Free Printable Year 10 ECONOMICS REVISION

1.

Economics can be defined as the study of

a)

how to spend the family income efficiently

b)

how to find minimum cost of production

c)

the interpretation of scarce resources and data

d)

how scarce resources can be used efficiently.

2.

Economics is a social science because it

a)

deals with an aspect of human behaviour

b)

provides people with the commodities they want

c)

deals with limited resources which have alternative uses

d)

deals with the production of goods for present and future consumption

3.

Economics is the study of how to

a)

choose between alternative, given limited resources

b)

regulate the money that is in circulation in a country

c)

be prudent in the use of available resources

d)

improve standard of living of the society at large.

4.

The definition of Economics as the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses was given by

a)

Adam Smith

b)

David Ricardo

c)

Lionel Robbins

d)

Robert Giffen.

5.

Economics is the study of human behaviour as it relates to the

a)

efficient allocation of resources

b)

operation of companies

c)

organize production at the lowest cost

d)

decide under what circumstances the government should intervene in the economy.

6.

The concept of economic efficiency primarily implies

a)

obtaining the maximum output from available resources at the lowest possible cost

b)

conserving our problem resources

c)

equity in the distribution of the nation’s wealth

d)

producing without waste.

7.

The study of Economics enables the individual to

a)

be miserly in the spending of his money

b)

derive maximum satisfaction from the money he spends

c)

determine the right market to visit

d)

avoid the purchase of luxurious item

8.

Economics as a field of study is a

a)

pure science

b)

political science

c)

social science

d)

physical science

9.

Which of the following is not an activity in economics?

a)

attending a town’s meeting

b)

a visit to the stadium

c)

payment of school fee

d)

arresting a petty thief.

10.

Economics is regarded as a science because

a)

its issues can be easily verified by reference to facts

b)

it adopts scientific method in making its analysis

c)

its issues are relevant for national development

d)

its subject matter studies human behaviour.

11.

Economics is regarded as a science because

a)

its issues can be easily verified by reference to facts

b)

it adopts scientific method in making its analysis

c)

its issues are relevant for national development

d)

its subject matter studies human behaviour.

12.

The study of Economics as a study of mankind in the ordinary business of life was given by

a)

Adam Smith

b)

Alfred Marshall

c)

David Ricardo

d)

Lionel Robbins

13.

The following are example of economic goods except

a)

bottled water

b)

household utensils

c)

air

d)

shelter

14.

The study of Economics becomes necessary because of the

a)

large population size of the world

b)

scarcity of resources

c)

opportunity cost of goods and services

d)

need to satisfy every desire of man.

15.

The main concern of economists is to (a) allocate scarce resources to satisfy human wants (b) satisfy all human wants (c) redistribute income between the rich and the poor

a)

allocate scarce resources to satisfy human wants

b)

satisfy all human wants

c)

redistribute income between the rich and the poor

16.

The three economic units in any system are

a)

trade, industry and banking

b)

workers, consumers and shareholders

c)

household, firms and governments

d)

companies, industry and plants.

17.

Like other social scientists, economists usually do not perform _____________ experiments (a) field (b) market (c) laboratory (d) none of the above.

a)

field

b)

market

c)

laboratory

d)

none of the above.

18.

All of these are various opportunity opened to an Economics graduate except

a)

marketing

b)

finance

c)

medical practitioner

d)

Insurance

19.

The validity of economic laws can be tested by applying them to _____________

a)

real life situations

b)

fictional situation

c)

financial situation

d)

scientific situations

20.

The following are basic concept of Economics except __________

a)

Wants

b)

Needs

c)

Choice

d)

Opportunity cost.

21.

The opportunity cost of a worker going to the university is

a)

tuition fees and books

b)

boarding and lodging

c)

the wages given up to attend university

d)

transportation and entertainment

22.

Scale of preference is important for the following reasons except in

a)

satisfying wants

b)

making rational choices

c)

making optional allocation of resources

d)

using scarce resources efficiently.

23.

The action of government to forgo road construction in order to provide more health facilities denotes

a)

sound economic decision

b)

opportunity cost

c)

government policy

d)

scale of preference.

24.

Human wants are

a)

limited

b)

scarce

c)

unlimited

d)

in grades

25.

The difference between money cost and the real cost of any item is that

a)

real cost is the alternative forgone while money cost is the actual amount paid for buying the item

b)

the real cost is the opportunity cost, while the money cost is the marginal cost.

c)

money cost is the opportunity cost, while the real cost is the actual cost in monetary term

d)

money cost is always greater than real cost.

26.

Choice is necessitated by

a)

demand and supply

b)

cost of production

c)

production possibility curve

d)

scarcity of resources

27.

Economic activities are undertaken to solve the problem of

a)

consumption

b)

opportunity cost

c)

production

d)

scarcity

28.

A list of consumers’ want arranged in order of priority is known as

a)

a budget

b)

an opportunity cost

c)

a scale of preference

d)

choice

29.

The ₦150 which Olu would have used to purchase a textbook was used to buy a T-shirt. This implies that

a)

Olu’s real cost is ₦150

b)

Olu’s opportunity cost is the T-shirt he bought

c)

Olu’s opportunity cost is the textbook

d)

Olu’s money cost is also the real cost.

30.

Opportunity cost helps in the efficient and effective ………… to the most important needs.

a)

allocation of unlimited want

b)

allocation of sufficient resources

c)

allocation of scarce resources

d)

use of resources

31.

A firm can take decision on whether to use …………

a)

capital- or labour-intensive method

b)

labour or technological method

c)

arithmetic and geometric method

d)

none of the above.

32.

Scarce resources are judiciously used in order to avoid ……….

a)

spending

b)

expenditure

c)

wastage

d)

full employment.

33.

Choice is necessary because resources

a)

are available

b)

can be found everywhere

c)

are constant

d)

are scarce

34.

The rational consumer tends to do all the following except ………

a)

buying more at a high price than at a low price

b)

buying more at a low price than at a high price

c)

aiming at utility maximization

d)

reacting to price rate

35.

Choice involves opportunity cost because

a)

a good give different utilities

b)

available resources are inadequate

c)

there are many good to select from

d)

not all goods have the same price

36.

Tobi’s scale of preference reveals that she prefers banana to pawpaw, pawpaw to orange and orange to banana. Tobi’s preference is therefore

a)

inconsistent

b)

consistent

c)

transitive

d)

rational

37.

Scarcity in economies generally refers to

a)

period of existing supply of resources

b)

monopolization of existing supply of resources

c)

nationalization of sources of raw materials

d)

none of the above.

38.

Bisi needs a book costing ₦10 and a hat costing ₦10. If Bisi buys the book instead of the hat, the opportunity cost of his choice is the

a)

cost of the book

b)

cost of the hat

c)

book

d)

hat.

39.

Scale of preference refers to

a)

consumers preference for luxurious goods

b)

the household monthly income

c)

list of goods and services in order of priority

d)

budget preparation without paying due regard of priority.

40.

Economics problems arise in all societies because

a)

resources are mismanaged by leaders

b)

there is no proper planning

c)

resources are not in adequate supply

d)

the services of the economists are not employed.

41.

In a market economy, the problem of what goods to produce is solved primarily by

a)

directive of the government

b)

the pattern of consumers’ spending

c)

producers of consumer goods

d)

people producing what they want.

42.

In a socialist economy, prices of commodities are determined by

a)

forces of demand and supply

b)

producers of the commodities

c)

the central planning authority

d)

consumers who are sovereign.

43.

A basic economic problem of any society is

a)

high level of illiteracy

b)

irregular power supply

c)

population growth

d)

resource allocation.

44.

In a centrally planned economy, what to produce is

a)

determined by the force of demand and supply

b)

driven by profit motive

c)

determined by consumers

d)

the responsibility of state’s bureaucrats

45.

All economic system must decide what to produce because

a)

resources are not available

b)

consumers want maximum satisfaction

c)

resources are limited in supply

d)

producers want maximum profit.

46.

Which of the following problems arises where there are more than one technically possible methods of production?

a)

where to produce

b)

for whom to produce

c)

how to produce

d)

what to produce.

47.

The concept of opportunity cost is also referred to as

a)

social cost

b)

real cost

c)

fixed cost

d)

variable cost.

48.

The basic economic problems of the society include

a)

what to produce, how to produce and for whom to produce

b)

how to produce and sell

c)

scarcity, when to produce and where to produce

d)

scarcity, for whom to produce and how to produce.

49.

Equitable distribution of income means

a)

fair and just distribution

b)

increase in gap between poor and rich

c)

increase in money

d)

abundant resources.

50.

An arrangement of data in rows and columns is referred to as a

a)

graph

b)

bar chart

c)

pie chart

d)

table

51.

What are the resources called that are needed to produce a good or service?

a)

Goods and services.

b)

Needs and wants.

c)

Factors of production.

d)

All of the above.

52.

What are the resources called that are needed to produce a good or service?

a)

Goods and services.

b)

Needs and wants.

c)

Factors of production.

d)

All of the above.

53.

Which one of the four factors of production does the picture show?

a)

Natural Resources

b)

Labor

c)

Capital

d)

Entrepreneur

54.

Forests are examples of...

a)

Land

b)

Labor

c)

Entrepreneurs

d)

Capital

55.

Labor refers to...

a)

people with all their efforts and abilities

b)

individuals who start a new business or bring a product to market.

c)

the tools, equipment, and factories used in production of goods and services.

d)

The "gifts of nature" or natural resources not created by human effort.

56.

Land includes...

a)

The "gifts of nature" or natural resources not created by human effort.

b)

the tools, equipment, and factories used in production of goods and services

c)

people with all their efforts and abilities

d)

individuals who start a new business or bring a product to market.

57.

Which one of the four factors of production does the image show?

a)

Entrepreneur

b)

Capital

c)

Natural Resources

d)

Labor

58.

Which one of the four factors of production does the picture show?

a)

Labor

b)

Natural Resources

c)

Capital

d)

Entrepreneur

59.

The internet, computers, factories, and Technology are all...

a)

Capital Goods

b)

Human Capital

c)

Natural Resources

d)

Entrepreneurship

60.

WHAT ARE THE 4 FACTORS OF PRODUCTION?

a)

Land, Capital, Need & Want

b)

Land, Labor, Capital, Entrepreneurs

c)

Water, Air, Food & Shelter

d)

Land, Capital, Good & Service

61.

Steve Jobs the founder of Apple is holding up an I-phone. What is another name for someone who starts a business?

a)

capital

b)

entrepreneur

c)

land

d)

labor

62.

Which factor of production is this?

a)

capital

b)

entrepreneur

c)

land

d)

labor

63.

A garbage truck driver is an example of which Factor of Production?

a)

labor

b)

land

c)

entrepreneurship

d)

capital

64.

Iron Ore

a)

Land

b)

Labor

c)

Physical capital

d)

Human capital

e)

Entrepreneuership

65.

At Donald's Donuts the number of donut holes in a bag can vary. Help Donald find the mode.
12,10,10,10,13,12,11,13,10

a)

13

b)

12

c)

11

d)

10

66.

Find the mean of these numbers:
2, 57, 38, 42, 6

a)

29

b)

38

c)

50

d)

145

67.

What is opportunity cost?

a)

your choice

b)

what you give up when you make a choice

68.

Which one of these definitions best describe 'Opportunity Costs'?

a)

The cost of making one decision over another.

b)

The cost for the opportunity to buy anything you want.

c)

The opportunity that will cost you loads of money.

69.

Which of the following is not included in the study

of economics?

a)

Scarce resources

b)

Choice

c)

What people should buy

d)

Opportunity cost

70.

According to the meaning of opportunity cost, what

is sacrificed when a decision is taken?

a)

An identical alternative

b)

Any alternative

c)

The least valuable alternative

d)

The next best alternative

71.

A new dam is built in Turkey to provide hydroelectric

power and a water supply. What is the opportunity

cost to the economy of building the dam?

a)

The cost to households and businesses of

consuming the water supply

b)

The benefits foregone from other uses of the money used to pay for the dam

c)

The cost to consumers of using hydroelectric

power

d)

The money used to pay for the construction and

running of the dam

72.

In the study of economics, resources are also

known as:

a)

Workers and machines

b)

Raw materials

c)

Factors of production

d)

Profits

73.

Production can be defined as:

a)

Any activity that turns raw materials into

finished goods

b)

Any activity that makes and sells goods

and services

c)

Any activity that is designed to satisfy wants

d)

Any activity that makes a profit

74.

The basic economic problem faced by all

economies is:

a)

Rising prices

b)

Unemployment

c)

Scarcity of resources

d)

Low economic growth

75.

Which of these is NOT an example of a need?

a)

Water

b)

Food

c)

Cell phone

d)

Shelter

76.

Tom was shopping for a car. He has looked at a Ford, Honda, Toyota, and Dodge. After a lot of debate, he narrowed it down to either the Ford or the Honda. He selected the Ford, because he liked the interior a little better. What was his opportunity cost?

a)

Ford

b)

Honda

c)

Toyota

d)

Dodge

77.

To control the amount of something that people are allowed to have, especially when there is not enough is known as _____________.

a)

opportunity cost

b)

rationing

c)

spending

d)

needs

78.

Why does scarcity exist?

a)

Each year workers tend to produce less than previously

b)

Machines wear out in time

c)

There are not sufficient resources to meet everyone's wants

d)

There is a limit to people's wants

79.

Which is the following is a free good?

a)

A vaccination provided by the state without charge

b)

Prizes of food items given away by a supermarket

c)

Recycled paper

d)

Wind coming from the sea

80.

What happens every time we make a decision?

a)

We win!

b)

We incur an opportunity cost

c)

We incur an opportunity loss

d)

We incur an opportunity cost of multiple other options

81.

Which of the below is not scarce resource?

a)

Oil

b)

Sea water

c)

Natural gas

d)

Gold

82.

Goods and services that are not necessary for survival

a)

Needs

b)

Goods

c)

Service

d)

Wants

83.

Why will scarcity continue to be a problem in the future?

a)

Prices will rise

b)

Resources will always be finite

c)

Needs will decrease in the future

d)

World population will fall

84.

Which of the following is related to the question of “what to produce”?

a)

A. ABC Car Manufacturing Company decides to cut price.

b)

B. Winnie Beauty Salon offers frequent customers a special discount for hair treatment.

c)

C. Producers keep on exploring new methods to cut production cost.

d)

Happy Shoe Company conducts a survey on customers’ preferences for their products.

85.

Which of the following is NOT related to the basic economic problem of “what to produce”?

a)

A. the quantity of T-shirts a garment factory produces

b)

B. the types of workers a garment factory employs

c)

C. the types of T-shirts a garment factory produces

d)

D. the types of trousers a garment factory produces

86.

The “how to produce” problem is illustrated when the government decides to

a)

A. provide more free dental services to the public.

b)

B. construct more roads.

c)

C. upgrade the computer system used for collecting tax.

d)

D. build more public housing estates.

87.

Which of the following is related to the question of “how to produce”?

a)

Many companies have more than one product line

b)

Good sculptures are usually hand-made.

c)

A restaurant offers discounts to holders of certain credit cards.

d)

A. A singer has reserved some seats at her concert for some of her friends.

88.

Which of the following involves the question of “for whom to produce”?

a)

A. A film distributor invites only reporters to a special screening of its new film.

b)

B. LW, a luxury brand, uses special materials to produce handbags.

c)

C. Companies tend to produce more of the products that are popular.

d)

D. None of the above.

89.

n the 1990s, many factories in Hong Kong moved to the Mainland for the lower rent and wages. The movement of factories is related to the basic economic problem of __________________.

a)

“how to produce”

b)

“what to produce”

c)

“for whom to produce”

d)

“where to produce

90.

Which of the following are NOT examples of "basic economic problems"?

a)

Where to produce

b)

How to produce

c)

Why to produce

d)

What to produce

91.

What activity did campers enjoy the least?

a)

horseback riding

b)

camp fire

c)

crafts

d)

canoeing

92.

Which ice cream is the most popular among the students?

a)

vanilla

b)

strawberry

c)

blueberry

d)

chocolate

93.

Which Continent has the smallest % of wild cats?

a)

Asia

b)

Europe

c)

North America

d)

South America

94.

Which is the correct bar chart for this data table?

a)

b)

c)

95.

In ascending order, which of the following is correct in term of quantity?

a)

bear < fox < lion < elephant

b)

bear < elephant < fox < lion

c)

elephant < bear < lion < fox

96.

Choose the correct bar chart for this data table.

a)

b)

c)

97.

The bar graph shows the results when a die was thrown a number of times. How many sixes were thrown?

a)

2

b)

3

c)

5

d)

6

Year 10 ECONOMICS REVISION

Total questions: 97

Worksheet time: 55mins

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