Sss 2 Economic 1st Term exam 2025/26
  • 1. Industrialization means______
A) a process of establishing or increasing productive activities
B) an act of creating utilities
C) a process of wooing investors
D) siting an industry in a particular place
  • 2. A country is described as industrialized if _____
A) primary industries dominate the economy
B) the country adopt import promotion strategy
C) the contributions of industries to national income is high
D) traditional and modern sectors co-exist
  • 3. An industry is best described as______
A) a group of firms that sells a closely related set of products
B) a factory that produces different lines of products
C) industrial concern that is into production and selling of goods
D) firm that sells a set of closely related commodities
  • 4. Which of the following is not a type of industry?
A) mining
B) export
C) construction
D) manufacturing
  • 5. Location of industry can be defined as the_____
A) siting of an industry in a place
B) place where an industry is located
C) concentration of an industry in a place
D) way an industry is located
  • 6. Localization of industries means_____
A) location of industries in a street
B) a combination of firms
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) nearness to market
B) proximity to electricity
C) nearness to financial institutions
D) nearness to labour
  • 9. One of the disadvantages of localization of industries is ______
A) social disorder in the urban centres
B) unemployment in the urban areas
C) over population in the rural areas
D) under population in the urban areas
  • 10. A mining industry is usually located near the _____
A) source of raw material supply
B) source of finance
C) market
D) reservoir where there is much water
  • 11. The Economic Community of West African States (ECOWAS) has its headquarters located in _____
A) Liberia
B) the Gambia
C) Nigeria
D) Ghana
  • 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) 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) Capital
B) Money
C) Gift
D) Share
  • 15. The system in which people directly exchange one commodity for another is
A) Competition
B) Trade by barter
C) Equilibrium
D) Balance of payments
  • 16. One of the problems of trade by barter is
A) Able to store wealth
B) Fixed exchange rate
C) Encouragement of borrowing
D) Wastage of time and effort
  • 17. One of the functions of money is
A) Unable to store value
B) Cannot serve as a unit of account
C) Cannot be used to settle debt
D) Serve as a medium of exchange
  • 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) 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) Legal tender
D) Bank note
  • 20. The form of money kept in account of the bank is
A) Partial money
B) Deposit money
C) Bank notes
D) Flat money
  • 21. The cultivation of crops and rearing of farm animals is know as
A) Agriculture
B) Breeding
C) Farming
D) Business
  • 22. One of the reasons for low productivity in agriculture is
A) Availability of storage facilities
B) Adequate credit facilities
C) Mechanization
D) Land tenure system
  • 23. Problems of low agricultural productivity con be solve by one of the followings
A) Amendment of land use dacree
B) Demolition of banks
C) Fertilizers and pesticide should be reduced
D) Research should be limited
  • 24. The roles of government in agreement include all except
A) Provision of research findings
B) Provision of farm inputs
C) Provision of labours to farmers
D) Provision of effective transportation
  • 25. Agriculture provides the following except
A) Building materials
B) Water
C) Clothes
D) Oil
  • 26. A building/buildings in which goods are produced in large quantities,using machine is
A) Firm
B) Estate
C) Factory
D) Industry
  • 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 income
B) Reduce development
C) Generation of employment
D) Increase crime rate
  • 30. The process of transforming an economy based on extractive activities into one based on manufacturing is known as
A) Localization
B) Agriculture
C) Importation
D) Industrialization
  • 31. All are problems of agricultural development in Nigeria except
A) Adequate credit facilities
B) Illiteracy of the farmer
C) Poor transportation system
D) Use of crude tools
  • 32. All are roles of industries in agricultural production except
A) Low income of farmers
B) Mechanization of agriculture
C) Supply of agricultural inputs
D) Better quality of raw materials
  • 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 Review
C) Giant Revolution
D) Green Revolution
  • 35. System of farming where by farmers produce for himself and his family is called
A) Mechanized farming
B) Subsistence farming
C) Individual farming
D) Personal farming
  • 36. The EEC/EU comprises of _______ parliaments
A) 12
B) 10
C) 6
D) 7
  • 37. One of the following is not an Economist
A) Alfred Marshall
B) Lionel Robbins
C) Adam Smith
D) Sir lord lugard
  • 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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