WorksheetsEconomics ss2
Total questions: 20
Worksheet time: 10mins
The main concern of economists is to
Allocate scarce resources to satisfy human wants
Satisfy human wants
Redistributed income between the rich and the poor
Control the growth of population
A business outfit is said to be a public limited company when it
Is owned by the government
Operates as public operations
Is run by the public
Sell its shares to the member of the public
The gap between the demand and supply curve above the equilibrium price is
Normal demand
Excess supply
Equilibrium quantity
Abnormal demand
Production resources can also be called
Principle of production
Factors of production
Items of production
Labour and material resources
Which of the following sectors is most capital intensive?
Insurance
Petroleum
Commerce
Tourism
Which of the following serves as the banker’s bank
Commercial bank
Mortgage bank
The central bank
Development bank
Goods for which demand rises as income rises are
complementary goods
Inferior goods
Normal goods
Substitute goods
A firm’s main aim is to
Maximise profit
Survive in business
Increase in market share
Satisfy the ambition of its managers
A demand schedule shows the Quantities of goods that are
Bought at given price at a time
Produced at given price at a time
Supplied at given price at a time
Reserved for future consumption
The factors of production which takes the initiatives in combining resources for production is known as
Capital
Land
Entrepreneur
Capital
The type of demand that exist between torch light and battery is
Competitive demand
Complementary demand
Composite demand
Independent demand
The production strategy used in an over-populated country is
Import substitution
Capital intensive
Labour intensive
First come,first serve
One of the advantages of sole proprietorship over other forms of business organization is that it can
Make very high profits
Employ many workers
Keep it affairs private
Produce on a very large scale
A cheque book is issued to customers of a bank operating a
Savings account
Time deposit account
Current account
Fixed deposit account
A country whoe economy is bouyant is likely to have
A weak currency
Devaluation from time to time
A strong currency
Balance of payment problem
What must be added to variable cost to give total cost?
Average total cost
Average variable cost
Fixed cost
Marginal cost
what happens when the central bank increases the bank rate in an economy
Borrowing is discouraged
Customers increases their borrowing
Banks can increase their lending
Money supply increases
What are inferior goods?These are goods that are
Generally in short supply
No longer in demand
Whose demand falls as income increses
Whose price falls as demand increases
Find the median of the following set of scores 8,9,6,5,10
9
8
6
5
Which of following best describes the mode?
Observation with the highest frequency
Average of two middle numbers
Items that occupies the middle position
Different of two extreme values
