Past Question And Answer For SS2 Second Term Examination For Economics

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 MINISTRY OF BASIC AND SECONDARY EDUCATION 

UGHELLI SOUTH L.G.A DELTA STATE 

SECOND TERM EXAMINATION, 2020/202

CLASS:   SS II     SUBJECT:   ECONOMIC    TIME:2HRS

(Instruction: Answer all objective questions choosing appropriate answer from option A-D)

1. Which of the following is not a problem of trade by barter? (a) wastage of time and effort (b) double coincidence wants (c) indivisibility (d) easy in strong wealth
2. The type of unemployment which occurs as a result of changes in the techniques of production is known as (a) mass unemployment (b) casual unemployment (c) structural employment (d) frictional unemployment 
3. _____ refers to the additional satisfaction a consumer derived from the consumption of extra unit of a commodity (a) total utility (b) marginal utility (c) average utility (d) diminishing utility 
4. A market in which there are only few producers or sellers of the same commodity is called ______ (a) monopoly (b) monophony (c) oligopoly (d) duopoly 
5. The following are factors that influences the location of an industry except (a) political stability (b) nearness to source of raw material (c) nearness to market (d) availability of capital 
6. Which of the following is not a quality of money? (a) generally acceptable (b) homogeneity (c) indivisibility (d) portable 
7. The following are causes of unemployment except (a) inadequate educational system (b) under-population (c) lack of social amenities (d) lacks of industrial growth
8. A consumer will maximize his utility when marginal utility of that commodity _____ the price of the commodity (a) is greater than (b) equals (c) is lesser than (d) none of the above
9. Which of the following is an advantage of localization of industries? (a) it encourages development (b) lack of employment (c) lack of competition (d) emergence of unorganized market
10. The following are instructions involved in capital market except (a) finance houses (b) development bank (c) stock exchange (d) building society 

SECTION B:(Theory ) Answer only three question 

• 1a.  What is unemployment
• b.   mention and explain any 3 effects of unemployment 
• 2a.  What is money?
•  b.  Mention and explain 3 functions of money
• 3. a. Define the concept “Utility “
•  b. State the law of diminishing marginal utility 
• 4. a. What is a perfect market 
•  b. Explain three features of an imperfect market
• 5. a. Define the concept “Location of Industry “
•  b. Explain 3 advantages of localization of industries

ANSWERS

SECTION A( Objectives)

1. A

2. D

3. B

4. C

5. A

6. C

7. C

8. B

9. A

10. A

1. a.What is Unemployment 

Unemployment can be defined as a state of not having a job yet in search of one.

Unemployment is also a factor to consider in the measurement of the health of the economy

        b. Mention and explain any 3 effects of unemployment 

Threat To Peaceful Society

Unemployment constitutes to political troubles, they employed are used to participate political malpractice like, looting of ballot boxes, shooting and the rest

High Rate Of Dependents

Unemployment increases the number of dependents in a society, instead of adding to the economy growth of their societies and families, they sap the economy.

Migration 

Unemployment can lead to people moving from one country to another, rural to urban in search of a greener pasture, which creates vacuum in such a nation.

2. a. What is Money

Money can be defined as anything that is generally acceptable as a medium of exchange for making payments, settlement of debts or other business obligations.

         b. Mention and explain 3 functions of Money

A Medium of Exchange 

Money made payments of goods and services easier, you can easily get what you want and exchange with money unlike then you will have to look for someone with what you want and at same time wants what you have.

Measurements of Goods And Services 

With money, goods and services are being measured of their worth. You can decide the amount of a good or service with money.

Encourages Lending And Borrowing 

Money have gave rise to banks and other institutions that loans and overdrafts and other forms of lending and borrowing 

3. a. Define the concept “Utility “

Utility is defined as the total satisfaction a consumer receive from the consumption of goods and services.

        b. State the law of diminishing marginal utility 

The law of states that as a consumer consumes more and more units of a particular commodity, utility will increase up to a certain point when decrease in satisfaction or disutility will set in as a result of continuous consumption of the same commodity.

4. a. What is a Market Perfect

A perfect market is a market where neither the buyer nor the sellers can influence the price of goods and services cause there are large number of buyers and large number of sellers, with homogeneous products.

        b. Explain 3 features of an imperfect market

Few Sellers And Buyers 

Heterogeneous Products 

Lack of Information 

5. a. Define the concept “Localization of Industry”

Localization of industries may be defined as the establishment of industries in a particular area either because of its economic, social, geography or political status.

        b. Explain 3 advantages of localization of industry

Encourages Healthy Competition 

Industries produce quality products in a good location.

Provision of Social Amenities 

Industrial estates attract social amenities either from the government or industries  that exists there.

Development of Local Labour

Through active utilization of local labour in an industrial estate, it will develop more in a matter of time