Second Term Examination
Class : SSS 1
Subject : Economics
Instruction: Read the questions carefully and choose from the alternatives lettered a – d.
1. The reward for land is ________. (a) rent (b) rentage (c) wages and salaries (d) profit and loss
2. ____________ is known as man-made asset. (a) labour (b) capital (c) land (d) entrepreneur
3. A teacher is an example of which factor of production ? (a) labour (b) land (c) capitalism (d) capital
4. The breaking down of work into different units refers to ____________. (a) labour (b) capital (c) land (d) division of labour
5. One of the following is not a type of specialization. (a) specialization by sex (b) specialization by process (c) specialization by book (d) specialization by process
6. The public limited liability company has a minimum of ________ members. (a) 1 (b) 5 (c) 6 (d) 7
7. Capital can be referred to as ____________. (a) money (b) nothing (c) capitalism (d) brain
8. How many types of capital do we have? (a) 3 (b) 2 (c) 1 (d) 4
9. All forms of human effort put into production is known as ________. (a) capital (b) labour (c) land (d) strength
10. Who is the father of Economics? (a) Alfred Marshall (b) Adam Smith (c) Professor Lionel C. Robbin (d) Mr Qudus
11. Mr. Shomolu learnt tailoring for three years and have skills in it. This process is known as __________. (a) capital (b) central processing (c) specialization (d) youth empowerment
12. The word “sole” means _________. (a) one (b) two (c) three (d) four
13. __________ are assets that are not used up in the course of production. (a) current capital (b) working capital (c) fixed capital (d) Social capital
14. The arrangement of things according to how important they are to you is known as __________. (a) wants (b) needs (c) choice (d) scale of preference
15. The process of allowing your brother to do part of the house chores is associated with _________. (a) commitment (b) help (c) division of labour (d) training
16. Mostly trader in a local market within your community are examples of _________. (a) Sole proprietorship (b)Partnership (c) Trading (d) Joint Stock Company
17. The followings are sources of capital except _________. (a) personal savings (b) usage of soap (c) loan from bank (d) borrowing from friends
18. The process of minimizing cost and maxima zing profit is also known as _________. (a) scale of production (b) opportunities (c) balance sheet (d) balancing
19. As a firm grows in size, what will happen to its income? (a) they rise (b) they fall (c) they can rise or fall (d) they rise and fall
20. A type of partner who takes part I running the business and also have the risk of loosing his/ her property is ______________. (a) active (b) dormant (c) inactive (d) regular
21. The sign “x” means _________ . (a) mean (b) arithmetic mean (c) geometric mean (d) median
22. ___________ are assets used up in the course of production. (a) current capital (b) working capital (c) fixed capital (d) Social capital
23. The act of selecting from numerous alternatives is _________. (a) needs (b) choice (c) wants (d) opportunity
24. Who sees economics as the study of mankind in ordinary business of life. (a) Adam Smith (b) Professor Lord Robbins (c) H. J. Dave Port (d) Alfred Marshall
25. The first factor of production is _________. (a) labour (b) land (c) capital (d) entrepreneur
26. Any activities done to make money is __________. (a) yahoo (b) acting (c) business (d) dealing
27. __________ promotes economics interest of its members instead of making profit. (a) sole proprietorship (b) partnership (c) joint stock company (d) cooperative society
28. The process of buying goods on credit is known as _________. (a) trade credit (b) goods credit (c) business credit (d) credibility
29. Anything you desire can be termed as ___________. (a) choice (b) needs (c) wants (d) scarcity
30. Whose definition is widely accepted? (a) Alfred Marshall (b) Adam Smith (c) H. J Davenport (d) Professor Lionel C. Robbin
Section B: Theory
1. Briefly describe the the following:
i. Public limited liability company
ii. Private limited liability company
iii. Industry
iv. Firm
v. Factory
2a. Define division of labour
2b. Explain the word “specialization”
2c. Elucidate any three (3) of specialization
3a. Define sole proprietorship.
3b. List two advantages and disadvantages of a sole proprietorship.
4a. Explicit the term, ” cooperative society”
4b. State two features of sole proprietorship.