economics exercise for ss1-3

OBJECTIVES
1.    Economics is ___ (a) a physical science   (b) a social science (c) a pure science   (d) an art subject only.                              (e)a natural science.
2.    Scarcity in economics means that resources_________ (a) are not enough to share among the producers (b) needed to satisfy human want are limited    (c) are never enough to share among consumers (d) required to meet essential wants are unlimited

3.    Choice is necessary because resources _______ (a) are available  (b) can be found everywhere    (c) are constant (d) are scarce  (e) unlimited.
 


4.    All the following are the reasons we study economics expect______   (a) Rational decision. (b) Allocation of resources (c) Budget preparation.    (d) Creation (e)none of the above.
5.    The basic concern of economists is to________ (a) create human wants   (b) satisfy all human wants   (c) redistribute income so that it is used correctly      (d) allocate scarce resources to satisfy human wants.    (e) allocate unlimited resources to satisfy human wants
6.    Data presented in table are usually arranged in _____ (a) charts and table (b) rows and columns     (c) graph and rows (d) pictogram and columns (e) graph and columns.
7.    The basic economic problems of the society include_______ (a) what to produce, how and for whom                             (b) how to produce and sell                (c) scarcity, when to produce and how (d) scarcity, for whom to produce and how (e) how to produce and buy.
8.    A great number of economic problems result from ________(a) the reduction of poverty  (b) excessive supply of goods    (c) the availability of too many experts    (d) competing demand for scarce resources(e)none of the above.
9.    Which of the following defines economics most comprehensively?            (a) the study of buying and selling             (b) organization of industries and markets  (c) the study of human behaviour    (d) national development, planning and budgeting. (e)the study of the earth.
10.    Opportunity cost is defined as the __________ (a) money cost (b) cost of production (c) real cost (d) variable cost. (e)average cost.
11.    The study of economics enables individuals to _____ (a) change job             (b) evade taxes (c) accumulate huge wealth (d) make rational decision  (e) make irrational decision.
12.    Economics is called a social science because it is ________ (a) a branch of the social studies (b) a study of the ways man devises to satisfy his unlimited wants from limited resources                 (c) a dismal science in the Malthusian sense (d) governed by scientific laws      (e) study only in foreign countries.
 

13.    The most basic concern of economists is to ___ (a)create human wants   (b) satisfy human wants   (c) redistribution of income  (d) create perfects competition.      (e)none of the above.
14.    Which of the following is an economic activity? (a) Attending a town’s meeting (b) visit to the stadium                 (c) payment of school fees                              (d) arresting a petty thief                             (e)None of the above .
15.    Economics activities are undertaken to solve the problem of________ (a)consumption (b) Opportunity cost (c) production (d) scarcity(e)surplus.
16.    A list of consumers’ wants arranged in order of priority is known as ________  (a) a budget (b) an opportunity cost                                                 (c)a scale of preference (d)choice (e)Production possibility curve.
17.    The 150.00 naira which olu would have used to purchase a textbook was used to buy a T-Shirt. This implies that______ (a) olu’s real cost is 150.00 naira  (b) olu’s opportunity cost is the T-shirt he bought (c) olu’s opportunity cost is the textbook  (d) Olu’s money cost is also the real cost (e)none of the above.
18.    The main concern of economics is to ________(a) allocate scarce resources to satisfy human wants (b) satisfy all human wants  (c) redistribute income between the rich and the poor                   (d) control the growth of population (e)control the growth of urbanization.
19.    Most of the problems of economics arise as a result of ______ (a)competing demand for scarce resources    (b) increase in demand for more goods and services (c) the desire for producers to supply more goods and services (d) the need to reduce the level of poverty  (e)none of the above.
20.    An arrangement of data in rows and column is referred to as a ______    (a) graph (b)bar chart  (c) pie chart  (d) table. (e)histogram.
21.    Which of the following is not a measure of central tendency?   (a) mean (b) mode (c) median     (d) weighted average.                      (e)none of the above.
22.    If 5,8,6 and 2 occur with frequencies 4,3,5 and 2 respectively, then arithmetic mean is ________ (a) 5.6    (b) 5.7 (c) 6.5 (d) 6.8.(e)7.0.
23.    Which of the following tools of economic analysis is used when data contains more than one category? (a) bar charts (b) component bar charts (c) graphs (d) symbolic statements(e)pictogram.
24.    The return on investment that is just sufficient to satisfy the owner of a business is called _____ (a) economic profit (b) business profit (c) normal profit  (d) excess profit(e)bonus profit.
25.    Which of the following does not explain why a school principal earns more salary than a school messenger?  (a) length of training   (b) demand and supply (c) cost of training   (d) the messenger is a non-teaching staff(e)none of the above.
26.    The reward to capital as a factor of production is ____ (a) rent (b) wage  production is ____ (a)interest (b)rent (c)dividend (d)wages (e)profit
27.    The three broad categories of production are _____¬¬¬_                         (a)direct, secondary and extractive (b)primary, tertiary and direct (c)primary, secondary and tertiary (d)secondary, primary and indirect.  (e)primary, pre-primary and secondary.
28.    Land is a factor of production because it ____(a)is a free gift of nature (b)contains valuable mineral resources (c)assists in the creation of utility (d)is owned by individuals and government (e) is owned by landlords.
29.    Which of the following is an advantage of division of labour? (a)production of specialized goods (b)employment of experts (c)monotony of work (d)greater use of machinery. (e)none of the above.
30.    Which of the following is a function of an entrepreneur? (a)avoidance of risks (b)decision making   (c)employment control             (d)organizing unions.  (e) resources control.