Economics Examination ss2 Second Term

BEAUTIFUL ZION ACADEMY
ECONOMIC EXAMINATION QUESTION 2ND TERM (OBJECTIVE)

1. The following are names of PPC except? (a)production possibility curve(b)production
possibility boundary(c)production possibility fencing(d)production frontier
2. The law of diminishing returns has how many stages? (a)2(b)3(c)4(d)1
3. The total quantity of goods produced is referred to as? (a)marginal product(b)average
product(c)total product(d)general product
4. The formula for finding average product is? (a)Q/TP(b)TP X Q(c)AP X Q(d)TP/Q
Use the table below to answer from question 5-10
Variable unit of Total product Average product Marginal product

labour
1 8 D -------
2 A 9 10
3 36 12 18
4 B 12 F
5 55 11 7
6 C E 5
5.The value of A is? (a)12(b)14(c)16(d)18

6. The value of B is? (a)48(b)52(c)34(d)22
7. the value of C is? (a)57(b)60(c)48(d)59
8. the value of D is? (a)10(b)8(c)12(d)14
9. the value of E is? (a)2(b)4(c)6(d? )10
10. the value of F is? (a)6(b)12(c)8(d)10
11. 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
12. the total payment of the factor of production used in production process is referred to
as? (a)production(b)distribution(c)manufacturing(d)cost of production
13. the formula for finding fixed cost is? (a)AFC X Q(b)AC X Q(c)TVC/TQ(d)AFC + AVC
14. another name for marginal cost is? (a)additional cost(b)incremental cost(c)positive
cost(d)merger cost
15. the income derived from the sale of goods and services is called?
(a)profit(b)interest(c)revenue(d)capital
16. which of the following mathematical expression rightly describe profit? (a)revenue -
profit(b)revenue + cost(c)revenue – cost (d)cost +revenue
17. the following are the major type of economic system except?
(a)capitalism(b)socialism(c)federalism(d)mixed economy
18. the following are example of countries that practice socialism except?
(a)Poland(b)China(c)Japan(d)Tanzania
19. the economic system that is referred to as the free-market economy is?
(a)capitalism(b)socialism(c)federalism(d)mixed economy
20. the following are example of countries that practice mixed economy except?
(a)Nigeria(b)France(c)Britain(d)Mexico
21. the following are disadvantages of socialism except? (a)slows economic
development(b)exploitation of consumers(c)absence of creativity(d)absence of choice
22. the following are countries that practice capitalism except?
(a)USA(b)Australia(c)Russia(d)Italy
23. the official working age group in Nigeria is? (a)18-70years(b)15-50 years(c)18-
60years(d)18-65years
24. the market were workers and employers meet are referred to as what type of market?
(a)capital market(b)extractive market(c)money market(d)labour market
25. the following are factors affecting mobility of labour except? (a)marriage(b)unfavorable
working condition(c)bad management(d)guaranteed job security
26. which of these is not a factor that determine efficiency of labour? (a)education(b)health
of worker(c)amount of incentive(d)marital status
27. the payment to labour which is made on a weekly basis is called?
(a)wages(b)salaries(c)interest(d)profit
28. when supply of labour exceeds the demand for labour, wage rate will?
(a)fall(b)rise(c)constant(d)disappears
29. the market where securities are bought and sold is called? (a)stock exchange
market(b)foreign exchange market(c)capital market(d)labour market
30. An independently administrative business unit that carry’s out economic activities are
referred to as? (a)firm(b)plant(c)industry(d)factory
SECTION B (ANSWER ANY 3 QUESTION) ESSAY

1a. define production possibility curve (PPC)?
b. draw and label a PPC?
c. state the law of diminishing return?
2a. define capitalism?
b. state 5 features of capitalism?
c. highlight 3 advantages of capitalism?
3a. define mobility of labour?
b. list and explain the types of mobility of labour?
c. list and explain 4 affecting the size of labour force?
4a. define unemployment?
b. list and explain 5 types of unemployment?
c. highlight 5 causes of unemployment
5a. define trade union?
b. state 5 objective of trade union?
C. list and explain 3weapons used by trade unions?

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BEAUTIFUL ZION ACADEMY

ECONOMIC EXAMINATION QUESTION 2ND TERM (OBJECTIVE)

Variable unit of Total product Average product Marginal product

5.The value of A is? (a)12(b)14(c)16(d)18

SECTION B (ANSWER ANY 3 QUESTION) ESSAY

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