Economics Exam Questions for SS3 Second Term with Answers

You’re welcome to our school exams series where we provide you with termly examination questions in different subjects. In today’s post, we will focus on Economics exam questions. We will cover Economics exam questions for SS3 Second term with answers. This means that we’ll be providing you with answers to the questions at the end. Also, you will get a few success tips on how to pass Economics examinations with flying colors. Remember to use the comments sections if you have questions, and don’t forget to join our Free Online Tutorial Classes on YouTube. (Subscribe to the Channel)

Introduction to Economics as a School Subject

Before we venture into Past Economics Exam Questions for SS3 Second term, here’s a brief introduction to the subject:

Economics is a social science that helps students understand how people, businesses, and governments make choices about the use of limited resources to satisfy human wants. It teaches learners about production, distribution, and consumption of goods and services, as well as concepts like demand, supply, money, and national income.

As a school subject, Economics develops students’ analytical and decision-making skills. It also prepares them to understand current economic issues such as inflation, unemployment, and budgeting—knowledge that is useful for personal life, business, and further studies in the social sciences.

Economics Exam Questions for SS3 Second Term

Economics Exam Questions for SS3 Second Term are divided into two Sections:

• Section A
• Section B

The first section, namely, Section A is the objective test, and students are expected to attempt all questions in the section. Section B is the theory section, and students are expected to answer only one question from Part A and any four questions from Part B. (Total of 5 essay/theory answers.)

Note that what you have below are SS3 Economics Second Term Exam Past Questions made available to assist students in their revision for 2nd term examinations and also teachers in structuring standard examinations.

SECTION A: Objectives (60 MARKS — 1 mark each)

Instruction: Answer all questions in this section by choosing from the options lettered A—D. Each question carries equal marks.

1. The price of a commodity is determined by the
A. seller
B. consumer
C. quantity demanded
D. interaction of demand and supply

2. A normal curve
A. slopes upwards from left to right
B. is parallel to X axis
C. is parallel to Y axis
D. slopes upwards from right to left

3. The equilibrium position of a firm is attained
A. when MC = AR
B. when MC = P
C. when MC = MR
D. when AC = AR

4. Which of the following will shift the demand curve for Milo to the right?
A. increase in income
B. increase in price of cocoa
C. tax on cocoa
D. fall in the price of cocoa

5. Profit can be calculated by
A. total cost less sales
B. average revenue less total cost
C. total revenue less total cost
D. dividing marginal revenue by marginal cost

6. The marginal revenue curve of a monopolist is
A. downward sloping from left to right
B. downward sloping from right to left
C. parallel to the quantity axis
D. upward sloping from right to left

7. In a perfect market, price and quantity to be bought are determined by _____
A. consumers and retailers
B. producers and wholesaler
C. forces of demand and supply
D. government and producers

8. Commodity market can best be described as a market in which
A. goods are sold
B. labour is sold and bought
C. loans are obtained
D. stock are bought

9. Where a pen and a book are demanded together, the demand is said to be
A. composite
B. competitive
C. joint
D. derived

10. The charging of different prices to different groups of buyers for the same product is called
A. monopoly
B. monopolistic competition
C. price determination
D. price discrimination

Use table below to answer question 11

11. The marginal revenue when 108 units were sold is
A. ₦180              B. 180
C. 180 unit         D. ₦108

12. In the diagram below the equilibrium of the monopolist is at point
A. K            B. L
C. F            D. C

13. The desire for goods without the ability to pay is called
A. choice
B. effective demand
C. demand
D. want

14. In the figure in the graph,
‘P N’ equals average revenue or marginal revenue curve of
A. an imperfect competitive firm
B. a monopoly
C. a perfect competitive firm
D. a monopolistic competitive firm

15. The type of monopoly that develops as a result of uneven distribution of resources is called
A. legal monopoly
B. natural monopoly
C. state monopoly
D. national monopoly

16. The coefficient of price elasticity of demand is zero then demand is
A. fairly inelastic
B. perfectly elastic
C. fairly inelastic
D. unit elastic

17. Inferior goods are defined in economics as goods
A. with low quantity
B. consumed by the poor
C. whose consumption falls as income increases
D. which satisfy a basic need

18. Demand for a factor of production is
A. joint             B. composite
C. derived        D. competitive

19. A vertical demand curve means that quantity demanded
A. decreases as price rises
B. remains unchanged even though price changes
C. increases while price remains unchanged
D. increases as price decreases

20. A subsidy in economics is
A. a tax on imported goods
B. an incentive in cash or kind
C. a gift
D. a discount

21. When the price of commodity X increases and the demand for commodity Y also increases then commodities X and Y are
A. normal goods
B. inferior goods
C. substitute goods
D. necessities

22. Based on price determination, market can be classified broadly into
A. consumer and capital market
B. factor and product market
C. money and price market
D. perfect and imperfect

23. A major source of monopoly power is
A. competition
B. patent right
C. patent price
D. price level

24. A firm which controls the total output of a product in an industry is
A. a duopolist
B. an oligopolist
C. a monopolist
D. a monopolistic competitor

25. The diagram below illustrates

A. elastic demand
B. inelastic demand
C. perfectly inelastic demand
D. unitary elastic demand

26. Which of the following is true of EEDC
A. distributor
B. monopoly
C. a duopoly
D. an organized market

27. Multi-brand product is common with
A. a monopolist
B. a duopolist
C. price discriminator
D. a market

28. From the diagram below, C is

A. AR             B. MR
C. TR              D. TC

29. If the monopolist is attempting to maximize profit, which of the following should he attempt to do?
A. Equate price and production
B. fix price and output
C. Equate marginal cost to marginal revenue
D. Equate price to total cost

30. Which of the following market structures are imperfect in competition? i. monopoly ii. duopoly iii. oligopoly
A. i only
B. ii and iii only
C. i and ii only
D. i, ii and iii

31. Goods are said to be in competitive demand when they
A. are substitutes
B. are complementary
C. are jointly demanded
D. are identical

32. From the above table we can conclude that the products demanded is
A. elastic            B. inelastic
C. is unit             D. is decreasing

33. As total revenue decreases, marginal revenue is
A. negative          B. constant
C. decrease          D. increase

34. An exceptional demand is one in which
A. consumers do not buy
B. seller sell all
C. quantity demand falls as price falls
D. quantity and price moves in opposite direction

35. The marginal revenue curve of a monopolist is
A. straight
B. sloping
C. slopes downward from left to right
D. slopes downward from right to left

36. Which of the following is not a condition for a perfect market
A. homogenous product
B. ignorance of consumers
C. perfect information
D. free entry and exit

37. The monopolist power can be controlled by the government through
A. labour union
B. price legislation
C. import restriction
D. export promotion

38. Consumers buy more of a commodity at a lower price than at a higher price because
A. producers produce more
B. people like to buy more
C. consumers like to show off
D. more will be bought with the same amount

39.
The diagram above illustrates
A. demand
B. perfectly inelastic demand
C. perfectly elastic demand
D. unitary elasticity

Use the table below to answer questions 40–41

40. The marginal revenue when output is 4 units is
A. ₦5               B. ₦8
C. ₦4               D. ₦60

41. Average revenue when output is 4 units
A. ₦15                B. ₦16
C. ₦15.5             D. ₦17

42. The demand for money is
A. derived
B. composite
C. joint
D. complementary

Use table below to answer questions 43–45

43. The percentage change in demand is
A. 20             B. 30
C. 40             D. 50

44. The percentage change in price is
A. 10               B. 20
C. 30               D. 40

45. The elasticity of demand is
A. infinite
B. unit
C. less than one
D. equal to zero

46. For a monopolist, the average revenue (AR) curve is
A. above the total cost curve
B. the same as the marginal cost curve
C. above the marginal revenue curve
D. the same as that of the perfect competitor

47. Patents are examples of
A. national barriers
B. legal barriers
C. illegal barriers
D. unnatural barriers

48. Which of the following is a characteristic of monopoly
A. many sellers
B. homogenous product
C. a single seller
D. perfect knowledge

49. When a firm is nationalized
A. people controls
B. government controls
C. foreigners controls
D. foreigners and government controls

50. A merger with a central leadership is called
A. trust            B. cartel
C. merger        D. unification

51. Which of the following types of capital is not rewarded by means of dividends?
A. ordinary shares
B. preference shares
C. cumulative preference shares
D. debentures

52. A typical corporate form of business organization is owned by
A. boards
B. shareholders
C. government
D. chief executives

53. Which would you not consider an agro-based industry in Nigeria?
A. a dairy enterprise
B. a yam flour mill
C. none of the above
D. a fruit juice company

54. A review of occupation distribution of population from time to time helps us to know
A. rate at which the population grows
B. number of people that make up the labour force
C. efficiency of the working population
D. industries which are becoming less important

55. The above table shows the age distribution of a town in Nigeria. What is the dependency ratio of the town?
A. 10:3              B. 2:4
C. 3:2                D. 2:3

56. External economies occur when
A. industries are scattered
B. firms decide to expand
C. industries are producing above capacity
D. firms comprising an industry are concentrated in one area

57. The greatest disadvantage of the barter system is the need for
A. durability
B. divisibility
C. homogeneity
D. double coincidence of wants

58. The opportunity cost of a worker going to the university is
A. tuition, fees and books
B. boarding and lodging
C. the wages given up
D. entertainment

59. Which of the following is an implication of a large population?
A. decrease in crime rate
B. increase in food supply
C. decrease in standard of living
D. decrease in cost of living

60. A major cause of inaccurate census figures in most developing countries is
A. high cost of enumeration
B. high degree of illiteracy
C. high level of civilization
D. low per capita income

61. Input-output ratio can be used to measure
A. efficiency of labour
B. effect of labour
C. mobility of labour
D. specialization of labour

62. Which of the following is an example of consumer goods?
A. coal               B. crude oil
C. leather           D. radio

63. Which of the following document is required to set up a limited liability company?
A. Article of association
B. Articles of shareholders
C. Certificate of production
D. bill of lading

64. A form of census in which the enumerators only count people that are physically present is called
A. Census
B. De-facto census
C. De-jure census
D. De-mortasque census

65. Which of the following items found in a carpenter’s workshop can be classified as capital goods? (i) 3 planks (ii) A few nails (iii) A bag of rice (iv) 1 hammer
A. ii and iv
B. i, ii and iv
C. i, iii and iv
D. i, ii and iv

66. Voting right does not depend on the number of shares held in a ______
A. partnership business
B. public limited company
C. co-operative society
D. public corporation

67. Which of the following is regarded as near money?
A. coins
B. notes
C. treasury bills
D. salt

68. Which of these is regarded as commodity money?
A. salt
B. postal order
C. treasury bill
D. notes

69. Public corporations are owned by the
A. shareholders
B. co-operate bodies
C. tax payers
D. government

70. A debenture holder earns
A. commission
B. profits
C. fixed interest
D. quasi-rent

71. Age distribution is important because it helps the government to
A. check rural-urban drift
B. determine the number of people to employ
C. determine the number of factories to build
D. undertake effective planning

72. If the total population of a school is 600 and 60% are in JSS, how many students are in SSS?
A. 360            B. 224
C. 240            D. 244

Use the information below to answer question 73 and 74

Population of town A is 1,400,000 people and population density is 3,500 persons/5km.

73. Calculate the land area
A. 500 Sqkm
B. 388.5 Sqkm
C. 40 Sqkm
D. 400.0 Sqkm

74. Dependency ratio if the population of children and old people is 64%
A. 9:5            B. 8:5
C. 1:8            D. 0:55

75. The inductive method implies
A. generalization from the particular to the general
B. generalization from the general to the particular
C. the observation of certain economic facts
D. the selection and classification of relevant material

76. The greatest economic problem is
A. What to produce
B. choice
C. scarcity
D. how to produce

77. The sole proprietors losses
A. are spread on the owner of the business
B. are not limited to the amount invested
C. are taken care of by NDIC
D. are ultimately the amount invested

78. The public limited company
A. has its directors appointed by the government
B. has its share quoted on the stock exchange
C. is not after profit maximization
D. is not well embraced in the developed economies

79. The debts of a liquidated company will be paid from its own assets if it is
A. a duopolistic organization
B. a sole proprietorship
C. a public limited company
D. a monopolistic organization

80. After a certain range, all costs will become
A. fixed            B. variable
C. parallel        D. uncontrollable

81. Production in agriculture can be best improved by
A. employing more labour
B. cultivating more land
C. embracing mechanization
D. using crude inputs

82. Which of the following is not an instrument of trade union
A. Work to rule
B. picket line
C. threat
D. strike

83. Wage freeze is a policy measure aimed at
A. curbing deflation
B. uncovering investors
C. curbing inflation
D. increasing working hours

84. If P8 and P9 represent the population of West Africa in 1978 and 1979, and given that in 1978 D = number of death, B = number of births, I = number of immigration, E = number of emigrations. Then the size of the population in 1979 is given by
A. P9 = P8 + D – B – I – E
B. P9 = P8 + B – D – I – E
C. P9 = P8 + B – D = E – I
D. P9 = P8 = D – B – I – E

85. Which of the following falls continuously as output expands?
A. average fixed cost
B. marginal cost
C. average variable cost
D. average cost

86. National debt is an expected outcome of a ______ budget
A. deficit budget
B. balanced budget
C. budget
D. surplus

87. The equilibrium wage in an economy is determined by the
A. public service
B. workers union
C. rate of inflation
D. supply of and demand for labour

88. If Mr. A earns ₦2000 a year while B earns ₦8000 a year but Mr. A pays ₦200 per annum in tax while Mr. B pays ₦400, such tax is
A. indirect               B. progressive
C. regressive           D. proportional

89. The price mechanism
A. regulates demand and supply
B. rations goods
C. allocates scarce resources
D. rewards the producers

90. If P = ½(Qs + 15), what is quantity supplied at ₦9.00?
A. 33.0             B. 12.0
C. 3.0               D. 1.5

91. If the standard deviation of a given set of numbers is 8.2, find its variance
A. 4.1             B. 91.8
C. 67.2            D. 82.0

92. If the price of a commodity in 1996, the base year, and 2000 were 200 and ₦500 respectively, the price index is
A. 250            B. 2.5
C. 40              D. 150

93. In the indifference curve analysis, a consumer attains equilibrium where
A. the indifference curve is tangential to the budget line
B. the indifference curve and the budget line are convex to the origin
C. the income and substitution effects are fully in operation
D. he has the highest indifference curve

94. In the diagram above , Do Do is the original demand curve, So So is the original supply curve, Di Di is the new demand curve and Si Si is the new supply curve. What is the new equilibrium quantity?
A. Q1              B. Q2
C. Q3              D. Q4

95. The Nigeria composite price index in 1999 was 140.0% and 144.05% in 2000, the rate of inflation in 2000 is
A. 4.02%           B. 2.10%
C. 2.06%           D. 1.03%

96. Contractionary monetary policy is used to
A. control inflation
B. bridge deflationary gap
C. expand output level
D. deregulate the economy

97. Moral suasion is different from special directives because it
A. converts short term securities to long term
B. is an appeal to the financial institutions
C. reduces cash flow
D. reduces cash flow

98. The downward sloping of the production possibility curve (PPC) illustrates
A. that it requires more resources
B. that resources are fixed in supply
C. that there is an opportunity cost involved
D. the total product curve

99. Mr. Okoro is prepared to pay ₦100 for a plate of garri but he is not prepared to pay the same for a second plate, because of the law of
A. diminishing marginal utility
B. diminishing returns
C. increasing returns
D. demand and supply

100. A society that is devoid of classes but there is full social equality of all is referred to as a
A. capitalist society
B. mixed economy
C. open economy
D. social economy

SECTION B: THEORY/ESSAY

PART A: ANSWER ONE QUESTION

NO 1:
The table below represents the output levels of a firm producing hand sanitizer. Use the information to answer the questions that follow

If the cost function of the firm is given as C = 30 + 4q, where C is the total cost and q is the units produced.
Calculate the:
(a) Total cost in dollars of producing (i) 18 units (ii) 36 units
(b) Average cost in dollars of producing (i) 28 units (ii) 45 units
(c) What is the marginal cost in dollars of producing 28 units?
(d) Determine the profit made from producing 45 units when the market price is fixed at $5.00 per unit
(e) Determine the fixed cost of the firm. Explain your answer

NO 2:
Given the demand and supply equations;
Q_d = 65 – 4P
Q_s = 30 + 3P
where P is in Naira, Q_d = quantity demanded and Q_s = quantity supplied. Calculate the;
(a) (i) Equilibrium price (ii) Equilibrium quantity bought and sold
(b) Use your answers in (ai) and (ii) above, show graphically the equilibrium point.
(c) Explain three factors that affect supply.

PART B: ANSWER FOUR QUESTIONS

1. Write short notes on the following:
(i) Marginal cost
(ii) Wants
(iii) Scarcity
(iv) Choice
(v) Opportunity cost

2. (a) With the aid of a diagram, explain the burden of indirect tax on commodities whose demand is perfectly inelastic and elastic respectively
(b) Discuss four reasons why government imposes tax.

3. (a) What is Monopolistic Competition?
(b) Discuss four ways Nigerian government can control Monopoly.

4. (a) What is Balance of Payment?
(b) Discuss five basis of International Trade

5. (a) Distinguish between Internal and External Trade.
(b) Discuss three similarities and two differences between International and Internal trade.

6. Discuss five reasons for the imposition of tariffs.

7. Discuss three positive and two negative effects of petroleum on Nigerian economy.

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Answers to Economics Exam Questions for SS3 Second Term

Answers to PART 1 (Objective Test)

The following table gives the correct answers to the objective part of Economics exam questions for SS3 Second term. If you are using a mobile device, hold the table and scroll to the right or left for a complete view.

So here you have the answers to the objective part of Economics Exam Questions for SS3 Second term. Use the comments section to let me know if you have any questions you would want me to clarify or discuss further.

Answers to SECTION B (Theory/Essay)

PART A

1.

(a) Total Cost

The cost function is given as:

C = 30 + 4q

Where:
C = Total Cost
q = Quantity produced

(i) Total cost of producing 18 units

C = 30 + 4(18)

C = 30 + 72

C = $102

(ii) Total cost of producing 36 units

C = 30 + 4(36)

C = 30 + 144

C = $174

(b) Average Cost

Average Cost = Total Cost ÷ Output

(i) Average cost of producing 28 units

Total Cost = 30 + 4(28)

= 30 + 112

= $142

Average Cost = 142 ÷ 28

= $5.07 approximately

(ii) Average cost of producing 45 units

Total Cost = 30 + 4(45)

= 30 + 180

= $210

Average Cost = 210 ÷ 45

= $4.67 approximately

(c) Marginal Cost of producing 28 units

Marginal Cost is the additional cost of producing one more unit.

From the cost function:

C = 30 + 4q

The coefficient of q is 4.

Therefore, Marginal Cost = $4

(d) Profit made from producing 45 units

Market Price = $5 per unit

Total Revenue = Price × Quantity

TR = 5 × 45

TR = $225

Total Cost = $210

Profit = Total Revenue − Total Cost

Profit = 225 − 210

Profit = $15

(e) Fixed Cost

The fixed cost of the firm is the cost incurred even when production is zero.

From the equation:

C = 30 + 4q

The constant value is 30.

Therefore, Fixed Cost = $30

This is because fixed cost does not change with the level of output.

2.

Demand equation:

Q_d = 65 − 4P

Supply equation:

Q_s = 30 + 3P

(a)(i) Equilibrium Price

At equilibrium:

Q_d = Q_s

65 − 4P = 30 + 3P

65 − 30 = 3P + 4P

35 = 7P

P = ₦5

(ii) Equilibrium Quantity

Substitute P = 5 into any equation.

Q_d = 65 − 4(5)

= 65 − 20

Q = 45 units

(b) Graphical Illustration of Equilibrium

The equilibrium point is where the demand curve intersects the supply curve at:

Price = ₦5

Quantity = 45 units

Students should draw:

• A downward sloping demand curve
• An upward sloping supply curve
• The point of intersection labelled E
• Quantity axis labelled Q
• Price axis labelled P

(c) Three Factors That Affect Supply

1. Cost of Production:
When production costs increase, supply decreases because producers may produce less.

2. Technology:
Improved technology increases efficiency and leads to higher supply.

3. Government Policy:
Taxes reduce supply while subsidies encourage producers to supply more goods.

PART B

1.

(i) Marginal Cost:
Marginal cost is the extra cost incurred in producing one additional unit of a commodity.

(ii) Wants:
Wants are human desires for goods and services that give satisfaction.

(iii) Scarcity:
Scarcity refers to the limited availability of resources compared to unlimited human wants.

(iv) Choice:
Choice is the selection of one alternative over another because resources are limited.

(v) Opportunity Cost:
Opportunity cost is the value of the next best alternative forgone when a choice is made.

2(a)

Burden of Indirect Tax

When demand is perfectly inelastic, consumers bear almost all the burden of the tax because quantity demanded does not change much with price.

When demand is elastic, producers bear a larger part of the tax burden because consumers can easily reduce demand when price increases.

Students should draw appropriate diagrams showing:

• Perfectly inelastic demand curve (vertical)
• Elastic demand curve (flatter)
• Tax shifting supply upward

(b) Four Reasons Why Government Imposes Tax

• To generate revenue for government expenditure.
• To discourage consumption of harmful goods.
• To protect local industries from foreign competition.
• To reduce inflation by controlling excess purchasing power.

3(a)

Monopolistic competition is a market structure where there are many sellers producing differentiated products with free entry and exit.

(b) Four Ways Nigerian Government Can Control Monopoly

• Price control measures.
• Enacting anti-monopoly laws.
• Encouraging competition.
• Nationalization of monopolistic firms.

4(a)

Balance of Payment is the systematic record of all economic transactions between a country and other countries within a given period.

(b) Five Basis of International Trade

• Differences in climate.
• Differences in natural resources.
• Differences in technology.
• Differences in skills and labour efficiency.
• Differences in cost of production.

5(a)

Internal Trade: Trade carried out within the boundaries of a country.

External Trade: Trade carried out between different countries.

(b) Similarities Between International and Internal Trade

• Both involve exchange of goods and services.
• Both involve buyers and sellers.
• Both aim at making profit.

Differences Between International and Internal Trade

• International trade involves different currencies while internal trade uses one currency.
• International trade involves trade restrictions while internal trade has fewer restrictions.

6.

Five Reasons for the Imposition of Tariffs

• To protect infant industries.
• To generate government revenue.
• To reduce importation.
• To correct balance of payment deficits.
• To encourage local production and employment.

7.

Positive Effects of Petroleum on Nigerian Economy

• It generates huge revenue for the government.
• It provides employment opportunities.
• It promotes infrastructural development.

Negative Effects of Petroleum on Nigerian Economy

• Environmental pollution and oil spillage.
• Overdependence on oil revenue which affects economic diversification.

How to Pass Economics Exam Questions for SS3 Second Term

Economics is not a difficult subject, but many students lose marks because they fail to understand how to interpret questions and present answers properly. To perform well in your SS3 second term Economics examination, you need the right strategy, consistent practice, and clear understanding of basic concepts.

1. Understand Basic Economic Concepts

Before entering the exam hall, make sure you understand key topics such as demand and supply, elasticity, cost and revenue, market structures, national income, and international trade. Most exam questions are based on these core areas.

2. Learn How to Interpret Questions

Many students lose marks because they rush into answering without understanding the instruction.
Always identify command words such as “define,” “explain,” “calculate,” “state,” and “discuss.” Each of these requires a different style of answer.

3. Practice Calculations Regularly

Economics involves simple calculations like total cost, average cost, marginal cost, equilibrium price, and elasticity. Practice past questions frequently so you become familiar with formulas and how to apply them quickly.

4. Draw and Label Diagrams Correctly

Diagrams are very important in Economics. Ensure you can draw and label graphs such as demand and supply curves, monopoly equilibrium, and tax incidence diagrams. A well-labeled diagram can earn you easy marks.

5. Use Proper Economic Terms

Avoid vague explanations. Always use correct terms like “marginal,” “elastic,” “equilibrium,” “scarcity,” and “opportunity cost.” This shows understanding and improves your marks.

6. Answer According to Mark Allocation

Do not write too much for a 2-mark question or too little for a 10-mark question. Let your answer match the marks awarded. Structure your points clearly in short paragraphs or numbered points.

7. Revise Past Questions

One of the best ways to pass Economics is by practicing past questions. This helps you understand exam patterns and frequently repeated topics.

8. Manage Your Time During Exam

Start with questions you understand well. Do not spend too much time on one question. Move ahead and return later if time permits.

It’s a wrap!

If you need more clarification on SS3 Second Term Questions on Economics, you can use the comments box below. We’ll be there to answer you asap. Don’t forget to join our Free Online Tutorial Classes on YouTube. (Subscribe to the Channel)

Best wishes…