SS 2 Economics Assignment
  • 1. 1. The production of crops and rearing of animals for man's use is called ______
A) Financial institutions
B) Economics
C) Geography
D) Agriculture
  • 2. 2. An institution established by member banks to simplify exchanging and obtaining of payments of cheques paid into bank branches is _______
A) Merchant banks
B) Commercial banks
C) Mortgage banks
D) Bank clearing
  • 3. 3. _____ is the person to whom the cheque is made payable
A) Drawer
B) None of the above
C) Drawee
D) Payee
  • 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) Subsistence farming
B) Commercial farming
C) Plantation farming
D) Co-operative farming
  • 6. 6. The apex bank is the ____
A) Mortgage bank
B) Commercial bank
C) Merchant bank
D) Central 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) Central bank
B) Union bank
C) First bank
D) Wema bank
  • 9. 9. International trade and domestic trade are similar in all aspects except _____
A) transportation by land, water and air is involved
B) the same currency is used as a medium of exchanged
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) Development bank
C) Insurance company
D) Central bank
  • 11. 11. Productivity in agriculture can be improved through ____
A) promotion of subsistence farming
B) excessive use of crude implement
C) provision of modern implement
D) decrease in size of labour
  • 12. 12. A bank note is said to be a legal tender because it is
A) printed by government
B) signed by the head of state
C) backed by law
D) a store of value
  • 13. 13. The following are examples of food crops except ____
A) yam
B) rubber
C) rice
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) None of the above
D) Overdraft
  • 15. 15. Instruments used in money market include the following except ____
A) call money fund
B) shares
C) bill of exchange
D) treasury bills
  • 16. 16. The following are problems of agriculture in Nigeria except ____
A) unfavourable climate
B) use of crude implement
C) illiteracy of the farmer
D) adequate finance
  • 17. 17. Pest and diseases _____ the farmer's harvest
A) boost
B) yield
C) increase
D) reduce
  • 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 exchange of goods within the borders of the country
B) both trade involve the same language
C) both trade involve the use of money as a medium of exchange
D) both trade involve the use of different currency
  • 20. 20. Subsistence farming means producing food mainly
A) for export
B) to satisfy the government directives
C) for sale
D) for the need of our immediate and extended family
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