Economics SS2 First Exam 2025 – Regent school of science

Welcome to your Economics SS2 First Exam 2025

Name

Class

1. The cost of production refers to ----

c. The profit made by the firm

b. The total expenses insured in producing goods and services

a. The income earned by a firm

d. The total sales made by the firm

2. The cost of production that varies directly with output is called ----

a. Fixed cost

b. Average cost

c. Variables cost

d. Marginal cost

3. The sum of fixed cost and variable cost is known as ---

b. Marginal cost

d. Opportunity cost

c. Total cost

a. Average cost

4. The formula for total cost is ----

b. TC= FC+VC

d. TC= FC\VC

a. TC=VC-FC

c. TC= FC*VC

5. As output increases total cost will-----

c. Increase

b. Remain constant

a. Fall

d. Decrease

6. If total cost is #100 and the quantity of goods produced is 100 units. The average cost is ---

d. #100

b. #10

c. #20

a. #5

7. Fixed cost refers to ---

d. Cost that equals variable cost

a. Cost that changes with output

b. Cost that remains constant

c. Cost that increases as output increases

8. An example of fixed cost is ----

d. Rent on factory building

b. Cost of raw materials

a. Wages

c. Electricity bill per unit

9. The cost that changes with the level of output is ----

d. Average cost

b. Variable cost

c. Fixed cost

a. Total cost

10. Marginal cost refers to ---

b. The total cost divided by output

d. The cost per worker

a. Change in total cost resulting from producing one more unit of output

c. The difference between fixed and variable costs

11. When the number of observations is odd, the median is ----

d. The largest value

c. The first value

b. The middle value

a. The average of all the data

12. Find the median of these data 2,4,6,8,10

a. 4

C. 8

D. 5

B. 6

13.The median is a measure ----

b. Central tendency

a. Dispersion

d. Variation

c. Correlation

14. The main advantage of the median over the mean is that

d. it changes with every observation

c. It is not affected by extreme value

b. It is easy to compute

a. It uses all data

15. A farmer uses his own land for farming instead of renting it out. The rent he forgone is classified as ---

c. Explicit cost

d. Variable cost

a. Implicit cost

b. Fixed cost

16. Implicit cost is also referred as ----

b. Opportunity cost

c. Direct cost

d. Out -of-pocket cost

a. Accounting cost

17. Explicit cost refers to

b. Direct payment made by a firm for business activities

c. Costs that cannot be measured

d. Future expected profits

a. The value of the next best alternative forgone

18. Marginal cost can also be called ----

d. Average cost

b. Incremental cost

a. Revenue cost

c. Out- of- pocket cost

19. The sum of fixed and variable cost incurred by an enterprise in the production of a particular commodity is called ----

d. Total cost

c. Marginal cost

a. Fixed average cost

b. Fixed variable cost

20. Another name for fixed cost is ---

a. Direct cost

c. Avoidable cost

d. Explicit cost

b. Overhead cost

THEORY

Answer all the question and show your workings clearly

1. The raw scores of 20 students of Regent college school of science who took part in an examination in economics are given as 38,39,12,20,18,28,20,46,34,20,70,64,52,48,64,43,66,53,69,34

a. Calculate the mean score of the students

b. How many students passed the exam

2. The mark scored by Government students in NECO Examination are as follows;

a. Develop cumulative frequency table for the distribution

b. Determine the terminal last state if it is odd or even

c. Find the median score

d. Write out the median formula you used boldly.

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