Sss 2 Economic 1st Term exam 2025/26
  • 1. Industrialization means______
A) a process of establishing or increasing productive activities
B) siting an industry in a particular place
C) an act of creating utilities
D) a process of wooing investors
  • 2. A country is described as industrialized if _____
A) primary industries dominate the economy
B) traditional and modern sectors co-exist
C) the contributions of industries to national income is high
D) the country adopt import promotion strategy
  • 3. An industry is best described as______
A) firm that sells a set of closely related commodities
B) a factory that produces different lines of products
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) mining
C) export
D) construction
  • 5. Location of industry can be defined as the_____
A) way an industry is located
B) place where an industry is located
C) concentration of an industry in a place
D) siting of an industry in a place
  • 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) source of labour
B) source of power
C) the market
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 labour
B) nearness to market
C) proximity to electricity
D) nearness to financial institutions
  • 9. One of the disadvantages of localization of industries is ______
A) unemployment in the urban areas
B) over population in the rural areas
C) social disorder in the urban centres
D) under population in the urban areas
  • 10. A mining industry is usually located near the _____
A) reservoir where there is much water
B) source of finance
C) source of raw material supply
D) market
  • 11. The Economic Community of West African States (ECOWAS) has its headquarters located in _____
A) the Gambia
B) Ghana
C) Nigeria
D) Liberia
  • 12. The treaty of ECOWAS was founded in_____
A) 1975
B) 1977
C) 1984
D) 1978
  • 13. Which of the following is not an international economic organization?
A) Federal Road Safety Corps (FRSC)
B) African Development Bank (ADB)
C) International Monetary Fund (IMF)
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) Gift
C) Share
D) Money
  • 15. The system in which people directly exchange one commodity for another is
A) Competition
B) Equilibrium
C) Trade by barter
D) Balance of payments
  • 16. One of the problems of trade by barter is
A) Fixed exchange rate
B) Wastage of time and effort
C) Encouragement of borrowing
D) Able to store wealth
  • 17. One of the functions of money is
A) Unable to store value
B) Cannot be used to settle debt
C) Cannot serve as a unit of account
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) Both have their respective market
B) Inflation affects only money
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) Bank note
B) Legal tender
C) Quary money
D) Coins
  • 20. The form of money kept in account of the bank is
A) Flat money
B) Partial money
C) Deposit money
D) Bank notes
  • 21. The cultivation of crops and rearing of farm animals is know as
A) Farming
B) Business
C) Agriculture
D) Breeding
  • 22. One of the reasons for low productivity in agriculture is
A) Availability of storage facilities
B) Adequate credit facilities
C) Land tenure system
D) Mechanization
  • 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 effective transportation
B) Provision of labours to farmers
C) Provision of research findings
D) Provision of farm inputs
  • 25. Agriculture provides the following except
A) Water
B) Building materials
C) Clothes
D) Oil
  • 26. A building/buildings in which goods are produced in large quantities,using machine is
A) Firm
B) Industry
C) Estate
D) Factory
  • 27. A place where a firm carries out it's productivity is
A) Factory
B) Firm
C) Plant
D) Industrial estate
  • 28. An industry concerned with the extraction of mineral resources from the soil with devices is know as
A) Textile industry
B) Mining industry
C) Manufacturing 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) Agriculture
D) Importation
  • 31. All are problems of agricultural development in Nigeria except
A) Use of crude tools
B) Poor transportation system
C) Adequate credit facilities
D) Illiteracy of the farmer
  • 32. All are roles of industries in agricultural production except
A) Better quality of raw materials
B) Mechanization of agriculture
C) Supply of agricultural inputs
D) Low income of farmers
  • 33. All are agricultural programmes established by government except
A) RBDA
B) GR
C) ADP
D) ODFN
  • 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) Mechanized farming
C) Subsistence farming
D) Personal 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) Sir lord lugard
B) Alfred Marshall
C) Lionel Robbins
D) Adam Smith
  • 38. All are basic economics concepts except
A) Choice
B) Wants
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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