ADEWUNMI MEMORIAL COLLEGE
OMU-ARAN, KWARA STATE
THIRD TERM EXAMINATION JSS TWO (2)
ECONOMICS
SS ONE (1)
SCETION A (Objectives)
Instruction: Attempt all questions in this section
(1) Various stages goods and services pass through before getting to the end user is called _____ (a)
chain of demand (b) chain of distribution (c) supply (d) utility
(2) A person that buys in bulk from manufacturer to further sell to another person in channel of
distribution is known as (a) wholesaler (b) retailer (c) consumer (d) conductor
(3) The end user of a product is known as (a) user (b) eater (c) final consumer (d) retailer
(4) A very good example of retail trade is _____ (a) hawking (b) container shipping (c) sachet water
factory (d) network company
(5) _____ is the structure/system a particular operates in controlling the wealth/economic value of
their nation (a) agriculture (b) economic resources (c) capitalism (d) socialism
(6) An economic system under which private individuals are at liberty to produce and offer any
commodity for sale is known as _____(a) socialism (b) capitalism (c) mixed economy (d) Nazism
(7) An economic system that glorifies government monopoly is popularly known as ______(a)
socialism (b) capitalism (c) mixed economy (d) Nazism
(8) ______ is an economic system under which both the government and private individuals jointly
function in rendering essential services to the state (a) socialism (b) capitalism (c) mixed
economy (d) Nazism
(9) Another title for capitalism is (a) command economy (b) free market economy (c) autocratic
economy (d) domestic economy
(10) ______ refers to the ability of a consumer to request for good or service at a given price at a
particular period of time (a) supply (b) demand (c) market (d) request
(11) _____ is popularly called the free gift of nature on which production exercise takes place (a)
land (b) labour (c) capital (d) entrepreneur
(12) _____ is referred to as the resources used in starting up a business (a) land (b) labour (c) capital
(d) entrepreneur
(13) Who is the king of market in channel of distribution (a) wholesaler (b) retailer (c) consumer (d)
conductor
(14) One of agencies regulating the production of substantial food and drug services in Nigeria is (a)
NYSC (b) NAFDAC (c) WHO (d) UNICEF
(15) Economics emerged because (a) human wants are numerous hence management and choice
becomes a necessity (b) human being are exploitative in orientation (c) because we want to
learn it in school (d) because we want to make heaven
SCETION B (Theory)
Instruction: Attempt all questions in this section
(1) (a) Define chain of distribution
(b) Give a Pictorial description and explanation of distributive chain
(2)(a) Define Economic system
(b) Explain three (3) economic systems that exist in the world with 5 features,
advantages and disadvantages for each
Best of luck
Master Ade
ADEWUNMI MEMORIAL COLLEGE
OMU-ARAN, KWARA STATE
THIRD TERM EXAMINATION JSS TWO (2)
ECONOMICS
SS TWO (2)
SCETION A (Objectives)
Instruction: Attempt all questions in this section
(1) ______may be define as anything that is generally acceptable as exchange for good and services and
settlement of debt (a) transfer (b) check (c) account (d) trade
(2) The most important characteristics of money is _______ (a) probability (b) durability (c) general
acceptability (d) recognizability
(3) Before the invention of money, people perform transaction through _______(a) transfer (b) trade by
batter (c) domestic violence (d) deposit
(4) Total number of people living in a geographical territory is known as (a) population (b) number (c)
total (d) people
(5) Before the invention of Naira and Kobo, Nigeria was spending their colonial masters currency known
as (a) pound and shilling (b) dollar and pounds (c) yen and euro (d) stone and sticks
(6) A financial institution primarily set up to save valuables is known as _____ (a) office (b) bank (c)
house (d) store
(7) The sole bank that has the capacity to mint currency is known as _____ (a) central bank (b)
commercial bank (c) development bank (d) wallet
(8) The name of the first person to have ever saved money in Nigeria is (a) Chief Abiola MKO (b) Chief
Alhasan Dantata (c) Henry Ford (d) Dr Philip Effiong
(9) Popular problem of today’s bank is (a) fraudulent activities (b) government policy (c) price of good in
market (d) competition with other banks
(10) One of the below is not in the chain of distribution (a) wholesaler (b) retailer (c) final consumer (d)
police
(11) The financial resources used in starting up production is known as_________
(12) A man capable of taking risk in establishing a venture is known as ________
(13) ______ can be referred to as the capacity of a consumer to request for a good or service at a given
price at a particular period of time?
(14) ______ Is the capacity of a producer to render require good or service at a given price at a particular
period of time?
(15) The act of turning raw materials into finished goods and services is known as ______ ?
SCETION B (Theory)
Instruction: Attempt all questions in this section
(1) (a) Define the term money
(b) List and explain five (5) qualities of money
(c) provide a brief history of money in our domain
(2) (a) Define a bank
(b) list and explain 5 functions of a bank
(c) Explain five problems facing today’s banking system
(3) Why is economics a social science subject?
Best of luck
Master Ade
