SS 2 Economics Assignment
  • 1. 1. The production of crops and rearing of animals for man's use is called ______
A) Agriculture
B) Economics
C) Geography
D) Financial institutions
  • 2. 2. An institution established by member banks to simplify exchanging and obtaining of payments of cheques paid into bank branches is _______
A) Commercial banks
B) Bank clearing
C) Mortgage banks
D) Merchant banks
  • 3. 3. _____ is the person to whom the cheque is made payable
A) None of the above
B) Drawer
C) Payee
D) Drawee
  • 4. 4. The following are examples of cash crops except _____
A) vegetable
B) cotton
C) rubber
D) cocoa
  • 5. 5. The types of agriculture which involves production of food, animals and cash crop in large quantities for sale is referred to as _____
A) Commercial farming
B) Co-operative farming
C) Plantation farming
D) Subsistence farming
  • 6. 6. The apex bank is the ____
A) Mortgage bank
B) Merchant bank
C) Central bank
D) Commercial bank
  • 7. 7. Which of the following is not an item of capital expenditure
A) building of dams
B) payment of interest on loan
C) supply of electricity
D) building of roads and bridges
  • 8. 8. The following are examples of commercial banks except ____
A) First bank
B) Central bank
C) Wema bank
D) Union bank
  • 9. 9. International trade and domestic trade are similar in all aspects except _____
A) transportation by land, water and air is involved
B) goods are exchanged
C) services are exchange
D) the same currency is used as a medium of exchanged
  • 10. 10. A financial institution established for the purpose of providing specialized services like acceptance of bills of exchange and equipment leasing is known as _____
A) Development bank
B) Insurance company
C) Central bank
D) Merchant bank
  • 11. 11. Productivity in agriculture can be improved through ____
A) provision of modern implement
B) decrease in size of labour
C) excessive use of crude implement
D) promotion of subsistence farming
  • 12. 12. A bank note is said to be a legal tender because it is
A) signed by the head of state
B) backed by law
C) printed by government
D) a store of value
  • 13. 13. The following are examples of food crops except ____
A) vegetables
B) rubber
C) yam
D) rice
  • 14. 14. ______ is a method of credit facilities in which a customer is allowed to draw a cheque more than the amount of money in his/her account
A) None of the above
B) Bill of exchange
C) Overdraft
D) Loan
  • 15. 15. Instruments used in money market include the following except ____
A) shares
B) call money fund
C) bill of exchange
D) treasury bills
  • 16. 16. The following are problems of agriculture in Nigeria except ____
A) use of crude implement
B) adequate finance
C) unfavourable climate
D) illiteracy of the farmer
  • 17. 17. Pest and diseases _____ the farmer's harvest
A) increase
B) reduce
C) yield
D) boost
  • 18. 18. International trade is also known as _____
A) Outside trade
B) home trade
C) domestic trade
D) foreign trade
  • 19. 19. The similarity between international trade and internal trade is ____
A) both trade involve the same language
B) both trade involve the use of money as a medium of exchange
C) both trade involve exchange of goods within the borders of the country
D) both trade involve the use of different currency
  • 20. 20. Subsistence farming means producing food mainly
A) for export
B) for sale
C) for the need of our immediate and extended family
D) to satisfy the government directives
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