K.K.

INTERNATIONAL SCHOOL KUBWA, ABUJA

SECOND TERM EXAMINATION 2022/2023 ACADEMIC SESSION
SUBJECT: ECONOMICS CLASS: SS 1
NAME: _________________________________________
DATE:_________________
SECTION A: Objective.

1. The following are advantages of sole proprietorship except. (a) quick and easy decision
making. (b) keeping its business affairs private. (c) assurance of raising huge capital for
expansion. (d) high level of commitment.
2. Which of the following controls a limited liability company? (a) the general manager. (b)
the managing director. (c) tax payers. (D) the board of directors.
3. An agricultural production process which uses more machinery relative to labor is
referred to as __(a) large scale farming. (b) capital intensive farming. (c) commercial
farming. (d) land intensive farming.
4. Which of the following best explains what to produce? (a) how much goods are to be
produced. (b) the combination of resources to be used. (c) which goods and services to
produced. (d) how many wants are to satisfied.
5. All economic systems must decide what to produce because. (a) resources are not
available. (b) consumers want maximum satisfaction. (c) resources are limited in supply
(d) producers want maximum profit.
6. The difference between birth and death rates of a given population is referred to as the
(a) mortality rate (b) fertility rate (c) natural growth rate. (d) linear growth.
7. In a centrally planned economy, what to produce is (a) determined by the forces of
demand and supply. (b) driven by profit motive. (c) determined by the consumers. (d)
the responsibility of state’s bureaucrats.
8. Livestock production in west Africa is hindered mainly by. (a) inadequate demand. (b)
use of traditional implements. (c) land tenure system. (d) pests and diseases.
9. A declining population is one in which the population is (a) experiencing a high rate of
emigration. (b) made up of large number of old people. (c) not producing enough goods.
(d) not contributing enough to the national income.
10. Which of the following features distinguishes a public limited company? (a) perpetual
existence. (b) limited liability. (c) legal entity. (d) sales of shares to the public.
11. An industry is best described as (a) firm that sells a set of closely related commodities.
(b) a factory that produces different lines of products. (c) a group of firms that sells a
closely related set of product. (d) industrial concern that is into production and selling of
goods.
12. In a partnership, the conduct of members is guided by. 9a0 a memorandum of
understanding. (b) commodity market. (c) an article of association. (d) a partnership
constitution.
13. One feature of a growing population is (a) increase in the number of young people. (b)
increase in the number of old people. (c) decrease in the dependent population. (d)
decrease in the life expectancy.
14. Which of the following will encourage capital intensive farming? (a) encouraging
communal system of land ownership. (b) adopting policies that will encourage rural-
urban migration. (c) provision of subsidies on equipment. (d) restrictive lending policies
by banks.
15. Robert Malthus stipulated that in his population theory that (a) death rate may become
so high that people may not survive. (b) people will eventually stop having children. (c)
population growth rate may outgrow the means of subsistence. (d) people will migrate
from one place to another in search for food.
16. According to Thomas Malthus the great economist, population grew at ___ rate while
food production grew at ___ rate. (a) exponential, geometrical. (b) arithmetical,
geometrical. (c) arithmetical, slow. (d) geometrical, arithmetical.
17. Efficiency of labor in a country is determined by the following factor except the (a) social
attitude to work. (b) education and training. (c) working conditions of workers. (d) total
population.
18. Which of the following does not affect a country’s population? (a) birth rate (b) death
rate (c) emigration (d) unemployment.
19. A business outfit is said to be a public limited company when it (a) is owned by the
government. (b) operates as a public corporation. (c) is run by the public. (d) sell its
shares to members of the public.
20. One of the factors affecting geographical distribution of population is. (a) high birthrate.
(b) high death rate. (c) encouragement of early marriage in rural areas. (d) climatic
conditions of the different parts of the country.
21. Which of the following is not a reason for establishing public enterprises? (a)
discouraging investors. (b) opening up neglected parts of the country. (c) subsistence
farming. (d) plantation farming.
22. Which of the following is not a component of agriculture (a) crop (b) fishery (c) forestry
(d) mining
23. Census of population is usually conducted every. (a) 20yeras. (b) 15 years. (c) 10 years.
(d) 7 years
24. The most dominant economic activity which employs the largest number of people in
west Africa is. (a) manufacturing. (a) transport. (c) Government. (d) Agriculture.
25. Which of the following is not a problem of population census in Nigeria? (a) high cost (b)
mass illiteracy. (c) poor transportation. (d) high birth rate.
26. The agricultural sector is made up of the following except (a) livestock. (b) utilities. (c)
crop production. (d) forestry.
27. The grouping of population according to the economic activities people engage in is (a)
age distribution. (b) sex distribution. (c) geographical distribution. (d) occupational
distribution.
28. One-man businesses are popular in west Africa because of the following except (a) ease
of entry. (b) small capital required. (c) limited entrepreneurial skill needed. (d) tendency
to become joint-stock companies.
29. The transfer of ownership of a public enterprise to individuals and firms is called (a)
commercialization (b) nationalization. (c) privatization. (d) restructuring.
30. When a worker changes from one type of job to another, it is called (a) geographical
mobility of labor. (b) occupational mobility of labor. (c) immobility of labor. (d) rural-
urban migration.
31. Age distribution is important because it helps the government to. (a) check rural-urban
drift. (b) determine the number of foreigners. (c) determine the number of factories. (d)
undertake effective planning.
32. Which of the following can be classified under secondary sector of the economy? (a)
animal husbandry. (b) insurance. (c) manufacturing. (d) commercial services.
33. The services rendered by a doctor can be categorized under (a) primary sector. (b)
secondary sector. (c) tertiary sector. (d) semi-secondary sector.
34. Agriculture plays a dormant role in our country because. (a) it is the main source of
energy. (b) it employs more than 50% of the total labor force. (c) it supplies all industrial
inputs. (d) there are large plantations of cocoa, groundnut and palm oil.
35. An essential characteristics of a market economy is (a) government control. (b) producer
surplus. (c) consumer surplus. (d)consumer sovereignty.
36. An economy which exhibit features of both private and state enterprises is known as a.
(a) capitalist economy. (b) mixed economy. (c) communist economy. (d) socialist
economy.
37. One of the reason for low agricultural production in west African countries is that (a)
agriculture employs the highest percentage of the labor force. (b) too much money is
invested in agriculture. (c) farmers lack the finance and technology required. (d) the
farms are too large.
38. Which of the following determine the sizes of a country’s population? (I)Birth rate
(II)Death rate (III)Migration rate (IV) Importation rate. (a) (I), (II) and (V) (b) (II) and (IV)
(c) (I), (II) and (III) (d) (I) and (V).
39. In which of the business units are the owners mostly the consumers? (a) Co-operatives
(b) Limited Liability companies. (c) Partnership. (d) Public corporation.
40. The number of people who are qualified to work and who offer themselves for
employment are called. (a) migrant labor. (b) working population. (c) labor turnover. (d)
mobility of labor.
SECTION B ESSAY
INSTRUCTION: Answer only three questions, question one is
compulsory and any other two questions.
The table below shows the natural growth rate of the population of country N over a period
of time. Use the information contained in the table to answer the questions.

year Birth rate Death rate Natural growth

Per ‘000 Per ‘000 Rate
2006 45 32 L
2007 39 P 12.50
2008 26 22 Q
2009 R 22.50 4.50
2010 26.50 22.50 S
2011 20.50 T 3.00

1.(a) Determine L, P, Q, R, S and T.

(b) outline any three reasons for changes in birth rate.
2. (a) What is population census?
(b) Describe the problems faced in conducting a population census in your country.
3. State five main features of partnership.
4. Highlight any four differences between a public limited liability company and a private
limited liability company.
5. (a) Define occupational mobility of labor.
(b) State any four factors that will make labor efficient.