SS 2 Economics Assignment
  • 1. 1. The production of crops and rearing of animals for man's use is called ______
A) Financial institutions
B) Geography
C) Economics
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) Commercial banks
B) Bank clearing
C) Merchant banks
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) vegetable
B) cocoa
C) rubber
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) Plantation farming
B) Commercial farming
C) Subsistence farming
D) Co-operative farming
  • 6. 6. The apex bank is the ____
A) Mortgage bank
B) Merchant bank
C) Central bank
D) Commercial bank
  • 7. 7. Which of the following is not an item of capital expenditure
A) supply of electricity
B) building of roads and bridges
C) payment of interest on loan
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) the same currency is used as a medium of exchanged
B) goods are 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) Central bank
B) Insurance company
C) Development bank
D) Merchant bank
  • 11. 11. Productivity in agriculture can be improved through ____
A) decrease in size of labour
B) promotion of subsistence farming
C) excessive use of crude implement
D) provision of modern 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) vegetables
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) None of the above
B) Bill of exchange
C) Loan
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) use of crude implement
B) illiteracy of the farmer
C) unfavourable climate
D) adequate finance
  • 17. 17. Pest and diseases _____ the farmer's harvest
A) yield
B) reduce
C) boost
D) increase
  • 18. 18. International trade is also known as _____
A) home trade
B) foreign trade
C) Outside trade
D) domestic 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) to satisfy the government directives
B) for sale
C) for the need of our immediate and extended family
D) for export
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