Subject: Economics. Class: ss3.

1st term

1.The value that is added into a company by an employee is known as A.

human capital B. capital C. physical asset D. developmental capital.

2.Physical capital is also known as A. human capital B. non-human capital C.

labour D. humans.

3.One of these is not the charateristic of human capital A. it is mobile B. It is

tangible C. It has feelings D. It requires motivation

4.The departure or emigration of individual with technical skills or knowledge

from one country to another is known as A. mobility of labour B. brain drain
C. travelling D. emigration

5.All are factors responsible for brain drain except A. poor opportunity B.
political instability C. marriage D. social environment.

6. Where in Nigeria was petroleum first discovered in commercial

quantity.

A. Enugu B. Oloibiri C. Kaduna D.Ogoja

7.Which company first discovered petroleum in commercial quantity in

Nigeria.

A. Shell BP B. Agip C. Gulf D. Butman

8.Which of the following is not done by the NNPC?

A. Production of crude oil B. Refining of crude oil C. Exportation for

crude oil

D. Exploitation of crude oil E. Pricing of crude oil

9.The major foreign exchange earner for Nigeria is _______

A. Agriculture B. sports C. Tourism D. Petroleum

10. Mono product economies are those that produce _________

A. only inter mediate product B. agricultural product C. agricultural

products D. one man commodity

11.The industry concerned with conversion of raw material into finished

goods is A. conversion B. manufacturing C. construction D. power
12.An example of manufacturing industry is A. shoe making B. road
construction C. service D. banking

13.One of the contribution of construction industry to the development of the

economy is A. decreasing the GDP B. unemployment of graduate C.
Stimulation of other sectors D. shortage of infrastructure

14.The sector where the manufacturing industry gets its raw material is in A.
secondary B. primary C. tertiary D. semi secondary

15.One of the problems facing the manufacturing and construction industry

in Nigeria is……..except A. lack of skilled personnel B. high level of illiteracy
C. lack of fund D. surplus fund.

16 The service industry is also known as the ………industry A. processing B.

tertiary C. construction D. mining

17.There are …..types of services occupation a. A. five B. two C. ten D four.

18.Indirect service are done by the following except A. soldiers B. law

makers C. civil servant D. housemaids

19.Banking, transport, insurance etc are also refer to as ……..A. trade B.

commerce C. auxiliaries to trade D. occupation

20.All these are reasons for the growth of the service sector except A.
urbanization B. privatization C. increase in demand D. decrease in
urbanization

21. International trade and domestic trade are similar in all aspect except
that………….

A. Transportation by land, water and air is involved B. Goods are

exchanged

C. Services are exchanged D. The same currency is used as medium of

exchange

E. Specialization and increased consumption is encouraged.

22.International trade is necessary mainly because………………

A . no country can live in economic isolation B. different countries are

endowed with the same natural and man-made resources C. some countries
have comparative cost advantage in the production of certain commodities
D. the world demand for and supply of various categories of commodities is
expanding very fast. E. Countries want to build up their foreign exchange
reserves.

23. International trade takes place because of differences in …… A.

production cost B. language C. currency D. government policy
D. international boundary

24.The instrument used in many countries to restrict imports include: A.

high tariff

B. price index C. exercise duties D.bank rates E. subsidies

25.The Asian Tigers are made up of ....... countries. A. 5 B . 4 C. 3 D. 2

26.Which of these does not relate to the law of comparative advantage?

A. the law of comparative advantage was propounded by David Ricardo

B. the law stresses the importance of relative efficiency. C. in order to
specialize a country must have absolute advantage D. the principle if
followed, should increase total world output.

27......... is the apex bank in every countries. A. Central bank B.Commercial

bank C. Insurance companies D. Merchant banks.

28. The theory of comparative advantage was propounded by.........A.

David Ricardo B.Adam Smith C. Davido D. David Richard .

29.Foreign Exchange control in Nigeria is enforced by the ………….

A. Commercial banks B. Merchant banks C. Mortgage bank

D. Central bank

E. Agricultural Development .......Bank

30. The exchange of goods and services across countries can be

described as........ A. home trade B. national trade C. Bi-lateral trade D.
multilateral trade

THEORY

Answer five questions only

1a .Briefly explain the factors affecting human capital

1b Differentiate in a tabular form human capital and physical capital.

2a. Explain three positive and two negative contributions of petroleum to
the Nigerian economy.

2b.Discuss the role of the Nigerian National Petroleum Corporation (NNPC)

3a.Define service industry

3b.State and explain the roles of service industry to the economic

development of Nigeria.

4a) List the countries that constitute the Asian Tigers.

b.) State three 3⃣ development strategies employed by the Asian Tigers.

5) State five 5⃣ functions of the central bank.

6.) What is International Trade?

b.) State five 5⃣ advantages of International trade.

Ss2 Economics

1.Which of the following is not a set of and mean (b) mean and median (c)
mean and percentile (d) mode and median

2. The most frequently occurring value in a given data is (a) mean ( b )

mode (c ) range (d) median.

3. The formula L+(N/2—Fb)c is for calculating….

(a ) median (b ) mode (c ) mean (d) range.

4. The L1 in the formula for the calculation of measures of central tendency

represents……… (a) lower class boundary of the median class (b) actual
frequency of the modal class (c) upper class boundary of the median class
(d) frequency of the class just after the median class
5.The formation of cumulative frequency is necessary for the calculation
of………… (a) mean (b) range (c) median (d) mode.

6. Which one of these assumptions do economists always make about

consumers? (a) That they are all wage earners ………(b) That they make
rational decisions in the market (c) That they cannot spend more than their
incomes (d) That they can measure utility derived from consumption

7. The aim of the consumer in allocating his income is ………(a) to

maximize his marginal utility (b) to buy goods he wants most whatever the
price. © to maximize his total utility (d) to buy those goods which are fallen
in price.

8. ……………………takes place when the ratio MU of a commodity

consumed is equal to the ratio of its price (a) consumer surplus (b) law of
diminishing marginal utility (c) consumer behaviour (d) utility maximization

9. Total utility (TU) attains its peak when the Marginal utility (MU) is …..
(a) zero on x- axis (b) above x- axis (c) close to x – axis (d) under x- axis5.
10.The difference between the amount of money a consumer planned
to pay for a commodity and the actual amount of money he paid is.......... (a)
commodity price (b) consumer surplus (c) marginal cost (d) producer surplus.

11.If the government fixes a price of a commodity above the equilibrium

price, the quantity supplied will be .........(a) less than the quantity demanded
(b) equal to the quantity demanded (c) greater than the quantity demanded
(d) equal to zero

12. The market price of a commodity is normally determined by the…….. (a)

law of demand (b) interaction of the forces of demand and supply (c) total
number of people in the market (d) total quantity of the commodity in the
market

13.The gap between demand and supply curves below the equilibrium price
indicates …….(a) excess demand (b) excess supply (c) equilibrium quantity
(d) equilibrium price . equilibrium

14.If elasticity of demand is greater than 1 demand is……. (a) Unitary elastic
(B) Inelastic (c) Elastic (d) Infinitely elastic .

15. When the demand curve is a straight line parallel to x axis, demand
is…… (a) fairly elastic (b) fairly inelastic(c) Perfectly elastic (d) Perfectly
inelastic
16. If elasticity of demand for a commodity is less than 1, demand is …..(a)
Unitary elastic (b) Inelastic (c) Infinitely elastic (d) Zero elastic

17. If the price of a commodity rises from N2 to N4 and its demand decrease
from 125 to 100 then the co-efficient of elastic of demand is (a) 0.02 (b) 0.20
(c) 0.25 (d) 5

18. For a good having close substitutes the price elasticity of demand is likely
to be (a) Zero (b) negative (c) more than (d) less than .

19. The responsiveness of demand to a change in income is the

measurement of_______(a) arc elasticity of demand (b) cross elasticity of
demand (c) income elasticity of demand (d) Price elasticity of deman

20. Given income C and D and quantity demanded as follows:

Income Quantity Demanded #40,000 160
#44,000 200 Calculate the coefficient of income
elasticity of demand (a) 2.5 (b) 4.7 (c) 0.44 (d) 6.55.

21. When an increase in consumer’s income leads to a decrease in

quantity demanded of a commodity, income elasticity of demand is......……?
(a) indeterminable (b) positive (c) constant (d) negative .

22. Income elasticity of demand is negative for…………… (a) normal goods

(b) competitive goods (c) inferior goods (d) complementary goods

23. One of the major effects of hoarding is…………….. (a) availability of

goods (b) struggle and uncertainty (c) increase in price (d) enjoyment of
consumers .

24.When the price fixed by law is below the equilibrium price, then the
policy is,,,,,,,,,,,, (a) minimum price control (b) normal price control (c)
maximum price control (d) abnormal price control.

25.A deliberate effort to create artificial scarcity of commodities is called…….

(a) rationing (b) black market (c) hoarding (d) bargaining

26. When an exchange of goods and services does not abide by the
conventional principle of market forces of demand and supply or price fixed
by law, such an exchange is termed……………. (a) rationing (b) black market
(c) hoarding (d) auctioning .

27.The practice of favouritism is a common effect in ………… (a) hoarding

(b) auctioning (c) rationing (d) black market.
28. …….. School of thought emphasizes that utility is measurable. (a)
Cardinal school (b) Ordinal school (c) marginal school (d) maximum school.

29. In a class of students, the following scores were obtained in a

mathematics test 10,2 ,6,7,12, what is the median score? (a) 2 (b) 4 (c) 6
(d) 7

30. £FX stands for…….. (a) total number of observation. (b) sum of frequency
times observation (c) sum of frequency (d) number of elements times
frequencies.

Theory

1.a) Define Elasticity of Demand

b.) Mention three tsticity of demand.

2. The figure below was-extracted from the demand schedule of Kingsley

Nanta, a consumer of bread.

Price in naira Quantity Demanded

Old New Old New

50 70 200 160

You are required to calculate:

i. Percentage change in quantity demanded

ii. Percentage change in price
iii. Co-efficient of price elasticity of demand

iv. From your answer in i-iii above state whether demand is elastic or
inelastic.

3. With the aid of sketch diagrams explain the following types of elasticity
demand (a) Unity (b) Inelastic (c) Elastic (d) Zero € Infinity of Elasticity of
Demand .

4.What is black market?

4b) State 3 effects of black market

5 . What is hoarding?

5b) State the difference between hoarding and rationing.