ECONOMICS 90 MINS SS: SS1 WHITESANDS SCHOOL. 1st Term (2012/2013 session) Examination. Subject: Time Allowed:

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1 WHITESANDS SCHOOL 1st Term (2012/2013 session) Examination Subject: ECONOMICS Time Allowed: 90 MINS CL SS: SS1 INSTRUCTION: Answer all questions in Section A and Three questions in section B. SECTION A: 1. Scarcity refers to A. the absence of goods and services in the market. B. a period of production. C. limited resources. D. The control of resources. 2. The consumer has to make a choice because wants are A. limited while means are also unlimited B. unlimited and means are also unlimited C. unlimited while means are limited D. limited and means are also limited 3. The concept of opportunity cost helps the individual to A. make rational choice B. maximize profit C. minimize cost D. produce goods 4. The arrangement of an individual s wants in order of importance is known as A. choice B. needs C. opportunity cost D. scale of preference. 5. What is the mode of the following scores? 15, 24, 14, 13, 11, 10, 10, 10, 8, 5. A. 5 B. 8 C. 10 D The term for whom to produce in economics means those who A. are producing the goods. B. are to enjoy what has been produced C. will decide the goods to be produced D. will decide the method of production 7. Which of the following is a measure of central tendency? A. Arithmetic mean B. Mean deviation C. Range D. Variance 8. The concept of opportunity cost is also referred to as A. social cost B. real cost C. fixed cost

2 D. variable cost 9. Choice is necessitated by A. demand and supply B. cost of production C. production possibility curve D. scarcity of resources 10. The study of Economics becomes necessary because of the A. large population size of the world B. scarcity of resources C. opportunity cost of goods and services D. need to satisfy every desire of man. 11. In economics, alternative uses refers to A. input B. limited uses C. more than one use D. output 12. The concept of choice in Economics refers to A. a decision between one thing and another B. ranking of wants in an ascending order C. selection of most impressing wants out of a range of alternatives D. ranking of wants on a table of preference 13. In a given set of data, if the variance is 25, what is the standard deviation? A. 4.5 B. 5 C. 5.5 D The mean of the following scores 30, 32, 34, 36, 38, 40 and 42 is 36. What is the mean deviation? A B C D Data presented in tables are usually arranged in and A. charts, tables B. graphs, rows C. maps, pie charts D. rows, columns. 16. Economics is regarded as a/an A. applied science B. art subject C. physical science D. social science. 17. The main concern of Economics is to A. allocate scarce resources B. to satisfy human wants C. create human wants D. create scarce resources Use the data above to answer questions 18 and , 21, 28, 22, 23, 27, 27, 23, 23, What is the mean score? A B. 2.43

3 C D The median score of the marks is A. 21 B. 22 C. 23 D Which of the following is not included in the study of economics? A. Scarce resources B. Choice C. What people should buy D. Opportunity cost 21. The opportunity cost of a good is: A. The total cost of the good B. What it can be sold for C. How much it is worth to its owner A. Workers and machines B. Raw materials C. Factors of production D. Profits. 24.The basic economic problem faced by all economies is: A. Rising prices B. Unemployment C. Scarcity of resources D. Low economic growth. 25. Musa has a choice of buying a shirt, a book and a bag. What is the opportunity cost of buying a book? A. A bag only B. A book and a bag C. A shirt and a bag D. A shirt only. 26. Given the total population of Lagos as 180million, calculate the population of the area marked A in the pie chart below D. The benefit from the next best thing foregone. 22. A firm can produce a number of possible combinations of two goods.it can either produce 500 of good X and 300 of good Y, or 600 X and 250Y. What is the opportunity cost of producing an extra 100 of good X? A. 100y B. 250y C. 50y D. The extra wages paid to the workers. 23. In the study of economics, resources are also known as : A. 70m B. 80m C. 100m D. 110m 27. The most frequent occurring value in a given data is the

4 A. Mode B. Mean C. Median D. Range 28. Given that f(x-x ) = 512 and f = 256, calculate the standard deviation A B. 1.4 C D A. #680,700 B.#672, 600 C.#702,500 D. #790, Goods that are useful, scarce and can command price are called goods A. capital B. consumer C. economic D. free 29. If the current exchange rate is #134.52k to $1 and Biodun bought a car for $5000. What is the cost of the car in Naira? SECTION B: Answer only Three questions here. Question ONE is compulsory and any other two questions 1. The raw scores of 20 students of Whitesands School who took part in an examination in Economics are given below. The pass marks is 40% (a) What is the mean score of the students marks? (b) How many students passed the examination? What percentage of the students failed the examination? (d) What is the range of the scores? (e) How many students scored below the mean score? 2. Write short notes on the following: (a) Resources (b) Scale of preference (c) Opportunity cost (d) Scarcity (e) Wants 3.Explain any five reasons why we study economics.

5 4.Explain the following concepts; i. What to produce ii. How to produce iii. For whom to produce iv. Use of economic resources v. Where to produce. 5. The values of different types of accounts held in Nigeria banks for the period 1984 to 1988 are as follows(in Nm): Year Saving Current Fixed deposit Present the data above in the form of a component bar-chart..