Sss 2 Economic 1st Term exam 2025/26
  • 1. Industrialization means______
A) a process of wooing investors
B) siting an industry in a particular place
C) a process of establishing or increasing productive activities
D) an act of creating utilities
  • 2. A country is described as industrialized if _____
A) traditional and modern sectors co-exist
B) primary industries dominate the economy
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 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) export
D) construction
  • 5. Location of industry can be defined as the_____
A) siting of an industry in a place
B) way an industry is located
C) concentration 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) a combination of firms
C) siting an industry in an area
D) location of industries in a street
  • 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 labour
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 financial institutions
B) proximity to electricity
C) nearness to labour
D) nearness to market
  • 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) reservoir where there is much water
B) market
C) source of raw material supply
D) source of finance
  • 11. The Economic Community of West African States (ECOWAS) has its headquarters located in _____
A) Nigeria
B) Liberia
C) Ghana
D) the Gambia
  • 12. The treaty of ECOWAS was founded in_____
A) 1984
B) 1978
C) 1975
D) 1977
  • 13. Which of the following is not an international economic organization?
A) African Development Bank (ADB)
B) International Monetary Fund (IMF)
C) Economic Commission for Africa (ECA)
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) Gift
B) Money
C) Capital
D) Share
  • 15. The system in which people directly exchange one commodity for another is
A) Trade by barter
B) Equilibrium
C) Competition
D) Balance of payments
  • 16. One of the problems of trade by barter is
A) Encouragement of borrowing
B) Wastage of time and effort
C) Able to store wealth
D) Fixed exchange rate
  • 17. One of the functions of money is
A) Serve as a medium of exchange
B) Unable to store value
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) Inflation affects only money
B) Both have their respective market
C) Only money is used for exchange
D) Other commodities have more value than 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) Flat money
B) Deposit money
C) Bank notes
D) Partial 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) Land tenure system
B) Mechanization
C) Availability of storage facilities
D) Adequate credit 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) Amendment of land use dacree
D) Demolition of banks
  • 24. The roles of government in agreement include all except
A) Provision of labours to farmers
B) Provision of research findings
C) Provision of farm inputs
D) Provision of effective transportation
  • 25. Agriculture provides the following except
A) Building materials
B) Clothes
C) Oil
D) Water
  • 26. A building/buildings in which goods are produced in large quantities,using machine is
A) Estate
B) Industry
C) Factory
D) Firm
  • 27. A place where a firm carries out it's productivity is
A) Plant
B) Industrial estate
C) Firm
D) Factory
  • 28. An industry concerned with the extraction of mineral resources from the soil with devices is know as
A) Mining industry
B) Textile industry
C) Recycling 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) Industrialization
B) Localization
C) Importation
D) Agriculture
  • 31. All are problems of agricultural development in Nigeria except
A) Use of crude tools
B) Illiteracy of the farmer
C) Poor transportation system
D) Adequate credit facilities
  • 32. All are roles of industries in agricultural production except
A) Supply of agricultural inputs
B) Better quality of raw materials
C) Mechanization of agriculture
D) Low income of farmers
  • 33. All are agricultural programmes established by government except
A) ODFN
B) ADP
C) RBDA
D) GR
  • 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) Personal farming
B) Mechanized farming
C) Subsistence farming
D) Individual farming
  • 36. The EEC/EU comprises of _______ parliaments
A) 12
B) 10
C) 7
D) 6
  • 37. One of the following is not an Economist
A) Alfred Marshall
B) Adam Smith
C) Sir lord lugard
D) Lionel Robbins
  • 38. All are basic economics concepts except
A) Choice
B) Wants
C) Scarcity
D) Demand
  • 39. Materials used as money which May be legal tender are called
A) Real money
B) Ordinary money
C) Original money
D) Representative money
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