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