VICTORIOUS GROUP OF SCHOOLS
*Creche *Nursery *Primary *Secondary
Address: Beside Teacher’s Cooperative Building Orogun, Ibadan, Oyo State
THIRD TERM EXAMINATION
(Objective part answer all Questions)
SUBJECT: ECONOMICS CLASS: SS1
1. ______ refers to the branch of economics which deals with larger units of the
economy (a) Macro-economics (b) Micro-economics (c) Efficiency economic (d)
Production economy
2. Economics belongs to a group of subject called social science because it ___ (a)
Treats phenomena from the stand point of price (b) Studies human behaviour (c)
Acquire material wealth which improves the welfare of human beings (d) Involves
the production of mineral resources
3. ___ is the list showing the order in which our wants are arranged in order of priority
(a) Choice (b) Opportunity cost (c) Choic (d) Scale of preference
4. Sources of capital for sole proprieforship are the following except _____ (a) Trade
credit (b) Personal savings (c) Loan and over draft from banks (d) Hire purchase
5. _____ is a line used for data where emphasis is on continuous change (a) Pie graph
(b) Line graph (c) Bar graph (d) Joint line
6. ____ is the difference between the highest number and lowest number (a) Mode (b)
Median (c) Mean (d)Range
7. Basic economics problems of society in dude the following except ____ (a) Effient
use of resources (b) How to produce (c) For whom to produce (d) Type of economy
to produce
8. Production is defined as the creation of _____ (a) Utility (b) Diminishing returns (c)
consumer income (d) Cost of production
9. _____ labour makes use of their mental effort in productive activities (a) Unskilled
(b) Skilled (c) Technical (d) Propensity
10. The aim of business organizations irrespective of the ownership and structure is ____
(a) The provision of goods and services to make profit (b) The provision of goods and
services to meet the numerous need of the people (c) The provision of goods and
services to intimidate (d) The provision of goods and services for accountability to
the government
11. There are ____ types of partners (a) 3 (b) 6 (c) 4 (d) 5
12. _____ may be defined as agreements, rulers and regulations guiding the members of a
partnership (a) Deed of choice (b) Deed of partnership (c) Deed of agreement (d)
Deed of perpetuity
13. The first producer co-operative society in Nigeria was established in ____ (a) 1990
(b) 1982 (c) 1985 (d) 1922
14. The type of population census are_____ and ____ (a) Defects and derail (b) Dejure
and Debenture (c) Defector and Dewar (d) Dejure and Defactor
15. The type of migration are ____ in number (a) 3 (b) 4 (c) 2 (d) 5
16. The name of company, which must end with the word “limited” is _____ (a) Private
limited liability company (b) Public liability company (c) Memo-random of
association (d) companies limited by shares
17. Example of public corporation in Nigeria include the following excluding ____ (a)
NITEL (b) FRCN (c)NRC (d) WHO
18. ____ enterprises are the types of business organization which are owned, controlled
and managed by the government (a) Private (b) Public (c) Enterprineur (d) sole
19. The company act contains the effects of incorporation as these except (a) Right to
b)borrow (b) Right to transfer shares (c) Right of perpetual existence (d) Right of
debenture
20. A ____ can be defined as the individual portion of the company’s capital owned by
shareholders (a) Share (b) Co-operative society (c) Business enterprises (d)
Population
THEORY
1a. What is population?
b. List the forms of migration
c. Represent the information by means of pie chart. The value of the most important
export in Nigeria in 1980, both in percentage and in degrees
Export product value in million
Cocoa 200
Coal 50
Groundnut 140
Petroleum 240
Others 90
2a. List the type of bar chart
b. A farmer harvested 60 tubers of yam for eight days. Draw a histogram to represent the
information.
Numbers of day 1 2 3 4 5 6 7 8
Tubers of yam 4 12 7 20 2 9 1 5
c. Define the following
i. Durable goods
ii. Shares
iii. Non durable goods
3a. Briefly discuss the factors of production
b. Use the table below to answer the following questions
Variable Units Fixed factors Total product Average Marginal
of Labor Hectares of (kg) Product (kg) Product (kg)
Land
1 3 8
2 3 18
3 3 36
4 3 48
5 3 55
6 3 60
7 3 60
8 3 56
c. Write the following features of Sole Proprietorship
i. Ownership
ii. Objective
iii. Source of Capital
iv. Liability
v. Legal entity
vi. Life Span
4a. What is Co – operative society?
b. Write Seven advantages and disadvantages of Large population
c. Write the Characteristics of Public limited liability company
i. Ownership
ii. Liability
iii. Membership
i. Life Span
5. The following table represent a hypothetical age distribution of the population of a town in
Nigeria.
Sex Age in years 11 – 14 15 – 35 36 – 64 65 above
below 10
Male 1350 2275 1135 Y 3250
Female 2650 2725 1365 9265 Z
Total 400 X 2500 7500 6000
From the data above calculate
a. X, Y, Z
b. The total population
c. The difference between the population of male and female from age 14 and below
d. The percentage of the population aged 14 years and below
e. The dependency ratio in the town.
