Economic Exam j.s 2

Welcome to your Economic Exam j.s 2

Regent School of Science Third Term Examination on Economics for JSS2

1. An exampie of durable good I know is ..

2. A particular skill which a person has and can look offer to people is called..........

3. The reward for labour is ........

4. The process of making goods of making goods involve three major group except

5 .One who coordinates and organizes other factors of production is called an/a.,....

6. Production of goods is not complete until it gets to the final.............

7. The quality exhibited by a person who tells the truth is called........

8 .The creation of goods and services using the available raw material is .,.......

9. A type of capital used in the day to day running of the business is called..........

10. Those man made assets used in Production are called.

11 .One feature of an Entrepreneur is that a facilitates production

12 One factor which contributes to low capita formation Is...

13 .In partnership ownership is between

14. All these are types of partners except

15. Find the mean of this figures: 23,45,68,70,34,56,

16. What is the range of these figures

17 A legal proof that payment has been made i Is called a ..........

18 When there are errors of an overcharge made in an invoice, a ......Is issued.

19. Demand backed up with the ability to pay is Said to be.....

20. A document which a seller gives out whenever he or she sells goods to a customer is called.....

SUBJECTIVE

1. A filled cheque usually has.....

2. Good roads, pipe borne water, electricity are all.....

3. When labour moves from one place to another it is said to be ......

4. That which a person does inorder to earn a living is.....

5. ..... Is a resource used in business

6. A sole proprietor can raise his/her capital through....

7. Two types of partnership I know are....and 8....

9. A partner who takes active part in the management

10. Another name for credit note is......

Part three: Theory

choose any three out of the four questions

1a. What are factors of production?

b. Identify the four factors of production you know and state their various rewards

2a. What is credit transaction.?

b. Give three reasons why people buy goods on credit

c. When there is an undercharge a buyer should be issued a....

3a. Define partnership

b. Mention the two features of a sole proprietorship

c. Mention and explain the type of partners you know

4a. Define demand

b. Outline any three factors affecting demand

c. When is demand said to be effective?

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