SS3 Economics 3rd test 1st term 2020/27
  • 1. The type of production in which an individual produces goods and services for family use or consumption is
A) Direct production
B) Durable products
C) Primary production
D) Indirect production
  • 2. The aspect of production which is concerned with provision of commercial and professional services to the people is
A) Direct production
B) Primary production
C) Tertiary production
D) Secondary production
  • 3. All determines the volume of production except
A) Level of technology
B) Sex of entrepreneur
C) Availability of capital
D) Management
  • 4. All are factors of production except
A) Machine
B) Labour
C) Land
D) Entrepreneur
  • 5. Land has the following characteristics except
A) Rent
B) Free gift
C) Mobile
D) Fixed
  • 6. Jobs acquired by unskilled labour is also called
A) Brown collar job
B) White collar job
C) Red collar job
D) Black collar job
  • 7. Labour has the following except
A) The profit
B) Initiatives
C) Feeling
D) Physical abilities
  • 8. All are characteristics of capital except
A) It promotes production
B) It exists only in one form,which is money
C) It depreciate in value
D) It is durable
  • 9. Capital consumption means
A) Unable to meet up with demands
B) Using up of existing capital stock
C) Replacing worn out capital goods used in production
D) When there is competition in the market
  • 10. All are functions of entrepreneur except
A) Decision making
B) Operates machine
C) Risk bearing
D) Provision of capital
  • 11. Breaking down of a production process into different stages,and each parts is handled by an individual is called
A) Division of labour
B) Localization
C) Specialisation
D) Concentration
  • 12. An independently administered business unit which is capable of carrying out production is
A) Plant
B) Industry
C) Firm
D) Company
  • 13. The benefits a firm derives from concentration or localization of industries in a particular area is called
A) External economies
B) External dis economies
C) Internal economies
D) Economics growth
  • 14. The insatiable desire or need by human beings to own goods or services that give satisfaction is
A) Wants
B) Scarcity
C) Scale of preference
D) Choice
  • 15. The system of selecting or choosing one out of a number of alternative is
A) Scale of preference
B) Wants
C) Choice
D) Sorts
  • 16. The branch of Economics which deals with smaller units or components of the economy is
A) Internal economies
B) External economies
C) Micro Economics
D) Macro economics
  • 17. One of the following is not among the economic basic tools
A) Charts
B) Graphs
C) Scale of preference
D) Tables
  • 18. All graphs must have the following characteristics except
A) Tittle
B) Scale
C) Well labelled
D) The same variables
  • 19. One of these is not a type of bar chart
A) Simple bar chart
B) Multiple bar chart
C) Combined bar chart
D) Components bar chart
  • 20. The average of a series of figures or values is called
A) Median
B) Mean
C) Histogram
D) Mode
  • 21. The most frequently occurring number in a st of numbers or data is called
A) Mean
B) Mode
C) Standard deviation
D) Median
  • 22. All are types of mean except
A) Geometric mean
B) Quadratic mean
C) Exponential mean
D) Harmonic mean
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