Economics SS2 3rd test 2026
  • 1. The situation where the total receipts of a country's export are not equal to the total payment s on import is known as
A) Budget
B) Balance of trade disequilibrium
C) Balance of Payment disequilibrium
D) Fiscal policy
  • 2. Balance of payments deficit can be financed by all except
A) Selling available social and infrastructural facilities in the country
B) Increased export of goods and services
C) Grants and aids from friendly countries
D) Sales of foreign investment
  • 3. Balance of payments deficit can be corrected by using one of these measures
A) Increase in import
B) Increase in production
C) Lending
D) Increase in expenditure
  • 4. The process by which the productive capacity of an economy increases over a given period , leading to rise in the level of the national income is
A) Economic development
B) Economic growth
C) Economic inflation
D) Economic reform
  • 5. Economic development lays more emphasis on
A) Improvements in the general welfare
B) Taxes
C) Grants and aids
D) Increase in output
  • 6. A nation is regarded as under-developed or developing country when
A) It relays only on grants and aids from friendly countries
B) It based mainly on mining
C) Increases production
D) It lacks the human and material resources used in improving the quality of human life
  • 7. The features of under-developed country arẹ all except
A) Use of crude tools
B) Inadequate infrastructural facilities
C) High level of unemployment
D) High savings and investment
  • 8. One of the problems of Economic development in west Africa is
A) Low level of investment
B) Availability of skilled manpower
C) Adequate Capital
D) Adequate infrastructural facilities
  • 9. One of the following is the objectives of public finance except
A) satisfaction of needs
B) equitable distribution of income
C) control of inflation
D) good fiscal policy
  • 10. An aspect of economics that deals with government revenue and expenditure is called
A) Public finance
B) Public control
C) Public regulations
D) Publicity
  • 11. The use of income and expenditure refers to
A) public finance
B) Fiscal plot
C) Fiscal police
D) Fiscal policy
  • 12. ______________ is a regular source of revenue.
A) Recurrent revenue
B) Recurring expense
C) Recurring expenditure
D) Recurrent experience
  • 13. . Grants and aids are sources of _____________ revenue to the government.
A) Intra
B) external
C) extra
D) internal
  • 14. . The fiscal policy of the government are incorporated in the _______________ .
A) Expenditure
B) budget
C) election
D) revenue
  • 15. _____________ refers to total expenses incurred by public authorities in all levels of administration.
A) Government revenue
B) Government expenditure
C) I don't know
D) Government taxation
  • 16. Expenses which are repeated on a yearly basis is called
A) Recurrent revenue
B) Recurrent salary
C) Recurrent money
D) Recurrent expenditure
  • 17. . Expenses on projects which are permanent in nature is referred to as
A) capital receipt
B) capital expenditure
C) capital revenue
D) Capital money
  • 18. A _____________ budget is when revenue equals to expenditure
A) surplus
B) unbalanced
C) deficit
D) balanced
  • 19. ________________ is a financial statement of the total revenue and proposed expenditure
A) Report sheets
B) Budget
C) Balance sheet
D) Bonus
  • 20. . Which of the following can be used to foster economic growth and development.
A) Choice
B) Budget
C) Opportunity cost
D) Scale of preference
  • 21. When inflows are equal to outflows, the budget is said to be
A) surplus
B) suplex
C) balanced
D) deficit
  • 22. When a government spending exceeds government revenue, the budget is said to be
A) budget
B) surplus budget
C) balanced budget
D) deficit budget
  • 23. A budget _____________ occurs when the government spending is less than government revenue
A) deficit
B) balance balanced budget
C) surplus
D) balanced
  • 24. The following are sources of government borrowing in Nigeria except
A) POS
B) Development stocks
C) Treasury bills
D) Treasury certificate
  • 25. The total of all the incomes obtained from economics activities during a specific period of time after allowance has been made for Capital consumption is
A) National income
B) Total income
C) Real income
D) Personal income
  • 26. One of the factors that determine national income of a country is
A) Daily consumption
B) Level of technology
C) Smartness
D) Over population
  • 27. When visible imports is equal to visible exports in monetary terms, it is called
A) Tarrif
B) Balance of Payment
C) Balance of trade
D) Restrictions
  • 28. _____ is the statement or record showing the relationship between a country's total payments to other countries and it's total receipts from them in a year
A) Stock exchange
B) Balance of Payment
C) Balance of Trade
D) Insurance
  • 29. The account that shows how the balance of both current and capital accounts are settled is
A) Fixed account
B) Monetary movement account
C) Opay account
D) Visible account
  • 30. If a country is exporting more in monetary terms than it is importing, is is said to be
A) Unfavourable balance of Payment
B) Positive balance of trade
C) Negative balance of trade
D) Favourable balance of payments
  • 31. The taxes or duties imposed on imports and exports by the government of a country is called
A) Tarrifs
B) Cheque
C) Shares
D) Revenue
  • 32. All are minerals present in Nigeria except
A) Bone
B) Gold
C) Zinc
D) Tin
  • 33. Most minerals are found under
A) Trees
B) Igneous rock
C) Sedimentary rock
D) Metamorphic rock
  • 34. Petroleum can be found in the following placesi except
A) Warri
B) Benue
C) Akwa ibom
D) Imo
  • 35. Coal can be found in
A) Enugu
B) Kaduna
C) Oyo
D) Portharcourt
  • 36. Iron ore can be found in the following places except
A) Jos
B) Bauchi
C) Osogbo
D) Kastina
  • 37. Limestone is used for production of
A) Flour
B) Coal
C) Palm oil
D) Cement
  • 38. The followings are effects of mining except
A) Displacement of settlement
B) Environmental degradation
C) Increase in standard of living
D) Loss of farm land
  • 39. All are importance of minerals to the economy except
A) Untimely death
B) Acquisition of skills
C) Income generation
D) Employment opportunities
  • 40. One of the problems facing mining in Nigeria is
A) Adequate personnel
B) Good management
C) Good transportation
D) Inadequate capital
  • 41. Which statement is true about Physical capital ?____
A) It is a human asset
B) It has feelings
C) It appreciate in value
D) It is a non-human asset
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