ECONOMICS FIRST TERM EXAMINATION QUESTIONS FOR SSS 3
ECONOMICS FIRST TERM EXAMINATION QUESTIONS FOR SSS 3
FIRST TERM EXAMINATION 2021
SUBJECT: ECONOMICS
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CLASS: S.S.S.3
1. All except one are attributes of human capital development (a) performance
(b) developing coaching (c) none of the above (d) all of the above
2. ______ is also known as brain drain (a) human resources (b) human capital flight
(c) physical capital (d) human skill
3. The first attempt made towards oil exploration was in (a) 1905 (b) 1906 (c) 1907
(d) 1908
4. The organization of Petroleum Exporting Countries (OPEC) was formed in ______
(a) 1960 (b) 1970 (c) 1980 (d) 1990
5. ______ was one of the forming countries of OPEC (a) Qatar (b) Libya (c) Iraq (d) United Arab Emirate
6. Manufacturing and construction are classified under ______ production (a) secondary (b) transformed (c) none of the above (d) all of the above
7. ______ services are rendered by doctors, police force, civil servants, etc (a) direct
(b) indirect (c) tangible (d) intangible
8. ______ create awareness in minds of the public about the existence of a product
(a) advertising (b) publicity (c) services (d) promotion
9. Supplies and customers can be easily linked together through ______ services
(a) advertising (b) transportation (c) warehousing (d) communication
10. Securities and Exchange Commission (SEC) is the apex regulator of Nigeria
(a) monetary policy (b) depositors (c) capital market (d) insurance policy
11. Nigeria Deposit Insurance Corporation was established by decree of ______ (a) 23 of 1985 (b) 22 of 1988 (c) 25 of 1981 (d) 21 of 1967
12. NDIC also encourages (a) no profit-earning (b) investment (c) incentive (d) savings
13. This agency control and regulate other financial institutions (a) commercial banks
(b) central bank (c) development bank (d) mortgage bank
14. When there is an increase in demand, the demand curve will shift to the ______ (a) left (b) right (c) center (d) None of the above
15. The trade agreement between two countries is called (a) bilateral (b) multi-lateral
(c) international co-existence (d) foreign policy
16. Domestic trade is also known as (a) bilateral (b) multi-lateral (c) internal (d) external
17. Tariff will definitely become ______ to international trade (a) problems (b) harmony
(c) co-operation (d) comparative cost
18. Import trade is divided into ______ trade (a) direct and indirect (b) visible and invisible (c) internal and external (d) tangible and intangible
19. The goods that can be seen and touched is called (a) visible (b) tangible (c) all of the above (d) none of the above
20. ______ is a form of foreign trade in which goods shipped to one part are subsequently re-exported to another country (a) entreport (b) ship flight (c) shipped dock (d) import
21. The principle of the comparative cost was propounded by (a) Lionel Robbins (b) Adams Smith (c) David Richardo (d) Alfred Marshal
22. The production of goods and services for which the cost advantage over another country will bring about the production of goods ______ (a) at a cheaper cost (b) at high cost (c) at the same cost (d) at an average cost
23. ______ account shows the balance of current and capital account settlement (a) capital (b) monetary movement (c) current account (d) inflow and outflow account
24. ______ tax is imposed on import goods to reduce the amount of trade (a) excess duty (b) custom duty (c) export duties (d) import duties
25. The term of trade is favorable when the average price of export is ______ then the average price of export (a) lower (b) higher (c) equal (d) cheaper
26. The index of the term of trade would be more than (a) 50 (b) 200 (c) 100 (d) 150
27. There has been ______ in demand per certain primary products of West African Countries (a) rise (b) fall (c) demand (d) supply
28. Taxes levied on commodities are ______ taxes (a) direct (b) indirect (c) poll
(d) personal income
29. A surplus in the balance of payment should be used to (a) subsidize multinational companies (b) buy investment overseas (c) kept in foreign reserve (d) all of the above
30. The value of money is best determined by (a) input-output ratio (b) the purchasing power (c) the importance of it (d) economies of scale
1(a) Differentiate between human capital development and human resources development
(b) Mention and explain 5 factors affecting the efficiency of human capital
2. Mention 5 positive and negative impacts of petroleum on Nigeria economy
3(a) Explain why was the Nigeria Deposit Insurance Corporation (NDIC) primarily set up
(b) Mention 5 functions or roles of SEC
4. Give 5 differences between international trade and domestic trade in a tabular form
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