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) Agriculture
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) Mortgage banks
C) Bank clearing
D) Merchant banks
  • 3. 3. _____ is the person to whom the cheque is made payable
A) None of the above
B) Drawee
C) Payee
D) Drawer
  • 4. 4. The following are examples of cash crops except _____
A) rubber
B) cocoa
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) Subsistence farming
B) Commercial farming
C) Plantation farming
D) Co-operative farming
  • 6. 6. The apex bank is the ____
A) Central bank
B) Mortgage bank
C) Merchant bank
D) Commercial 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) supply of electricity
D) payment of interest on loan
  • 8. 8. The following are examples of commercial banks except ____
A) Central bank
B) Wema bank
C) First bank
D) Union bank
  • 9. 9. International trade and domestic trade are similar in all aspects except _____
A) goods are exchanged
B) the same currency is used as a medium of exchanged
C) transportation by land, water and air is involved
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) Insurance company
B) Merchant bank
C) Central bank
D) Development bank
  • 11. 11. Productivity in agriculture can be improved through ____
A) provision of modern implement
B) excessive use of crude implement
C) promotion of subsistence farming
D) decrease in size of labour
  • 12. 12. A bank note is said to be a legal tender because it is
A) a store of value
B) backed by law
C) signed by the head of state
D) printed by government
  • 13. 13. The following are examples of food crops except ____
A) vegetables
B) yam
C) rubber
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) Overdraft
B) None of the above
C) Bill of exchange
D) Loan
  • 15. 15. Instruments used in money market include the following except ____
A) call money fund
B) bill of exchange
C) shares
D) treasury bills
  • 16. 16. The following are problems of agriculture in Nigeria except ____
A) adequate finance
B) illiteracy of the farmer
C) unfavourable climate
D) use of crude implement
  • 17. 17. Pest and diseases _____ the farmer's harvest
A) reduce
B) boost
C) increase
D) yield
  • 18. 18. International trade is also known as _____
A) Outside trade
B) foreign trade
C) domestic trade
D) home 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 use of different currency
C) both trade involve the same language
D) both trade involve the use of money as a medium of exchange
  • 20. 20. Subsistence farming means producing food mainly
A) for export
B) for the need of our immediate and extended family
C) to satisfy the government directives
D) for sale
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