First Term Examination
Class : SSS 2
Subject : Economics
Duration : 1 Hour 30 Minutes
Section A : Objective Questions
Instruction : Read the question carefully and pick from the options lettered a – d.
1. The most occurring score in a series of scores is _________. (a) Median (b) Mean (c) Variance (d) Mode
2. This formula √∑ƒ(x – ‾x) 2 / ∑ƒ is for ___________. (a) Variance (b) Mean (c) standard deviation (d) Range
3. The types of utility include all Except (a) Work (b) Place (c) Time (d) Form
4. The concept of utility that is concerned with additional satisfaction is __________. (a) Total utility (b) Marginal utility (c) Average utility (d) Fixed utility
5. “The degree of responsiveness of demand to change n income is _________. (a) Elasticity of demand (b) Elasticity of Supply (c) Income Elasticity (d) Cross Elasticity
6. The satisfaction a consumer derived from consuming a commodity is ________. (a) Satisfaction (b) Utility (c) Want (d) Product
7. The complete satisfaction a customer enjoyed from a commodity is ___________. (a) Total (b) Fixed (c) Marginal (d) Average
8. Creation of utilities is the definition of __________. (a) Distribution (b) Demand (c) Exchange (d) Product
9. The most commonly used tool in economic analysis is __________. (a) Graph (b) Table (c) Bar chart (d) Pie chart
Use the table below to answer questions 10 – 13.
| MONTH | PRICE (N) | QUANTITY DEMANDED (kg) |
| November | 50 | 20 |
| December | 70 | 30 |
10. What is the percentage change in price? (a) 28% (b) 40% (c) 30% (d) 45%
11. What is the percentage change in quantity demanded? (a) 33.3% (b) 40% (c) 30% (d) 34%
12. What is the elasticity of demand? (a) 0.8 (b) 1.1 (c) 1.25 (d) 1.2
13. What type of elasticity is it? (a) Unitary (b) Inelastic (c) Elastic (d) Zero
14. Which of the following factors of production is immobile? (a) Capital (b) Labour (c) Entrepreneur (d) Land
Use the table below to answer questions 15 – 18.
| Marks (x) | 25 | 30 | 40 | 60 | 80 |
| Frequency | 2 | 2 | 1 | 4 | 3 |
15. What is the mean? (a) 50.3 (b) 18.7 (c) 80 (d) 40.2
16. What is the mode? (a) 4 (b) 60 (c) 80 (d) 3
17. What is the Median? (a) 30 (b) 40 (c) 60 (d) 80
18. What is the range? (a) 45 (b) 50 (c) 65 (d) 55
19. What is the reward for Capital as a factor of production? (a) Interest (b) Rent (c) Salary (d) Loss
20. When elasticity is less than one (1), it means ___________. (a) Unitary (b) Zero (c) Inelastic (d) Elastic
Section B : Theory
Instruction : Attempt Three (3) questions in this section. Question One (1) is compulsory.
1.
| Income (N) | Quantity Demanded | |
| A | 20,000 | 120 |
| B | 36,000 | 96 |
| C | 40,000 | 160 |
| D | 44,000 | 200 |
| E | 45,000 | 240 |
| F | 47,000 | 252 |
1a. Calculate the income elasticity between (i.) A and B, (ii.) C and D (iii.) E and F
1b. What kind of goods is between (i) A and B (ii) C and D
2a. Define Utility
2b. List and explain the types of Utility
3a. What is Price Control?
3b. Mention and explain the types of price control
3c. Mention five (5) objectives of price control.
4a. Define Income Elasticity of Demand
4b. Name the types of income elasticity
4c. Name the types of elasticity of demand
5a. Mention three (3) measures of dispersion.
5b. Define the following :
i. Demand
ii. Supply