SUBJECT: ECONOMICS

CLASS: YEAR 10

1. Prices are determined in a free market through 8. Which of the following does not affect supply
directly?
A. Haggling
B. Price legislation A. Cost of production
C. Price Mechanism B. Demand for the commodity
D. Price Management C. Price of the commodity
D. Technological development
2. A normal demand curve is usually
9. A normal supply curve has
A. Backward bending
B. Parallel to the x-axis A. Backward bending
C. Slopes downward from left to the right B. Negative slope
D. Slopes upward from left to the right C. Parallel to quantity axis
D. Positive slope
3. The law of demand states that:
10. Given the supply function as Qs = 70 + 1/2P,
A. As price falls quantity demanded also falls.
Calculate the quantity Supplied when P = 8
B. As price increases, quantity demanded
remains constant. A. 47
C. Demand increases as price increases. B. 70
D. Quantity demanded increases as price falls. C. 74
D. 78
4. Effective demand in economics means
11. Economics is regarded as a /an
A. A mere desire for a commodity
B. Desire for commodity backed by ability to A. Applied science
pay for the commodities. B. Arts subject
C. Propensity to consume C. Pure science
D. Proposal to buy goods on credit D. Social Science
5. A table that shows the magnitude of quantity 12. Who among the following economists is
demanded at different prices is known as regarded as the father of economics?
A. Demand schedule A. Adam Smith
B. Demand curve B. Alfred Marshal
C. Demand function C. David Ricardo
D. Supply curve D. Lionel Robins
6. The quantity of commodity which the seller is 13. Scarcity in economics implies
willing to offer for sale at different prices is
A. Excessive resources in supply
termed
B. Limited resources in supply
A. Choice C. Underutilisation of resources
B. Demand D. Unlimited resources in supply
C. Supply
14. The basic economic problem that determines
D. Wants
the technique of production is
7. The law of supply indicates that
A. Efficient use of resources
A. More will be offered for sale at higher B. For whom to produce
prices C. How to produce
B. More is offered for sale at lower prices D. What to produce
C. Supply remains constant when price
15. All the following terms are interpreted as
increases.
opportunity cost EXCEPT
D. Supply responds negatively to price
increase A. Forgone alternatives
B. Money Cost s
C. Real cost
 D. Sacrifice alternative C. Food processing
D. Teaching
16. The creation of utility to satisfy human wants is
known as: 24. Advantages of large scale production include
the following EXCEPT
A. Consumption
B. Distribution A. Bureaucratic control
C. Exchange B. Financial economies
D. Production C. Market economies
D. Welfare economies
17. The conversion of physical nature of raw
materials into semi-finished or finished goods is 25. A market equilibrium occurs when:
referred to as.
A. Quantity demanded equals quantity
A. Commerce supplied
B. Construction B. Price is greater than marginal revenue
C. Extraction C. There is excess demand
D. Manufacturing D. There is excess supply
18. Which of the following is NOT an activity in 26. The only determinant of a change in quantity
primary production? demanded of a commodity is
A. Driving A. Price.
B. Fishing B. Taste and fashion.
C. Mining C. Technology.
D. Quarry D. Weather.
19. The factor of production referred to as free gift 27. The arithmetic mean of the two middle
of nature is numbers of a set of data arranged in order of
magnitude is called
A. Capital
B. Entrepreneur A. Average
C. Labour B. Median
D. Land C. Mode
D. Variance
20. Which of the following is a limitation to division
of labour? 28. The following are basic tools used for economic
analysis EXCEPT
A. Decline in craftsmanship
B. Extent of the market A. Charts
C. Monotony of work B. Graph
D. Risk of unemployment C. Mode
D. Tables
21. Julius Berger PLC is a good example of ______
industry 29. Pictograms use ________ to represent data.
A. Commercial A. Angles
B. Construction B. Bars
C. Manufacturing C. Figures
D. Service D. Pictures of object
22. Which of the following is NOT a type of
The following set of scores represent the ages
specialisation?
of commuters in a given Vehicle. Use the
A. By sex information to answer question 9 and 10. 30,
B. By product 30, 45, 50, 30, 30, 70, 85, 50, 50, 65 and 60.
C. By process
30. What is the modal age?
D. General applications
A. 30
23. Division of labour can be practised in all the
B. 50
following EXCEPT
C. 65
A. Barbing D. 85
B. Building Construction
31. Determine the mean age of the commuters. 39. An economic system where means of
production are owned and controlled by the
A. 30.0
state.
B. 49.6
C. 50.0 A. Capitalism
D. 85.0 B. Communism
C. Feudalism
32. Which of the following is NOT a measure of
D. Socialism
central tendency?
40. Capitalism is characterised by
A. Mean
B. Median A. Central planning
C. Mode B. Classless society
D. Standard deviation C. Consumer sovereignty
D. Maximisation of welfare.
33. Where the mode in a given data is two, it is
expressed as 41. The economic system being practised in Nigeria
is
A. Bimodal
B. Negative mode A. Capitalism
C. Undefined mode B. Communism
D. Quad mode C. Mixed economy
D. Socialism
34. Which of the following is NOT a type of bar
chart? 42. Which of the following Countries is identified
with Socialist economic system?
A. Component bar chart
B. Linear bar chart A. Angola
C. Multiple bar chart B. Britain
D. Simple bar chart C. Ghana
D. Soviet Union
35. The formula ∑fX/∑F is used when calculating
43. Which of the following is NOT a merit of
A. Arithmetic mean
capitalism?
B. Harmonic mean
C. Standard deviation A. Incentive to work hard
D. Variance B. Freedom of production and consumption
C. Rapid economic growth
36. An orderly arrangement of information in rows
D. Wasteful competition
and columns is termed
44. The major export commodity of Nigeria is
A. Bar chart
B. Pictograms A. Cocoa
C. Pie Chart B. Cassava
D. Table C. Crude oil
D. Cotton
37. Which of the following factors is a man-made
wealth? 45. Teaching is a good example of _______
production
A. Capital
B. Entrepreneur A. Manufacturing
C. Labour B. Primary
D. Land C. Secondary
D. Tertiary
38. The system that shows the level of ownership
and control of means of production in an 46. Aisha, a student in SS 1 relinquished a birthday
economy is party to participate in a Science exhibition in
Abuja. Which of the concepts below best
A. Bureaucracy
explained the party she waived?
B. Economic system
C. Judicial system A. Choice
D. Social system B. Opportunity cost
 C. Scarcity B. Production possibility curve
D. Scale of preference C. Revenue curve
D. Indifference curve

48. The point marked X indicates

A. Excess demand
B. Excess supply
Use the figure below to answer questions 47 to C. Equilibrium point
49 D. Equilibrium quantity
49. The region of intersection of both curves is
described as
A. Equilibrium point
B. Equilibrium quantity
C. Equilibrium price
D. Price mechanism
50. Excess supply occur due to
A. Decrease in equilibrium price
47. The above figure represents B. Increase in equilibrium quantity
A. Demand and supply curve C. Decrease in equilibrium price
D. Increase in equilibrium price
 THEORY PART

SECTION B

Answer only ONE question from section B and any other four question from section C

1. The demand and supply functions of a commodity is given as:

Quantity demanded (Qd) = 40 – 4p
Quantity supplied (Qs) = 12p – 24
Where P is in Naira
(a) Determine the equilibrium price and quantity
(b) If the price is fixed at N6.00, What is the magnitude of excess supply?

2. The data below shows the marks obtained by 50 students in an economics test.
47 27 36 38 16 15 39 46 17 45 82 29 36 12 15 42 28 15 52 28
15 36 12 27 57 58 48 26 39 23 37 14 18 29 56 82 71 62 42 51
45 29 28 16 36 64 38 44 13 24
Use class interval 11 – 20, 21 – 30, 31 – 40… etc. prepare:
(a) Frequency distribution table
(b) Calculate the mean mark of the distribution.

SECTION C

Answer any FOUR questions from this section.

3. (a) What is production?

(c) Examine the THREE types of production with detailed illustrations of the productive
resources and their rewards
4. (a) What is demand?
(c) Distinguish between demand schedule and demand curve

(d) Demonstrate a very good understanding of any FOUR factors affecting demand for a
commodity

5. Explain the following concepts with relevant examples

(i) Scarcity
(ii) Scale of preference
(iii) Opportunity cost
(iv) Wants

6. (a) Explain the term ‘division of labour’

(b) State any THREE advantages of division of labour
(c) State any TWO limitations of division of labour .

7. Explain the following terms

(i) Demand

(ii) Price mechanism

 (iii) Equilibrium quantity

(iv) Consumer sovereignty

9. (a) State the laws of demand and supply

(b) With the aid of appropriate diagram, clearly explain why demand curve have a negative
slope