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