SS 2 Economics Assignment
  • 1. 1. The production of crops and rearing of animals for man's use is called ______
A) Economics
B) Financial institutions
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) Bank clearing
D) Mortgage banks
  • 3. 3. _____ is the person to whom the cheque is made payable
A) Payee
B) Drawee
C) None of the above
D) Drawer
  • 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) Co-operative farming
B) Commercial farming
C) Plantation farming
D) Subsistence farming
  • 6. 6. The apex bank is the ____
A) Merchant bank
B) Central bank
C) Commercial bank
D) Mortgage bank
  • 7. 7. Which of the following is not an item of capital expenditure
A) supply of electricity
B) payment of interest on loan
C) building of roads and bridges
D) building of dams
  • 8. 8. The following are examples of commercial banks except ____
A) Wema bank
B) First bank
C) Union bank
D) Central 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) 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) Insurance company
C) Central bank
D) Merchant bank
  • 11. 11. Productivity in agriculture can be improved through ____
A) provision of modern implement
B) promotion of subsistence farming
C) decrease in size of labour
D) excessive use of crude implement
  • 12. 12. A bank note is said to be a legal tender because it is
A) signed by the head of state
B) printed by government
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) Loan
B) Overdraft
C) Bill of exchange
D) None of the above
  • 15. 15. Instruments used in money market include the following except ____
A) treasury bills
B) shares
C) bill of exchange
D) call money fund
  • 16. 16. The following are problems of agriculture in Nigeria except ____
A) illiteracy of the farmer
B) adequate finance
C) unfavourable climate
D) use of crude implement
  • 17. 17. Pest and diseases _____ the farmer's harvest
A) increase
B) yield
C) reduce
D) boost
  • 18. 18. International trade is also known as _____
A) foreign trade
B) Outside trade
C) home trade
D) domestic trade
  • 19. 19. The similarity between international trade and internal trade is ____
A) both trade involve the same language
B) both trade involve exchange of goods within the borders of the country
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 sale
B) for export
C) for the need of our immediate and extended family
D) to satisfy the government directives
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