BUSYMINDS COLLEGE.

THIRD TERM, HALF-TERM ASSESSMENT

2021/2022 SESSION
ECONOMICS YEAR 10

NAME ………………………… DATE …………...…

1. Which of the following is not a function of the Central Bank?

(a) banker to the government (b) bankers’ bank
(c) acceptance of deposits from the public (d) responsible for monetary policy
2. Few commercial banks are located in the rural areas because
(a) There are not enough people in the rural area to work in the banks
(b)bankers generally like city life
(c)there are not many business establishments and depositors in the rural area
(d) none of the above
3. Tomide, an economics teacher in Lagos has resigned and taken up a job as a banker. The
concept involves (a) occupational mobility of labor (b) horizontal mobility of labor
(c) vertical mobility of labor (d) geographical mobility of labor
4. In Economics, production is complete when
(a) goods are produced in the factory (b) goods are sold to wholesalers
(c) prices are fixed for goods and services (d)goods and services reach the consumers
5. Which of the following is not a function of a commercial bank?
(a) accepting deposits from the public (b) serving as banker to the government
(c) safekeeping of valuables (d)lending to the public
6. The majority of the West African labor force is engaged in
(a) industrial production (b) agricultural production (c) mining industry
(d) construction.
7. Choice is necessitated by (a) demand and supply (b) cost of production
(c) scarce resources (d) want
8. The supply of labor can be influenced by the
(a) Size of the population (b) stage of economic development (c)size of the country
(d) extent of the market.
9 The highest financial institution in the country is the
(a) merchant bank (b) commercial bank (c) savings bank (d) central bank
10. A loan that lasts for one year or less is called an
(a)long-term loan (b) short-term loan (c)medium-term loan (d) One-year loan
11. Developmental banks majorly provide
(a). saving account facilities (b) foreign exchange facilities
(c). capital for the development of specific sectors
(d). capital for the development of special banks.
____ (a) counting (b) budgeting (c) election (d) census
12. The action taken by the government to determine the population of a country is referred
to as __
13. A business that is having monopoly on decision making is the
(a) partnership business (b) corporation (c) sole trader business (d) liability company
14. Securities sold by the Central bank on behalf of the Government are called
(a) bills of exchange (b) Treasury bills (c) commercial bills (d) bank bills
15. The following are examples of commercial banks except
(a) United Bank of Africa (b) Access Bank (c) Fidelity Bank (d) AB Microfinance Bank
16. West African economies can best be described as
(a) agricultural (b) backward (c) developed (d) industrialized
17. Which of the following problems arises where there is more than one technically
possible method of production? (a) where to produce (b) how to Produce
(c) when to produce (d) for whom to produce
18. The most noticeable characteristic of land is that it
(a) assists in the creation of utility (b) is a free gift of nature
(c) contains valuables mineral resources (d) is owned by individuals and the government
 19. When a country has a large labor force, it is beneficial to use a method of production
that is____ (a) capital intensive (b) land intensive (c) labor-intensive
(d) mechanically intensive
20. Labor force simply means
(a) demand and supply of labor (b) efficiency of labor
(c) job seekers (d) unemployable population

SECTION B (ANSWER QUESTION 1 AND ANY OTHER TWO QUESTIONS)

1. Will technological development, self-malting, and robotization, IT, artificial intelligence,

machine learning increase unemployment in the future?
Broadly discuss.
2. A country has 50 million people, 30 million of whom are adults. Of the adults, 5 million are
not interested in working, another 5 million are interested in working but have given up looking for
work, and 5 million are still looking for work. Of those who do have jobs, 5 million are working part-
time but would like to work full-time, and the remaining 10 million are working full-time. How many
people in this country are in the labor force?
3. Differentiate extensively between the money market and capital market.
4. Enumerate 5 possible ways in which sustainable agriculture can help develop the economy of
Nigeria.