SSS 1 Economics Essay Exam Questions

First Term Essay Questions

1a. Define Economics.
1b. State and explain five reasons why the study of Economics is important.

2a. Define Opportunity cost.
2b. Explain the relevance of opportunity cost to an individual, firm and government.
3a. The population of five (5) towns in a country 1n 2014 is as follow:

TwoPopulation in thousand
A50
B80
C35
D22.5
E2.5

Required: Represent this information in a pie chart.

4. The table below shows a farmer’s production of maize and rice for a period of five (5) years. Use the information to answer the questions that follow:

YearMaizeRiceTotal
2002I2035
20032010Z
200425J45
20061010Y

(a) Determine the values of I, K, J, Z and Y.
(b) Represent the information in an appropriate bar chart.
5a. Define Demand.
5b. State and explain five (5) factors that can affect demand in your country.
6. With relevant examples and illustrations, explain any five basic concepts of economics you know.

7a. Define Table.
7b. State any five features of a good table
7b. State five importance of using tables in economic analysis.

Second Term Essay Questions

1a. What is sole proprietorship form of business?
1b. Explain any five features of sole proprietorship.
1c. State any five advantages and five disadvantages of proprietorship form of business.

2a. Define partnership form of business.
2b. Explain any five reasons why a sole proprietor may convert his business to a partnership.

3a. Define a firm and an industry.
3b. Highlight any four differences between a public limited liability company (PLC) and a private limited liability company (Ltd).

4a. Define production.
4b. State any five features of capital as a factor of production.

5a. What is division of labour?
5b. Explain any five advantages of division of labour you know.

6a. Define Land as a factor of production.
6b. Explain any four basic economic problems of a society and show how these problems are solved in different economic systems.

7a. Define specialization.
7b. State and explain any four types of specialization you know.

Third Term Essay Questions

1a. What is money?
1b. Explain any five characteristics of a good medium of exchange.
1c. State any five functions of money in modern economy.

2a. Define agriculture.
2b. Explain any five components of agriculture you know.
2c State any five importance of agriculture to the development of your economy.

3a. What is labour market?
3b. Explain the concept of labour force.
3c. Explain any five factors that can affect the size of labour force.

4a. Define mobility of labour.
4b. With relevant examples, explain any two types of labour mobility.
4c. State any five factors that can affect labour mobility in Nigeria.

5a. What is efficiency of labour?
5b. Differentiate between demand for labour and supply of labour.
5c. Explain any five factors that can affect labour efficiency in Nigeria.

6a. What is trade by barter?
6b. Outline any five problems of barter economy.
6c. Explain five ways how money has solved the problems outlined in 6b above?

7a. Define peasant agriculture.
7b. State any five characteristics of peasant farming.
7c. Explain any five features of mechanized agriculture.

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