SCHOOL:-

NAME:-
CLASS: SENIOR THREE (3) S.S. 3
SUBJECT: ECONOMICS

FIRST TERM EXAMINATION 2023 20. _ _are done in Kano, Akweate okene and iseyin
OBJECTIVE PARTS: SECTION A: (a)pottery (b)leather works (c)textile/cloth weaving
1. There are ______ types of services occupation (b) 10 (d)food processing.
(b) 2 (c) 5 (d) 4 21. There are types of industries (a)4 (b)10 (c)3 (d)5
2. The following are involved in indirect services except 22. ____industries is concerned with the rendering of
(a)police (b)law makers (c)barbers (d)civil servants services (a)tertiary (b)secondary (c)construction
3. Consumers pay for direct services indirectly. (a) True (d)primary
(b) False 23. ______use simple tools and their work is of high
4. This includes personal services rendered for direct artistic (a)shoe pressing (b)local craft (c)plastic
consumption (a) direct services (b)indirect service (c) processing (d)leather work
consumers (d) industry services 24. What is the name of the German company called that
5. Doctors working in public hospitals are paid directly (a) first make an attempt towards exploration in Nigeria
True (b) False (a)Butman limited (b)shell D (c) Anglo Dutch (d)
6. ______occupation refers to all the people involved in Butman corporation.
the distribution and exchange of goods produced by 25. Shell D.P. discovered its first commercial crude oil in
the industrial sector (a)commence (b)trade the country in what year a) 1908 (b)1956 (c)1960
(c)commercial (d)exporters (d)1958
7. The following are types of commercial occupation 26. In 1960 when Nigeria became independent, the
except (a)importer (b)trading (c)tourism (d)banking volume of output of crude oil was just about (a) one
8. ___involves the business of providing information million barrels per day (b)four million barrels (c)six
about the existence of a product to the potential million barrels done hundred million barrels.
buyers. (a)communication (b)transportation (c)trading 27. The following are negative contribution of petroleum to
(d)advertising Nigeria economy except (a) economic instability
9. ___is the process of buying, selling and distribution of (b)high rated inflation (c)manpower development (d)
goods and service (a)manufacturing (b)commerce rural-urban migration.
(c)trading (d)wholesale 28. NNPC was established in what year (a)1960
10. One of these is NOT a commercial workers (a)traders (b)1977(c)1982 (d)1872.
(b)importers (c)retailer (d)post master 29. OPEC is responsible for exploration, production and
11. The service industries is also called the tertiary sector refining of petroleum. (a) True (b) False
of industry. (a) True (b) False 30. The exchange of goods and services across different
12. Industries provide services to business as well as to countries can be described as …… A. Bi-lateral trade
the final consumers (a) banking (b) service (c)direct B. multilateral trade C. national trade D. home trade
(d)insurance 31. One of these is not a positive contributions of
13. The following are examples of manufacturing petroleum to Nigerian economic (a)generation of
industries except (a)shoe making (b)textile processing employment (b)source of revenue (c)development of
(c)wood processing (d)food processing mono-economy (d) positive foreign policy.
14. Assemble goods manufactured into usable form 32. The instrument used in many countries to restrict
(a)service industry (b)manufacturing Industry imports include: A. high tariff B. price index C.
(c)construction industry (d)primary industry exercise duties D. bank rates E. subsidies.
15. _____is done in Bida, Benin and Kane (a)textile 33. Nigeria join OPEC in what year (a)1960
(b)ropes (c)brass and silver (d)mat making (6)1973(c)1971 (d)1962
16. One of these is not a contribution of manufacturing 34. Since 1976 till date, petroleum has remained the major
and construction sector to Nigeria's source of government revenue (a) True (b) False
NP(a)infrastructural development (b)manpower 35. Foreign Exchange control in Nigeria is enforced by the
development (c)funding of education (d) development …………A. Commercial banks B. Merchant banks C.
of mono economy Mortgage bank D. Central bank
17. Types of industries depend mainly on raw materials 36.____ refers to the skills training, experience, education,
obtained from their immediate locality (a)food knowledge etc contributed by humans to a business (a)
processing (b)construction (c)manufacturing (d)local brain drain (b)national capital (c)education (d)human
craft (cottage) capital
18. GNP means (a)government net profit (b)gross net 37. One of these is NOT a factors that affect the efficiency
profit (c)general national product (d)gross national of human capital (a) skills (b) education (c)training
product (d)family influence
19. Most of the products of manufacturing industries like 38. The following are countries in the south east of Asia
machinery are not usually from western nations. (a) except (a) Taiwan (b) Akweate (c) Singapore (d) Hong
True (b) False Kong
39. Exchange Control is a weapon used in regulating ……. payment (b) international trade balance of trade (d) import
A. Internal trade B. stock exchange C. Foreign trade and export
D. barter trade E. exchange of per sound property 60. The rate at which a country’s export is exchanged for
40 Devaluation means A. reduction in the value of the her import is known as ……A. Terms of Trade B.
national currency B. a reduction in the purchasing Balance of Trade C. Current balance D. Visible
power of foreign currencies C. a reduction in the value balance
of domestic currency relative to foreign currencies D.
a decrease in the purchasing power of foreign MARKING GUIDE (ANSWERS)
currencies. 1.C 2.C 3.B 4.D 5.B 6.C 7.C 8.D 9.B
41._____ is also known as foreign or external trade 10.B 11.A 12.D 13.C 14.B 15.C 16.A 17.D
(a)internal trade (b)foreign trade (c)international trade 18.D 19.B 20.C 21.C 22.A 23.B 24.B 25.D
(d)external trade 26.A 27.C 28.B 29.A 30.B 31.D 32.A 33.A
42. The following are advantages of international trade 34.A 35.D 36.D 37.D 38.B 39.B 40.C 41.C
except (a) increase in world output (b) it faster closer in 42.A 43.C 44.B 45.C 46.D 47.A 48.A 49.C
international relationship (c) source of revenue (d) creation 50.D 51.A 52.C 53.B 54.D 55.C 56.D 57.B
of balance of payment. 58.A 59.A 60.A
43. One of these is NOT the objective of financial
regulators (a)consumer protection (b) market confidence THEORY ( Answer 6 questions )
(c)lender of last resort (d)financial stability (1i) Define manufacturing and construction industry
44. There are types of international trade (a)4 (b)2 (c)5 (ii) State and explain the types of manufacturing industry
(d)6 45. The following are barriers of international trade with examples
except (a)tariff (b)distance (c)difference in taste (d) (2i) Differentiate between human capital and Brain drain
religion/culture (ii) State five characteristics of human capital and five
46._____render services to the general public but they are ways of arresting Brain drain
not paid for by the members public directly (a)direct (3i) Differentiate between NNPC and OPEC
service (b)entertainers (c)commercial services (d)indirect (ii) State five each of the positive and negative contribution
services 47.______Industries are concerned with the of petroleum to Nigeria economy
extraction of raw materials provided by nature (a) primary (4i) State the five countries in the south east of Asia
(b)tertiary (c)manufacturing (d)secondary (ii)Write out the full meaning of the following
48. The following are known with leather works except a) NNPC
(a)Bide (b)Kano (c) Benin (d) Sokoto b) SMES
49. OPEC was formed in year (a) 1962 (b)1971 (c)1960 (d) c) OPEC
1982 d) GNP
50. What is the meaning of "ENDS" in the definition of e) ESSSA
economics (a) resources (b) choice output (d) wants What is Trade Union?
51. The price of a commodities is determined by the Describe any four functions of Trade Union.
(a) demand and supply (c) quantity of goods supplied (d) What are Infant Industries?
consumer Outline four objectives of price control policy.
52. Which of the following is regarded as fixed cost? (a) Describe three functions of money.
cost of fuel (b) cost of light (c) rent on land (d) labour Suggest any five ways a country can finance Deficit
wages Balance of Payment.
53. Which of these does NOT encourages industrial Distinguish between favourable and unfavourable
development? (a) tax (b) exception (c) provision of Balance of Payment
financial institution (d) limitation of market for industrial What are the arguments for protection in international
products trade?
54. The money per hour or week for work done is known Mention any five instruments of Trade protection.
as
(a) cost (b) time rate (c) bonus (d) wage rate
55. One of the following is NOT a barrier of international
trade (a) religion (b) traffic (c) unemployment (d)
government policy
56. These are instruments of trade restriction except
(a) embargo (b) import quota (c) foreign exchange (d)
export duties
57. What is the full meaning of B. O. T. (a) Behaviour of
Trader (b) Balance of Trade (c) balance of Tellers (d) Be
Careful of Traders
58. All these are the components of balance of payment
except___ (a) fixed account (b) capital account (c)
monetary account (d) current account
59. _____is the total value of goods sold and bought by a
country during a given period, usually a year (a) balance of