SSS 2 Economics Essay Exam Questions
First Term Essay Questions
1a. What is production possibility curve (PPC)?
b. The table below shows various possible combinations of commodity x and commodity Y produced by a country using the available resources and technology. Use the table to answer the questions that follow:
| Commodity X (in tonnes) | Commodity Y (in tonnes) |
|---|---|
| 0 | 200 |
| 20 | 160 |
| 40 | 120 |
| 60 | 80 |
| 80 | 40 |
| 100 | 0 |
(i) Draw the production possibility curve (PPC).
(ii) What does the downwards slope of the PPC indicate?
(iii) Identify and indicate one point of under utilization of resources.
(iv) Identify and indicate a point of unattainable combination.
2.
| Output | TFC ($) | TVC ($) | TC ($) | AVC ($) | ATC ($) | MC ($) |
|---|---|---|---|---|---|---|
| 0 | 100 | 0 | 100 | 0 | 100 | - |
| 1 | 100 | 40 | 140 | ? | ? | ? |
| 2 | 100 | 64 | 164 | ? | ? | ? |
| 3 | 100 | 80 | 180 | ? | ? | ? |
| 4 | 100 | 88 | 188 | ? | ? | ? |
| 5 | 100 | 96 | 196 | ? | ? | ? |
From the cost schedule above, calculate and draw curves of the following:
i. Average Variable Cost (AVC),
ii. Average Total Cost (ATC)
iii. Marginal Cost (MC) of the firm. (Show your workings clearly).
3. Find the: (i) mean, (ii) the variance and the (iii) standard deviation of the following frequency distribution:
| X | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
|---|---|---|---|---|---|---|---|---|---|
| F | 1 | 8 | 28 | 56 | 70 | 56 | 28 | 8 | 1 |
4a. Define cost.
b. Indentify and explain carefully (using relevant examples and diagrams) at least five (5) kinds of cost.
5a. Define revenue.
5b. Indentify and explain carefully (using relevant examples and diagrams) at least three (3) concepts of revenue.
6. Due to an increase in the price of a commodity from N8 to N10, the quantity demanded reduced from 48 to 40 units.
a. present the above in a table.
b. calculate elasticity of demand.
c. what type of price elasticity is this? State the reason for your answer.
7a. Differentiate between change in demand and change in quantity demanded.
7b. State any two factors that influence change in demand.
7c. Using relevant diagrams, explain the effects of the following on equilibrium price and quantity demanded for a commodity while supply remains constant:
(i) an increase in demand
(ii) a decrease in demand.
Second Term Essay Questions
1a. What is a market economy?
1b. Give four features of a market economy
1c. State two criticisms of a market economy.
2a. Define Trade Union.
2b. Explain any two weapons that can be used by a trade union during trade dispute.
2c. Mention any two problems confronting trade unions in Nigeria.
3a. Define Unemployment.
3b. With relevant examples, explain any five types of unemployment you know.
4a. What is demand for labour?
4b. Discuss any five factors that can affect the supply of labour in Nigeria.
5a. Define and state two types of wages.
5b. Explain any five reasons for wage variation in Nigeria.
6a. What is a command economy?
6b. Give any five features of a command economy.
7a. Define economic system.
7b. State any five disadvantages of a centrally-planned economic system
Third Term Essay Questions
1a. Define inflation.
1b. Explain any five types of inflation.
1c. Outline any five ways in which the government of your country can control inflation.
2a. Define deflation.
2b. Explain any five causes of deflation.
2c. Outline any five ways in which the government of your country can control inflation.
3a. What is elasticity of supply?
3b. Outline any 3 types of elasticity of demand you know.
3c. With relevant examples and diagrams, explain any five types of price elasticity of demand.
4a. What is a tax?
4b. Explain any two types of taxation.
4c. Describe any five principles (canons) of a good tax system.
5a. Define public finance.
5b. State any five objectives of fiscal policy in an economy.
5c. Describe five ways in which the government can use taxation to improve the economy of your country.
6a. Define elasticity of demand?
6b. What factors determine elasticity of demand for a commodity?
6c. Due to an increase in the price of OMO from N20 to N30, a seller increases the quantity offered for sale from 400 units to 450 units.
6d. Calculate elasticity of supply ii. Is supply elastic or inelastic? Iii. State reasons for your answer.
7a. What is public expenditure?
7b. Explain any two types of public expenditure you know.
7c. State any five reasons for public expenditure in your country.
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