Economics Third Term Examination Questions 2019/2020 Session – Senior Secondary School One( SSS 1)

   EDUDELIGHT SECONDARY SCHOOL

1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

3RD TERM EXAMINATION FOR 2019/2020 SESSION

SUBJECT: Economics  CLASS:    SS1    TIME: 2 Hours

OBJECTIVES

  1. Which of the following is not a function of money?(a)Store of value(b) stability in value (c) unit of account (d) standard of deferred payment
  2. Which of the following is not a characteristic of money? (a) scarcity

(b) Durability (c) mobility (d) homogeneity

  • Which of the following is not regarded as money in economics? (a) cheques

(b) naira and kobo (c)coins (d)currency note

  • Which of the following is not a function of the Central Bank? (a) banker to the government (b) bankers’ bank (c) acceptance of deposit from the public

(d) responsible for monetary policy

  • Few commercial banks are located in the rural areas because (a) There are not enough people in the rural area to work in the banks (b)bankers generally like city life (c)there are not many business establishment and depositors in the rural area  (d) none of the above
  • Which of the following functions does a retailer perform in an economy?

(a) Production (b) exchange (c) hoarding (d) distribution

  • In Economics, production is complete when (a) goods are produced in the factory (b) goods are sold to wholesalers (c) price are fixed for goods and services (d)goods and services reach the consumers
  • Which of the following is the major problem in the distribution of goods?

(a) Clearing and forwarding procedure   (b) Delay in police checkpoint

 (c) Activities of middlemen (d) Instability in the pricing system

  • Distribution is part of production because it (a)makes good and service available to the final consumer (b) transport the goods from place to place (c) offers employment to people (d) link the consumer with the producers.
  • The most essential function of the retailer is the (a) exchange of consumer goods for money (b) extension of credit to consumer (c) selling of goods in unit to the consumers (d) advising the consumers
  • Which of the following pairs can be referred to as the primary middlemen?                       (a) Wholesales and agent (b) Retailers and Consumers (c) Consumers and Agents (d) Wholesalers and Retailers
  • Which of the following is not a function of a commercial bank? (a) accepting deposits from the public (b) serving as banker to the government (c) safekeeping of valuables (d)lending to the public
  • A supply curve slopes upward from (a) left to right (b) right to left (c) left to left (d) right to right   
  • The motivation for producers to supply more of a certain commodity whenever the price increases is to (a)avert scarcity (b)capture the market (c)make more profit (d)gain popularity
  • A market equilibrium exists when ——-   (a). demand and supply are equal    (b). the market is large (c). the price is fluctuating  (d). price is determined through haggling
  • Data presented in table are usually arranged in (a) charts and graph (b) graphs and rows (c) rows and columns (d) columns and graphs
  • Choice is necessitated by (a) demand and supply (b) cost of production                         (c) scarce resources (d) wants
  • The concept of opportunity cost can also be referred to as  (a) social cost

(b) fixed cost (c) real cost (d) variable cost

  1. The following are examples of economic goods except, (a) bottle water (b) Air (c) house hold utensils (d) shelter
  2. The point where demand and supply intersect on a graph is called (a) Equity

(b) Equality (c) Equilibrium (d) Intersection point

  • All the following affect demand except (a) price (b) population (c) weather

(d) quantity

  • A demand curve slopes downward from (a) left to right (b) right to left (c) left to left
  • The production of crops and rearing of animals for man’s use is known as (a)agriculture (b) fishery (c)horticulture (d)mining
  • The highest financial institution in the country is the (a) merchant bank

(b) commercial bank (c) savings bank (d) central bank

  • A loan that last for one year or less is called a (a)long-term loan (b)short term loan(c)medium term loan (d) One year loan
  •  Which of the following is a function of money?  (a) durability  (b) portability (c). divisibility (d). medium of exchange
  • Developmental banks majorly provide (a). saving account facilities (b). foreign exchange facilities (c). capital for development of specific sectors (d). capital for development of special banks.
  • The action taken by the government to determine the population of a country is referred to as   (a) counting   (b) budgeting  (c) election  (d) census
  • A business that is having monopoly of decision making is the  (a) partnership business  (b) corporation  (c) sole trader business  (d) liability company
  • Examples of Joint Stock banks are  (a) commercial banks  (b) central banks                         (c) co-operative and credit societies (d) developmental banks
  • Which of the following controls a limited liability company  (a) The general manager  (b) the managing director  (c) Tax payers  (d)The  board of directors
  • Securities sold by the Central bank on behalf of the Government  is called              (a) bill of exchange (b) treasury bill  (c) commercial bill (d) bank bill
  • The following are examples of commercial banks except  (a) United Bank of Africa   (b) Access Bank  (c) Fidelity Bank (d) AB microfinance Bank
  • West African economies can best be described as  (a) agricultural  (b) backward  (c) developed  (d) industrialized 
  • Which of the following problems arises where there is 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
  • 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

SECTION B    (THEORY)

Answer any four questions from this section

1a.   One of the criticisms against wholesalers is that they cause further increases in the price of goods. Do you think they should therefore be eliminated from the chain of distribution?  Give five reasons for your answer. (5 marks)

b.   State five functions performed by the wholesalers to the producers.( 5 marks )

2a.    Explain five ways by which the central bank helps to carry out the monetary   policyof government in Nigeria. (5 marks)

    b.    State five functions of commercial banks. (5 marks)

3a.   Explain five factors affecting demand for goods and services. (5 marks)

    b.   Distinguish between want and demand (2 marks)

c.    State three factors affecting supply (3marks)

4. Demand and supply schedule

       Price (N)        Qty Demanded in kg         Qty  supply kg  

        50                            30                                   110

        40                           50                                    90

        30                           70                                    70

        20                           90                                    50

        10                               110                                 30

        Use the above schedule to answer the following questions below

4a.  i.At what price and quantity does the market attain equilibrium and why?

ii.   At what price does the market exhibit excess supply and by how many?

     iii. At what price will the supplier be willing to sell most? What quantity will he be willing to sale at that price?

      iv. At what prices does the supply exceed demand and by how much?   (5marks)

4b   Represent the above on a graph and   locate the equilibrium point   (5 marks) 

5a   Define demand and supply (2 marks)

5b     State the law of demand and supply (2 marks)

5c   Construct hypothetical supply schedule and plot it on a supply curve (6 marks)

6a.   Examine the nature and structure of industries in Nigeria (5 marks)

6b.For money to perform its roles effectively, it must possess certain qualities, what are these qualities, explain at least five. (5 marks)

EDUDELIGHT SECONDARY SCHOOL

1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

3RD TERM EXAMINATION FOR 2019/2020 SESSION

SUBJECT: Economics  CLASS:    SS1    TIME: 2 Hours

OBJECTIVES

  1.  Which of the following functions does a retailer perform in an economy? (a) Production    (b) exchange (c) hoarding (d) distribution
  2. In economics, production is complete when (a) goods are produced in the factory  (b) goods are sold to wholesalers (c) price are fixed for goods and services   (d) goods and services reach the consumers
  3. Which of the following is the major problem in the distribution of goods?

           (a) Clearing and forwarding procedure   (c) Delay in police checkpoint

            (b) Activities of middlemen                   (d) Instability in the pricing system

4.         Distribution is part of production because it (a) makes good and service available to the final consumer (b) transport the goods from place to place (c) offer employment to people (d) link the consumer with the producers.

5.       The most essential function of the retailer is the (a) exchange of consumer goods for money (b) extension of credit to consumer (c) selling of goods in unit to the consumers (d) advising the consumers

6.        Which of the following pairs can be referred to as the primary middlemen?                       (a) Wholesales and agent (b) retailers and consumer (c) consumer and agent                   (d) wholesalers and retailers

7.       Which of the following is not a function of money? (a) Store of value (b) stability in value (c) unit of account  (d) standard of deferred payment

8.       Which of the following is not a characteristic of money? (a) scarcity (b) durability                     (c) mobility (d) homogeneity

9.        Which of the following is not regarded as money in economics? (a) cheques (b) naira and kobo (c) coins (d) currency note

10.      Which of the following is not a function of the Central Bank? (a) banker to the government (b) bankers’ bank (c) acceptance of deposit from the public                     (d) responsible for monetary policy

11.     Few commercial banks are located in rural area because (a) There are not enough people in the rural area to work in the banks (b) bankers generally like city life                  (c) there are not many business establishment and depositors in the rural area                        (d) none of the above

12.      Which of the following is not a function of a commercial bank? (a) Accepting deposits from the public (b)serving as banker to the government (c)safekeeping of valuables (d)lending to the public

13.     A supply curve moves upward from (a) left to right (b) right to left (c) left to left      (d) right to right   

14.     The motivation for producers to supply more of a certain commodity whenever the price increases is to (a) avert scarcity (b) capture the market (c) make more profit                    (d) gain popularity

15.      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

16.      Data presented in table are usually arranged in (a) charts and graph (b) graphs and rows (c) rows and columns (d) columns and graphs

17.      Choice is necessitated by (a) demand and supply (b) cost of production                         (c) scarce resources (d) wants

18.     The concept of opportunity cost can also be referred to as  (a) social cost (b) fixed cost (c) real cost (d) variable cost

19.     The following are examples of economic goods except, (a) bottle water (b) Air                (c) house hold utensils (d) shelter

20.     The point where demand and supply intersects on a graph is called (a) Equity               (b) equality (c) equilibrium (d) intersection point

21.     All the following affect demand except (a) price (b) population (c) weather (d) quantity

22.      A demand curve slopes downward from (a) left to right (b) right to left (c) left to left

23     The production of crops and rearing of animals for man’s use is known as (a) agriculture (b) agriculture (c) horticulture (d) mining

24.    The highest financial institution in the country is the (a) merchant bank (b) commercial bank (c) savings bank (d) central bank

25.     A loan that last for one year or less is called a (a )long-term loan (b) short term loan         (c ) medium term loan (d) One year loan 

  • A co-operative society is a  (a) finance house  (b) self-help business organization                 (c) public corporation   (d) non-democratic business organization
  • The action of the government to forgo construction in order to provide more health facilities denotes (a) sound economic decision  (b) practicable government policy                         (c) opportunity cost  (d) scale of preference
  • The action taken by the government to determine the population of a country is referred to as   (a) counting   (b) budgeting  (c) election  (d) census
  • A business that is having monopoly of decision making is the  (a) partnership business  (b) corporation  (c) sole trader business  (d) liability company
  • Examples of Joint Stock banks are  (a) commercial banks  (b) central banks                         (c) co-operative and credit societies (d) developmental banks
  • Which of the following controls a limited liability company  (a) The general manager  (b) the managing director  (c) Tax payers  (d)The  board of directors
  • Securities sold by the Central bank on behalf of the Government  is called  (a) bill of exchange (b) treasury bill  (c) commercial bill (d) bank bill
  • The following are examples of commercial banks except  (a) United Bank of Africa             (b) Access Bank  (c) Fidelity Bank (d) AB microfinance Bank
  • Find the mean of the following numbers 8,9,7,6,10 (a) 5  (b) 6 (c) 8 (d) 9
  • Which of the following problems arises where there is 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
  • Which of the following best describes 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
  • 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
  • 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

SECTION B    (THEORY)

Answer any four questions from this section

1a.   One of the criticisms against wholesalers is that they cause further increases in the    price of goods. Do you think they should therefore be eliminated from the chain of distribution?  Give five reasons for your answer. (5 marks)

   b.   State five functions performed by the wholesalers to the producers. ( 5 marks )

2a.    Explain five ways by which the central bank helps to carry out the monetary   policy                    of government in Nigeria. (5 marks)

    b.    State five functions of commercial banks. (5 marks)

 3a.   Explain five factors affecting demand for goods and services. (5 marks)

    b.   Distinguish between want and demand (2 marks)

    c.    State three factors affecting supply (3marks)

4.  Demand and supply schedule

       Price  N            Qty Demanded in kig  N      Qty supply kg    N

        25                                        20                                    100

        20                                      40                                    80

        15                                      60                                    60

        10                                        80                                    40

          5                                        100                                  20

        Use the above schedule to answer the following questions below

4a.  i.    At what price and quantity does the market attain equilibrium and why?

      ii.   At what price does the market exhibit excess supply and by how many?

     iii. At what price will the supplier be willing to sell most? What quantity will he be willing to sale at that price?

      iv. At what prices does the supply exceed demand and by how much?        (5 marks)

4b   Represent the above on a graph and   locate the equilibrium point           (5 marks) 

5a   Define demand and supply (2 marks)

5b     State the law of demand and supply (2 marks)

5c     Construct hypothetical supply schedule and plot it on a supply curve   (6 marks)

6a.   Examine the nature and structure of industries in Nigeria (5 marks)

6b.   For money to perform its roles effectively, it must possess certain qualities, what are    these qualities, explain at least five. (5 marks)

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