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