. (a) What is Production? (2 marks )  (b) List and explain the classes of Production with example activities involved in each ( 8 marks )
  3. (a) Define median (2marks)      (b). give three advantages and two disadvantages of median
  4. List and explain the various branches of economics (10 marks)

                               EDUDELIGHT GROUP OF SCHOOL        

              1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

1ST CONTINEOUS ASSESSMENT 2019/2020

                SUBJECT: ECONOMICS    CLASS: SS 1            TIME: 40mins

OBJECTIVE: Answer all questions

  1. Who is the father of economics ? (a) Lionel Robbins (b) Alfred Marshal (c) Adam Smith (d) A.C Pigou
  2. Who gave the most generally accepted definition of economics  (a) Lionel Robbins (b) Alfred Marshal (c) Adam Smith (d) A.C Pigou
  3. The scope of economics that deals with the creation of utility is  ——–   (a) Distribution (b) Consumption         (c) production   (d) Exchange
  4. Economics can be said to be what type of science  (a) Art  (b) Commercial (c) pure (d) social
  5. Microeconomics deals with  (a) using laws in solving economics problem  (b) a small unit of an economy (c) the total economy as it the entire society (d) making laws from the study of economics
  6. The decision made over different options is (a) want  (b) need  (c) choice  (d) opportunity cost
  7. The actual cost or price of a product is called  (a) Nominal cost  (b) opportunity cost  (c) Real cost (d) all of the above
  8. The alternative forgone is called  (a) opportunity cost  (b) money cost (c) Nominal cost (d) all of the above
  9. —————  refers to limited supply of resources needed to satisfy unlimited desires  (a) needs  (b) lack (c) scarcity (d) choice
  10. —————-   are things we desire which are unlimited (a) wants  (b) problems (c) scarcity (d) Resources

Theory

Answer all questions.

  1. (a) Define economics using the most generally accepted definition  (b) list and explain the scopes of Economics ( 5 MARKS)
  2. Give two similarities and three difference between economics and pure science.( 5 MARKS)

Lessonplan

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