Sss 2 Economic 1st Term exam 2025/26
  • 1. Industrialization means______
A) a process of wooing investors
B) a process of establishing or increasing productive activities
C) siting an industry in a particular place
D) an act of creating utilities
  • 2. A country is described as industrialized if _____
A) primary industries dominate the economy
B) traditional and modern sectors co-exist
C) the country adopt import promotion strategy
D) the contributions of industries to national income is high
  • 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) firm that sells a set of closely related commodities
D) industrial concern that is into production and selling of goods
  • 4. Which of the following is not a type of industry?
A) export
B) mining
C) manufacturing
D) construction
  • 5. Location of industry can be defined as the_____
A) concentration of an industry in a place
B) place where an industry is located
C) way an industry is located
D) siting of an industry in a place
  • 6. Localization of industries means_____
A) location of industries in a street
B) a combination of firms
C) concentration of firms in an area
D) siting an industry 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 labour
B) the market
C) source of power
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 market
B) nearness to labour
C) proximity to electricity
D) nearness to financial institutions
  • 9. One of the disadvantages of localization of industries is ______
A) social disorder in the urban centres
B) under population in the urban areas
C) unemployment in the urban areas
D) over population in the rural areas
  • 10. A mining industry is usually located near the _____
A) market
B) source of raw material supply
C) reservoir where there is much water
D) source of finance
  • 11. The Economic Community of West African States (ECOWAS) has its headquarters located in _____
A) Ghana
B) Liberia
C) Nigeria
D) the Gambia
  • 12. The treaty of ECOWAS was founded in_____
A) 1977
B) 1984
C) 1978
D) 1975
  • 13. Which of the following is not an international economic organization?
A) Federal Road Safety Corps (FRSC)
B) African Development Bank (ADB)
C) Economic Commission for Africa (ECA)
D) International Monetary Fund (IMF)
  • 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) Balance of payments
B) Competition
C) Equilibrium
D) Trade by barter
  • 16. One of the problems of trade by barter is
A) Fixed exchange rate
B) Wastage of time and effort
C) Able to store wealth
D) Encouragement of borrowing
  • 17. One of the functions of money is
A) Cannot be used to settle debt
B) Unable to store value
C) Serve as a medium of exchange
D) Cannot serve as a unit of account
  • 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) Quary money
B) Coins
C) Bank note
D) Legal tender
  • 20. The form of money kept in account of the bank is
A) Flat money
B) Deposit money
C) Partial money
D) Bank notes
  • 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) Availability of storage facilities
C) Mechanization
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) Demolition of banks
C) Research should be limited
D) Amendment of land use dacree
  • 24. The roles of government in agreement include all except
A) Provision of effective transportation
B) Provision of farm inputs
C) Provision of research findings
D) Provision of labours to farmers
  • 25. Agriculture provides the following except
A) Water
B) Oil
C) Building materials
D) Clothes
  • 26. A building/buildings in which goods are produced in large quantities,using machine is
A) Industry
B) Factory
C) Firm
D) Estate
  • 27. A place where a firm carries out it's productivity is
A) Firm
B) Industrial estate
C) Plant
D) Factory
  • 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) Increase crime rate
B) Generation of employment
C) Reduce income
D) Reduce development
  • 30. The process of transforming an economy based on extractive activities into one based on manufacturing is known as
A) Agriculture
B) Importation
C) Industrialization
D) Localization
  • 31. All are problems of agricultural development in Nigeria except
A) Poor transportation system
B) Illiteracy of the farmer
C) Adequate credit facilities
D) Use of crude tools
  • 32. All are roles of industries in agricultural production except
A) Low income of farmers
B) Better quality of raw materials
C) Mechanization of agriculture
D) Supply of agricultural inputs
  • 33. All are agricultural programmes established by government except
A) GR
B) RBDA
C) ODFN
D) ADP
  • 34. GR means
A) Green Revolution
B) Giant Revolution
C) Great Revolution
D) Green Review
  • 35. System of farming where by farmers produce for himself and his family is called
A) Mechanized farming
B) Personal farming
C) Individual farming
D) Subsistence farming
  • 36. The EEC/EU comprises of _______ parliaments
A) 10
B) 7
C) 12
D) 6
  • 37. One of the following is not an Economist
A) Lionel Robbins
B) Sir lord lugard
C) Adam Smith
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) Ordinary money
B) Representative money
C) Original money
D) Real money
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