Sss 2 Economic 1st Term exam 2025/26
  • 1. Industrialization means______
A) siting an industry in a particular place
B) a process of wooing investors
C) an act of creating utilities
D) a process of establishing or increasing productive activities
  • 2. A country is described as industrialized if _____
A) the country adopt import promotion strategy
B) traditional and modern sectors co-exist
C) the contributions of industries to national income is high
D) primary industries dominate the economy
  • 3. An industry is best described as______
A) a factory that produces different lines of products
B) firm that sells a set of closely related commodities
C) industrial concern that is into production and selling of goods
D) a group of firms that sells a closely related set of products
  • 4. Which of the following is not a type of industry?
A) mining
B) manufacturing
C) construction
D) export
  • 5. Location of industry can be defined as the_____
A) way an industry is located
B) place where an industry is located
C) concentration of an industry in a place
D) siting of an industry in a place
  • 6. Localization of industries means_____
A) location of industries in a street
B) siting an industry in an area
C) a combination of firms
D) concentration of firms in an area
  • 7. An industry that is involved in the manufacturing of fragile or perishable products should be located close to_____.
A) source of power
B) source of labour
C) the market
D) source of raw materials
  • 8. Firms whose output is either bulky or perishable will benefit more from which of the following locational factors?
A) nearness to labour
B) nearness to market
C) proximity to electricity
D) nearness to financial institutions
  • 9. One of the disadvantages of localization of industries is ______
A) over population in the rural areas
B) under population in the urban areas
C) social disorder in the urban centres
D) unemployment in the urban areas
  • 10. A mining industry is usually located near the _____
A) source of finance
B) source of raw material supply
C) market
D) reservoir where there is much water
  • 11. The Economic Community of West African States (ECOWAS) has its headquarters located in _____
A) the Gambia
B) Liberia
C) Nigeria
D) Ghana
  • 12. The treaty of ECOWAS was founded in_____
A) 1978
B) 1984
C) 1975
D) 1977
  • 13. Which of the following is not an international economic organization?
A) International Monetary Fund (IMF)
B) African Development Bank (ADB)
C) Federal Road Safety Corps (FRSC)
D) Economic Commission for Africa (ECA)
  • 14. Anything that is generally acceptable in a giving community as a medium of exchange is referred to as
A) Share
B) Capital
C) Gift
D) Money
  • 15. The system in which people directly exchange one commodity for another is
A) Balance of payments
B) Equilibrium
C) Competition
D) Trade by barter
  • 16. One of the problems of trade by barter is
A) Encouragement of borrowing
B) Able to store wealth
C) Fixed exchange rate
D) Wastage of time and effort
  • 17. One of the functions of money is
A) Cannot serve as a unit of account
B) Unable to store value
C) Serve as a medium of exchange
D) Cannot be used to settle debt
  • 18. One of the similarities between money and other commodities used for exchange in trade by barter is
A) Inflation affects only money
B) Only money is used for exchange
C) Both have their respective market
D) Other commodities have more value than money
  • 19. One of the following is not a type of money
A) Coins
B) Quary money
C) Bank note
D) Legal tender
  • 20. The form of money kept in account of the bank is
A) Bank notes
B) Partial money
C) Flat money
D) Deposit money
  • 21. The cultivation of crops and rearing of farm animals is know as
A) Farming
B) Agriculture
C) Business
D) Breeding
  • 22. One of the reasons for low productivity in agriculture is
A) Adequate credit facilities
B) Mechanization
C) Availability of storage facilities
D) Land tenure system
  • 23. Problems of low agricultural productivity con be solve by one of the followings
A) Fertilizers and pesticide should be reduced
B) Amendment of land use dacree
C) Demolition of banks
D) Research should be limited
  • 24. The roles of government in agreement include all except
A) Provision of labours to farmers
B) Provision of farm inputs
C) Provision of research findings
D) Provision of effective transportation
  • 25. Agriculture provides the following except
A) Building materials
B) Clothes
C) Water
D) Oil
  • 26. A building/buildings in which goods are produced in large quantities,using machine is
A) Factory
B) Industry
C) Firm
D) Estate
  • 27. A place where a firm carries out it's productivity is
A) Factory
B) Industrial estate
C) Firm
D) Plant
  • 28. An industry concerned with the extraction of mineral resources from the soil with devices is know as
A) Recycling industry
B) Textile industry
C) Mining industry
D) Manufacturing industry
  • 29. One of the advantages of localization is
A) Reduce development
B) Increase crime rate
C) Reduce income
D) Generation of employment
  • 30. The process of transforming an economy based on extractive activities into one based on manufacturing is known as
A) Agriculture
B) Industrialization
C) Importation
D) Localization
  • 31. All are problems of agricultural development in Nigeria except
A) Use of crude tools
B) Adequate credit facilities
C) Poor transportation system
D) Illiteracy of the farmer
  • 32. All are roles of industries in agricultural production except
A) Mechanization of agriculture
B) Low income of farmers
C) Better quality of raw materials
D) Supply of agricultural inputs
  • 33. All are agricultural programmes established by government except
A) ODFN
B) ADP
C) RBDA
D) GR
  • 34. GR means
A) Green Revolution
B) Green Review
C) Giant Revolution
D) Great Revolution
  • 35. System of farming where by farmers produce for himself and his family is called
A) Individual farming
B) Mechanized farming
C) Subsistence farming
D) Personal farming
  • 36. The EEC/EU comprises of _______ parliaments
A) 12
B) 6
C) 7
D) 10
  • 37. One of the following is not an Economist
A) Alfred Marshall
B) Adam Smith
C) Lionel Robbins
D) Sir lord lugard
  • 38. All are basic economics concepts except
A) Demand
B) Scarcity
C) Choice
D) Wants
  • 39. Materials used as money which May be legal tender are called
A) Ordinary money
B) Representative money
C) Real money
D) Original money
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