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SSS 1 ECONOMICS

The document outlines the second term examination for Economics at Shima Academy for the 2024/25 academic session, including instructions on avoiding examination malpractices. It consists of multiple-choice questions covering various economic concepts, business structures, and factors of production, along with theory questions requiring definitions and examples. The exam is timed for 1 hour and 15 minutes and is intended for SSS 1 students.

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15 views

SSS 1 ECONOMICS

The document outlines the second term examination for Economics at Shima Academy for the 2024/25 academic session, including instructions on avoiding examination malpractices. It consists of multiple-choice questions covering various economic concepts, business structures, and factors of production, along with theory questions requiring definitions and examples. The exam is timed for 1 hour and 15 minutes and is intended for SSS 1 students.

Uploaded by

Mishell
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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SHIMA ACADEMY

SECOND TERM EXAMINATION OF THE 2024/25 ACADEMIC SESSION


Examination malpractices may lead to a repeat of the subject or suspensions
don’t be involved.
SUBJECT: ECONOMICS TIME: 1HR 15 MINS CLASS: SSS 1
1. The main concern of economists is to (a) control the growth of population (b) satisfy
all human wants (c) allocate scarce resources to satisfy human wants (d) redistribute
Income between the rich and the poor.
2. The following are examples of economic goods except (a) bottled water (b) air (c)
household utensils (d) shelter.
3. One advantage of a sole proprietorship is that (a) It can be managed without conflicts
(b) The sole proprietor raises money from the public (c) it makes an increase in the
volume of business possible (d) there is no limit to the number of people who may
bring in capital
4. Co-operative society formed to market the output of their members are called
(a) consumers’ cooperative societies (b)whole sale cooperative societies (c)credit and
thrift cooperative societies (d)producers’ cooperative societies
5. A cooperative society is a (a) finance house (b) self-help business organization
(c) public corporation (d) non- democratic business organization.
6. Production covers all the following except when (a) utility is created (b) a good is
manufactured (c) a commodity is consumed (d) individual want
7. Which of the following is regarded as fixed cost? A expenditure or raw materials (b)
expenditure on fuel (c) Expenditure on power (d) rent on land.
8. A business outfit is said to be public limited Company when it (a) is owned by
government (b) Operates as a public corporation (c) is run by the public (d) sells its
shares to members of the public.
9. The different between the number of immigrants and emigrants is (a)natural growth
rate (b) natural increase (c)net migration (d)census
10.The following are means of reducing the population of a country except encouraging
(a)emigration (b)family planning (c)early marriage (d)sex exchange
11. Which of the following does not change in short run (a)variable cost (b)marginal
cost(c) total cost (d) fixed cost
12. All the following are source of finance to a joint stock company except (a)debentures
(b)cooperative loans (c)shares (d)bank loans
13. One advantage of sole proprietorship over the forms of business organizations is that
it can (a)make very high profits (b)employ many workers (c)keep its affairs private
(d)produce on a very large scale
15. The main objective of setting up a private business organization is to (a)protect the
interest of the owners (b)promote exports (c) provide infrastructure (d) maximize profits
16. One-man businesses are popular in West Africa because of all the following except
the (a)ease of entry (b) small capital required (c) limited entrepreneurial skill needed
(d) tendency to become joint-stock companies.
17. The reward for land as a factor of production is (a) Interest (b) rent (c) dividend
(d) wages.
18. Division of labour is limited by (a) the sizes of the market (b) the productivity of
capital (c) cost of production (d) the factors of production
19. The three major agents of an economic system are the (a) consumers, workers and
producers (b) markets, telecommunication and banks (c) schools, hospitals and
universities (d) Individuals, firms and government.
20. Which of the following factors of production consists of man-made goods? (a) Land
(b) labour (c) Capital (d) Entrepreneur
21. Which of the following is a disadvantage of large scale production (a)market
economies (b)managerial economies (c)impersonal organization (d)division of labour
22. When population is classified according to professions, it is called (a) geographical
distribution of population (b) age distribution of population (c) sex distribution of
population (d) occupational distribution of population.
23. Limited liability implies that (a) the owners of the company are very rich (b) the
obligations of the investors are limitless (c) owners are protected against the sale of their
personal assets (d) continuity of the business is most assured.
24. The resources used in production are called (a)variable inputs (b)factor of production
(c)capital for production (d)fixed inputs
25. Which of the following does not apply to Private Companies? (a) The number of
Shareholders is limited (b) The liability of shareholders is limited (c) Accounts
have to be publicized (d) the companies are separate legal entities
26. Which of the following business establishments are not motivated mainly by profit?
(a) Public limited Companies (b) Private Limited Companies (c) Co-operatives
societies (d) Partnerships.
27. Division of labour may be restricted when (a) an ailing economy has improved
(b) producers live in Villages (c) market is small (d) there is inflation.
28. Major disadvantage of partnership form of business is that (a) every partner has to be
consulted during decision making (b) partners could be too friendly to their customers (c)
affairs could be kept private (d) partners could take long holidays.
29. Goods which have to be paid for are known as (a) physical goods (b) economics
goods (c) free goods (d)intangible goods
30. The following are the 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
THEORY
Answer all questions
1. What is labour market?
B. Give two examples of business organization
2. Define wages
B. Mention 5 factors that determine the demand for labour

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