Hello Welcome to the SS1 1st Term Evaluation Test – Economics – FREE Access (20 Questions ONLY) 1. You will attempt 20 objective questions for 10 minutes. If the time allocated (10 minutes) elapsed, assessment exercise will end and result will be displayed immediately on the screen. 2. You cannot change your answer after selection. Be sure before you select your answer. 3. Your score, questions attempted, selected answers and correct answers will be displayed on the screen after submission. A printable copy of your performance report will be emailed to your email address inbox immediately after submission. Make sure to input a working email address inside the text below. 4. You are strongly advised to work on your own. Fill the form below as they will appear on your result sheet and Click the Next Button to Begin Full Name: Name of School: email address: 1. [ Definition and Scope Of Economics ]The study of Economics enables individuals to _____ A. change jobs B. evade taxes C accumulate huge wealth D. make rational decisions A B C D2. [ Factors of Production ]Mining is an example of ______ A. tertiary production B. primary production C. secondary production D. advanced production A B C D3. [ Factors of Production ]When all factor inputs are reduced by half, the production possibility-curve will shift ___ A. outwards B. inwards C. downwards D. upwards. A B C D4. [ Factors of Production ]The reward to capital as a factor of production is _____ A. rent B. wage C. interest D. commission A B C D5. [ Factors of Production ]The remuneration of the entrepreneur as a factor of production is called____ A. wages B. salary C. interest D. profit. A B C D6. [ Definition and Scope Of Economics ]Which of the following is an economic activity? A. Attending a town’s meeting B. A visit to the stadium C. Payment of school fees D. Arresting a petty thief. A B C D7. [ Definition and Scope Of Economics ]A carpenter’s consumer goods include I. a kilogram of rice II. 3 pairs of shoes III. 4 pairs of sacks IV. 3 screw-drivers A. I and IV only B l. II, Ill and IV C. I. II and IV only D. I. ll and III only. A B C D8. [ Definition and Scope Of Economics ]As a firm expands, it enjoys some advantages called _______A. variable proportions B. diminishing marginal returns C. internal economies of scale D. decreasing returns to scale. A B C D9. [ Factors of Production ]When a worker changes from one type of job to another, it is called _____A. geographical mobility of labour B. occupational mobility of labour C. immobility of labour. D. rural urban migration A B C D10. [ Factors of Production ]The production factor whose entire world supply is fixed is ______A. land B. skilled labour C. capital goods D. entrepreneurship. A B C D11. [ Factors of Production ]Division of labour is limited by ______A. the size of the market B. the productivity of capital C. cost of production D. the factors of production A B C D12. [ Definition and Scope Of Economics ]Economic activities are undertaken to solve the problem of ______A. consumption B. opportunity cost C. production D. scarcity. A B C D13. [ Definition and Scope Of Economics ]Farming, mining and fishing are ______A. primary production B. secondary production C. tertiary production D. intermediate production. A B C D14. [ Factors of Production ]An economic good is described as a good which A. yields utility and commands a price B. is useful and occupies a space C. is in high demand and transferable D. has unlimited supply. A B C D15. [ Definition and Scope Of Economics ]The concept of opportunity cost is important to the firm because it _____A. determines the prices of the firm's product B. increases the level of output of the firm C. leads to maximum satisfaction .of the consumers D. guides firms in allocating resources. A B C D16. [ Factors of Production ]In a capitalist system, the means of production are owned and controlled by ___A. the government B. politicians C. private individuals D. the workers. A B C D17. [ Factors of Production ]Mixed economy refers to a system in which the means of production are controlled by ______A. private enterprise and the government B. private individuals C. the government only D. the workers and businessmen. A B C D18. [ Definition and Scope Of Economics ]Most of the problems of economics arise as a result of ______ A. competing demands for scarce resources. B. increase in the demand for more goods and services C. the desire of producers to supply more goods and services. D. the need to reduce the level of poverty A B C D19. [ Definition and Scope Of Economics ]A list of consumers' wants arranged in order of priority is known as ______A. a budget B. an opportunity cost. C a scale of preference D. choice A B C D20. [ Definition and Scope Of Economics ]The 150.00 Naira 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 150.00 Naira B. Olu's opportunity cost is T-shirt he bought C. Olu's opportunity cost is the textbook D. Olu's money cost is also the real cost. A B C DHello , Good to know you finished before allocated time (10 Minutes) elapsed. You may wish to check on any missed questions using the previous button, otherwise, you may submit by clicking the submit button. Categories: 0 Comments Leave a Reply Cancel reply You must be logged in to post a comment. This site uses Akismet to reduce spam. Learn how your comment data is processed.