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