SS1 Economics Test Second Term (2024/2025)

An industry is ________.

• A group of firms producing distinct commodities

• A group of firm’s producing differentiated products

• A group of related goods

• A group of firms producing unrelated goods.

Find the mean from the observation 18,24,16,30,12,30, 14, and 10.

• 81

• 14

• 19

• 8

Which of the following is not a source of finance for sole proprietorship?

• issuance of shares

• Re – investment of profits

• Contribution from family

• Benefit from credit facilities

The last link in the channel of distribution is _______.

• Consumer

• Retailer

• Wholesaler

• Producer

Which of these is a measure of central tendency?

• Variance

• Graph

• Median

• Percentage

Division of labour gives rise to _______.

• Unemployment

• The  exchange  of goods and services

• The use of barter system

• The production of limited goods

Manufacturing involves the process of _______.

• Producing capital goods only

• Providing finished products

• Providing Semi-finished products

• Making goods available

The most common form of business in West Africa is the _______.

• Sole proprietorship

• Joint stock company

• Partnership

• Co –operative

Which of these is a type of business organization?

• Co-operative

• Insurance company

• Stock exchange

• Chains stores

The following are economic agents in any economy EXCEPT ______.

• Firm

• Household

• Government

• Central bank