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