These Economics questions and answers were pulled from our book (Economics questions for SS 1); Compiled to serve as a reference material to help teachers draw up test and exam questions faster. It could also help students assess their level of exam preparation. Each sample question includes correct answers.
Sample Economics Exam Questions and Answers
TOPIC: AGRICULTURE IN WEST AFRICA
DIRECTION: Choose the correct answer from the lettered options.
1. The following are advantages of large scale agriculture EXCEPT _______.
A. use of simple implements
B. use of sophisticated implements
C. increase in employment
D. integration of crop and animal farming
2. Which of the following is a part of crop production?
A. Tending
B. Transplanting
C. Monocropping
D. Mixed cropping
3. Which of the following statements is true of subsistence agriculture?
A. It involves the use of modern implements.
B. It involves the growth of crops for family consumption.
C. It involves the growth of crops chiefly for export.
D. It requires large storage facilities.
4. Which of the following is NOT a form of farm unit that was set up in West Africa for higher productivity and increased output?
A. Settlement schemes
B. Investment scheme
C. Improvement scheme
D. Development scheme
5. Agriculture is central to Nigeria’s economic development because _____.
A. Nigeria’s comparative advantage lies mainly in agro-allied industries
B. it is the largest employer of labour
C. it is an insignificant part of the gross domestic product
D. it is the main foreign exchange earner
Click here to get the complete Economics questions for SS 1
TOPIC: BUSINESS ORGANISATIONS
DIRECTION: Choose the correct answer from the lettered options.
1. Which type of business organisation has the attribute of effectively combining ownership with management?
A. Sole proprietorship.
B. Partnership.
C. Limited Liability Company.
D. Public enterprise.
2. Limited liability implies that ______.
A. the owners of the company are very rich
B. the obligations of the owners are very few
C. the owners are protected against the sale of their personal assets for the settlement of the business debt of the company
D. their liability is limited to the value of the shares sold to them
E. all of the above
3. Which of the following is an advantage of sole proprietorship?
A. Greater specialisation in managerial functions.
B. Flexibility in admission of new members.
C. Involvement of shareholders in decision-making.
D. Opportunity to take quick decisions.
4. Private business organizations can take any of the following forms, except ____________.
A. sole proprietorship
B. municipal enterprise
C. partnership
D. private company
5. Which of the following statements is correct?
A. The sole proprietor has limited liability.
B. A sole proprietor can easily dispose of his ownership position compared to a shareholder in a corporation.
C. A sole proprietorship can be formed more quickly than a corporation.
D. The owner of a sole proprietorship faces double taxation unlike the partners in a partnership.
E. A sole proprietorship requires a minimum of seven persons to start up.
