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WorksheetsYear 11 First Term Economics CA Test
Total questions: 40
Worksheet time: 20mins
Which of the following is not a set of measure of central tendency?
mode and mean
mean and median
mean and percentile
mode and median
The most frequently occurring value in a give data is
mean
mode
range
median
The formula (n+1)th is for calculating
median
mode
mean
range
The L1 in the formula for the calculation of measures of location represents………
lower class boundary of the median class
actual frequency of the modal class
upper class boundary of the median class
frequency of the class just after the median class
The formation of cumulative frequency is necessary for the calculation of…………
mean
range
median
mode
In a class of 5 students the following scores were obtained in a mathematics test 10,2,6,7,12. What is the median score
2
4
6
7
Which measure of central tendency can be applied to find the highest goal scorer in a football match
mean
Mode
Median
range
If the following scores 2, 4, 6, and 10 with frequencies 3,5,7, and 10 respectively makes up a distribution, then the mean score is
5.7
6.7
7.5
5.4
In the formula X = ∑fx/∑f, ∑fX stands for
total number of observations
Sum of frequencies times observations
Sum of frequencies
number of elements times frequencies
The most reliable measure of central tendency is
Mode
median
Histogram
mean
Which one of these assumptions do economists always make about consumers?
That they are all wage earners
That they make rational decisions in the market
That they cannot spend more than their incomes
That they can measure utility derived from consumption
The aim of the consumer in allocating his income is
to maximize his marginal utility
to buy goods he wants most whatever the price.
to maximize his total utility
to buy those goods which fallen in price.
…………………takes place when the ratio MU of a commodity consumed is equal to the ratio of its price
consumer surplus
law of diminishing marginal utility
consumer behaviour
utility maximization
Total utility (TU) attains its peak when the Marginal utility (MU) is …..
zero on x- axis
above x- axis
close to x - axis
under x- axis
The difference between the amount of money a consumer planned to pay for a commodity and the actual amount of money he paid is……….
commodity price
consumer surplus
marginal cost
producer surplus
At the equilibrium price, quantity demanded is
greater than quantity supplied
equal to quantity supplied
less than quantity supplied
equal to excess supply
If the government fixes a price of a commodity above the equilibrium price, the quantity supplied will be
less than the quantity demanded
equal to the quantity demanded
greater than the quantity demanded
equal to zero
The market price of a commodity is normally determined by the
law of demand
interaction of the forces of demand and supply
total number of people in the market
total quantity of the commodity in the market
The gap between demand and supply curves below the equilibrium price indicates
excess demand
excess supply
equilibrium quantity
equilibrium price
If prices fall below the equilibrium
demand will equal supply
demand will be greater than supply
supply will be greater than demand
quantity supplied will be zero
If elasticity of supply is greater than 1 supply, is
Unitary elastic
Inelastic
Elastic
Infinitely elastic
When the demand curve is a straight line parallel to x axis, demand is
fairly elastic
fairly inelastic
Perfectly elastic
Perfectly inelastic
If elasticity of demand for a commodity is less than 1, demand is
Unitary elastic
Inelastic
Infinitely elastic
Zero elastic
If the price of a commodity rises from N2 o N4 and its demand decrease from 125 to 100 then the co-efficient of elastic of demand is
0.02
0.20
0.25
5
For a good having close substitutes the price elasticity of demand is likely to be
Zero
negative
more than
less than
If the co-efficient of elasticity of supply is 0.3, then the supply is………..
fairly inelastic
perfectly elastic
fairly elastic
perfectly inelastic
Price elasticity of supply measures the responsiveness of quantity supplied to….
changes in suppliers' income
changes in prices of other commodities
a change in the price of the commodity
a change in the demand for the product
The price elasticity co-efficient indicates……
how far business can reduce cost
the degree of competition
the extent to which supply curve shifts
consumer responsiveness to price changes
The equilibrium price of mangoes is #100. If the price falls to 50k, there will be………..
an excess supply
no seller in the market
a shortage in supply
a surplus in the market
When the price of a given commodity falls from #100 to #90, the quantity supplied reduces from 60 to 50 units. From this, we can conclude that the product's………
supply is elastic
supply is inelastic
supply is perfectly inelastic
supply is perfectly elastic
If price rises from ₦40 to ₦50 and quantity supplied increases from 100 to 120, the price elasticity of supply is:
0.8
1.2
2.0
0.5
An increase in demand, with supply constant, leads to:
Decrease in equilibrium price and quantity
Increase in equilibrium price and quantity
Increase in price, decrease in quantity
Decrease in price, increase in quantity
A decrease in supply, with demand constant, results in:
Increase in equilibrium price, decrease in quantity
Decrease in equilibrium price, increase in quantity
Increase in both price and quantity
Decrease in both price and quantity
A change in quantity supplied is caused by:
A change in production costs
A change in the price of the commodity
A change in technology
A change in government subsidies
Movement along the supply curve reflects:
A shift in supply
A change in quantity supplied
A change in demand
A change in equilibrium
If price falls from ₦90 to ₦80 and quantity demanded rises from 50 to 60, the price elasticity of demand is:
1.8
0.55
2.0
1.0
The cardinal school of thought assumes that:
Utility is not measurable
Utility is measurable
Consumers are irrational
Marginal utility is constant
The law of diminishing marginal utility states that:
Total utility increases indefinitely
Marginal utility decreases with additional consumption
Average utility equals marginal utility
Total utility is constant
If the variance of a grouped data set is 100, the standard deviation is:
10
100
50
20
Why is the mean more affected by extreme values compared to the median in a dataset?
It depends only on the middle value
It is calculated using the frequency of values
It involves the sum of all values divided by the number of observations
It is based on the most frequent value
