ECONOMICS SS1 FIRST TERM EXAMINATION

OBJECTIVES
1)Opportunity cost is defined as (a) Money cost (b) Cost of production (c) Real cost (d) Variable cost
2)The most basic concern of the economist is to (a) create human wants (b) satisfy all human wants (c) redistribute
income so that it is used correctly (d) the alternative scarce resources to satisfy human wants
3) Scarcity in Economics means that resources are _________ (a) needed to satisfy human wants (b)never enough to
share among the producers of goods and services (c)resources to meet essential wants are unlimited (d) are not
enough to share among the producers of goods and services
4) Choice is necessary because resources _______ (a) are limited (b) are scarce (c) can be seen everywhere (d) are
available
5) ....is a situation where a particular good is traded off in favor of another goods (a) Explicit cost (b) opportunity cost
(c) implicit cost (d) marginal cost
6) Economic problem arises because (a) Man is insatiable (b) Money is scarce (c) Resources are scarce relative to wants
(d) Man engages in so many economic activities
7) Data presented in tables are usually arranged as (a) Charts and tables (b) Rows and columns (c) Graphs and rows (d)
Pie chart
8) The measure of central tendency in which the sum of observations is divided by the number of observations is
called....... (a) median (b) mean (c) mode (d) range
9) In economics production is completed when ( a) goods are manufactured in the factories (b) Commodities are sold to
the final consumer (c) Goods and services get to the retailer (d) Producers fix the price of goods produced.
10) The law of diminishing returns applies to................. (a) the average product (b) land as factor of production in the
short run only (c) the cultivation of crops only (d) production of essential commodities in the long run
11) The reward of land is..................(a) interest (b) salary (c) profit (d) rent
12) The factor of production with the highest degree of mobility is........... (a) capital (b)entrepreneur (c) land (d) labor
X 2 3 4 5
f 2 5 2 1
13)From the above table, the mean of the distribution is (a)2.2 (b) 2.5 (c) 3.2 (d) 4.5
14)What is the median of the distribution (a)5 (b)4 (c)3 (d)2
15)Production covers all of the following except when (a) utility is created (b) a good is manufactured (c)a commodity
is consumed (d)individual wants are satisfied
16) The reason for studying economics is because of (a)ends (b)scarcity (c)choice (d)scale of preference
17) What is wrong with the statement: Demand refers to the willingness of buyers to purchase different quantities of a
good at different prices during a specific time period (a)Instead of “demand”, it should be “quantity demanded (b)Instead
of “willingness”, it should be “ability” (c)Demand refers to the willingness and ability of buyers, not just willingness
(d)There is nothing wrong with the statement.
18) True or False: As the price of apples rises, the demand for apples falls, ceteris paribus.
19) Which of the following statement is not necessarily true? (a). Human wants are unlimited. (b.) Without scarcity of
resources, there will be no economics (c). It is not difficult to find means of satisfying all our wants. (d.) Human wants
are of varying importance.
20) Demand in Economics is synonymous to__________ (a) Needs (b) Wants of the consumers (c) all goods demanded
in the market. (d) Wants supported with ability to pay. (e) all consumer goods
PART 2 A THEORY
Answer one question from Question 1 and Question 2 Each question carries 20 Marks
Question 1
(a) A trader produced some crops for five years. The value is presented in the table below. Illustrate the data in
a component bar chart.
YEAR MAIZE YAM RICE TOTAL
2008 10 15 5 30
2009 25 20 10 55
2010 15 30 20 65
2011 20 10 40 70
2012 10 20 10 40
 (b) Differentiate between a component bar chart and a multiple bar chart
Question 2
The table below represents the production of some crops in Nigeria for the year 2023
Product Quantity (Tons)
Rice 100
Groundnut 20
Cocoa 240
Coffee 140
Coconut 200
Cotton 300
Represent the above table in a pic chart

PART 2 B THEORY
Answer any two questions from this part. Each question carries 10 Marks
Question 3
a) List five (5) factors that affects demand
b) What is a demand curve?
c) Name and explain any types of supply schedule you know with an example
Question 4
a) Define production and list the factors of production
b) What is scale of preference
c) Differentiate between real cost and money cost with an example
Question 5
Study the table below
3 5 4 6 8 7 9 8 5 4
10 3 7 6 5 8 4 4 6 3
9 7 2 2 1 1 6 8 5 6
4 9 3 3 6 8 7 5 9 8
4 7 3 2 2 5 3 7 5 6
8 4 9 5 6 4 5 3 5 7
6 5 7 6 7 4 6 5 8 3
5 2 5 8 5 5 4 3 4 8
3 5 5 6 7 4 4 4 4 4
a) Construct a frequency table of the data above
b) Calculate the mean
c) What is the median of the set of data in the table?
d) Find the range
 SS1 Economics Mid-term Test
1) Define economics according to Professor Lionel Robins
2) Economics is considered to be a science subject. List the scientific methods in the proper order
3) Write short notes on the following (a) Scarcity (b) Opportunity Cost (c) Choice
4) Define Demand and state the law of demand

SS2 Economics Mid-term Test

3 5 4 6 8 7
10 3 7 6 5 8
9 7 2 2 1 1
4 9 3 3 6 8
4 7 3 2 2 5
8 4 9 5 6 4
6 5 7 6 7 4
5 2 5 8 5 5
3 5 5 6 7 4
a) Construct a frequency table and calculate the mean
b) Define the following (i) Median (ii) Mode
 ECONOMICS SS2 FIRST TERM EXAMINATION
OBJECTIVES
1)Consider the market for cereal in Ozubulu, where there are over a thousand stores that sell cereal at any given moment.
Suppose the Ministry of health issues a public statement saying that consuming cereal is bad for your health. Holding
all else constant, this will lead to a:(a) Change in Demand (b) Change in Supply (c) Change in Demand and Change in
Supply (d) No change in Demand and Supply
2) Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the
supply will be (a) The same as equilibrium supply (b) Greater than equilibrium supply (c) Less than the equilibrium
supply (d)Determined later by government
3)Normally the demand curve will have a _____shape. (a)Upward sloping (b)Downward sloping (c)Vertical (d)
Horizontal
4)Malthus became famous through his theory which may be stated simply(a) the death rate may become so high that
people may not be able to produce (b) population may outgrow the means of subsistence (c) people will eventually
decide not to have children (d) migration of people from one place to another may leave some parts of the world barren
5)Which is NOT a direct effort to increase Agricultural production in Nigeria? (a) Operation feed the Nation (b) Nigerian
Youth Service Corps (c) Increased loans to farmers and cooperatives (d) Research in Agric & Extension services
6) The biggest source of government revenue in Nigeria is (a) mining, rents and royalties (b) company income tax (c)
import duties (d)petroleum profit tax
7)The price of 1 kg apples, which was ₦5 last month, is ₦6 today. The demand curve for apples must have shifted
rightward between last month and today. (True or False)
8)Production covers all but one of the following activities (a) changing the position of a good in time as, for example,
holding stock of goods until they are required (b) the provision of some kind of service e.g retailing (c) changing the
form of a good from the raw material to the finished product (d) the use of good and services to satisfy individual wants
9) Data presented in tables are usually arranged in (a) charts and graph (b) rows and columns (c) graphs and rows (d)
columns and charts
10) Any price below the equilibrium price will lead to (a)increase in supply (b) excess demand (c) equality of demand
and supply (d) decrease in demand
11) The market price of a commodity is normally determined by (a) Law of demand (b) Interaction of forces of demand
and supply (c) total number of people in the market (d)Total quantity of the goods in the market
12) Which of these would NOT increase population of a country (a) Increase in death rate (b) Decrease in birth rate (c)
Emigration (d) Migration
13) In economics, production is complete when (a) Goods are produced in the factory (b) Goods are sold to the
wholesalers (c) Goods and services are produced by the government (d) Goods and services finally reach the consumer
14) The marks obtained by 9 students in a class test are recorded below: 9, 8, 7, 5,7, 6, 8, 9 and 7. What is the median
mark? (a) 7 (b) 8.5 (c) 8 (d) 7.5
15) Petrol and Kerosene are jointly obtained from crude oil. If the supply of petrol increases, the (a) cost of crude oil
production has increased (b) supply of kerosene will rise (c) supply of kerosene will remain unchanged (d) supply of
kerosene will fall
16) Which of the following describes how the firms average and marginal revenue will change as the firm expands its
output? (a) Increase-increase (b) Constant-constant (c) Decrease- Decease (d) Increase-Constant
17) The table below shows change in a firms cost of production
Output Cost
0 45000
1000 165000
2000 250000
3000 360000
What is the average fixed cost of producing 3000 bags? (a) 15 (b) 105 (c) 110 (d) 120
18) Which of the following best describe the mode? The _____ (a) observation with the highest frequency
(b) average of two middle numbers (c) item that occupies the middle position(d) difference of two extreme values.
19) Which of the following is not true about land? (a) the supply is fixed (b) land is mobile (c) it is
subject to diminishing returns (d) land is heterogeneous.
20) A country where labor is not sufficient to make proper use of the natural resources is said to have an ______ (a)
active population (b) optimum population (c) over population (d)under population
21) The formula for finding average product is? (a)Q/TP(b)TP X Q(c)AP X Q(d)TP/Q
22) the region outside the PPC is referred to as the? (a)feasible region(b)underutilization of resources(c)full utilization
of resources(d)non feasible region
23) Which of the following mathematical expression rightly describe profit? (a)revenue –profit (b)revenue + cost (c)revenue
– cost (d)cost +revenue
24) How do employers attract and retain skilled workers? (a) By offering a wage or salary that is competitive with other
employers in the same job market. (b) By lowering the wages of their employees. (c) By increasing the number of hours
their employees work. (d) None of the above
25) The labour force is made up of (a) the total number of employed only (b) the supply of and demand for labour (c)
those who are working and those who are looking for jobs (d) an organization in which buyers and sellers are in close
contact

PART 2: ANSWER ONE QUESTION FROM QUESTION 1 AND 2, QUESTIONS 3 AND 4 ARE
COMPULSORY
Question 1: Study the table below
LABOUR LAND TOTAL PRODUCT AVERAGE MARGINAL
PRODUCT PRODUCT
1 3 8 8
2 3 18 9 10
3 3 36 P 18
4 3 48 12 R
5 3 55 11 7
6 3 60 Q 5
7 3 60 86 S
8 3 56 7 T
Using the information above, answer the following questions (Show all workings)
a) Find the missing figures P, Q, R, S, T
b) Draw the total product (TP) and marginal product (MP) in one graph. (No graph sheet is required)
Question 2
The table below shows the total cost and total revenue of a maize farmer. Use the information in it to answer the questions
that follows
Output in Bags Total cost in Naira Total Revenue in Naira
1 6 4
2 10 8
3 10 12
4 12 16
5 10 20
6 9 24
For output levels 3 and 6, calculate
1
a) Average revenue
b) Marginal revenue
c) Marginal cost
2
a) What is the price of a bag of maize?
b) Calculate the farmer profit or loss at output levels 2 and 5
Question 3
Write short nots on the following
a) Want
b) Scarcity
c) Opportunity cost
d) Scale of preference
e) Choice
f) List four characteristics of land
Question 4
a) Define trade union
b) State 5 objectives of trade union.
c) list and explain 3 weapons used by trade unions?