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) Selling available social and infrastructural facilities in the country
B) Grants and aids from friendly countries
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 development
C) Economic inflation
D) Economic reform
  • 5. Economic development lays more emphasis on
A) Increase in output
B) Grants and aids
C) Taxes
D) Improvements in the general welfare
  • 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) High level of unemployment
C) Inadequate infrastructural facilities
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 infrastructural facilities
D) Adequate Capital
  • 9. One of the following is the objectives of public finance except
A) satisfaction of needs
B) control of inflation
C) good fiscal policy
D) equitable distribution of income
  • 10. An aspect of economics that deals with government revenue and expenditure is called
A) Public finance
B) Public control
C) Publicity
D) Public regulations
  • 11. The use of income and expenditure refers to
A) Fiscal policy
B) Fiscal plot
C) public finance
D) Fiscal police
  • 12. ______________ is a regular source of revenue.
A) Recurrent experience
B) Recurring expense
C) Recurring expenditure
D) Recurrent revenue
  • 13. . Grants and aids are sources of _____________ revenue to the government.
A) extra
B) internal
C) Intra
D) external
  • 14. . The fiscal policy of the government are incorporated in the _______________ .
A) election
B) budget
C) revenue
D) Expenditure
  • 15. _____________ refers to total expenses incurred by public authorities in all levels of administration.
A) Government revenue
B) Government taxation
C) Government expenditure
D) I don't know
  • 16. Expenses which are repeated on a yearly basis is called
A) Recurrent revenue
B) Recurrent salary
C) Recurrent expenditure
D) Recurrent money
  • 17. . Expenses on projects which are permanent in nature is referred to as
A) capital expenditure
B) capital receipt
C) Capital money
D) capital revenue
  • 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) Budget
B) Bonus
C) Balance sheet
D) Report sheets
  • 20. . Which of the following can be used to foster economic growth and development.
A) Opportunity cost
B) Choice
C) Budget
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) budget
B) balanced budget
C) deficit budget
D) surplus budget
  • 23. A budget _____________ occurs when the government spending is less than government revenue
A) surplus
B) balanced
C) deficit
D) balance balanced budget
  • 24. The following are sources of government borrowing in Nigeria except
A) POS
B) Treasury bills
C) Treasury certificate
D) Development stocks
  • 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) Total income
C) Real income
D) National income
  • 26. One of the factors that determine national income of a country is
A) Smartness
B) Over population
C) Level of technology
D) Daily consumption
  • 27. When visible imports is equal to visible exports in monetary terms, it is called
A) Restrictions
B) Balance of Payment
C) Tarrif
D) Balance of trade
  • 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) Insurance
B) Balance of Trade
C) Balance of Payment
D) Stock exchange
  • 29. The account that shows how the balance of both current and capital accounts are settled is
A) Fixed account
B) Visible account
C) Monetary movement account
D) Opay account
  • 30. If a country is exporting more in monetary terms than it is importing, is is said to be
A) Positive balance of trade
B) Unfavourable balance of Payment
C) Favourable balance of payments
D) Negative balance of trade
  • 31. The taxes or duties imposed on imports and exports by the government of a country is called
A) Shares
B) Revenue
C) Cheque
D) Tarrifs
  • 32. All are minerals present in Nigeria except
A) Zinc
B) Tin
C) Gold
D) Bone
  • 33. Most minerals are found under
A) Sedimentary rock
B) Metamorphic rock
C) Trees
D) Igneous rock
  • 34. Petroleum can be found in the following placesi except
A) Akwa ibom
B) Benue
C) Warri
D) Imo
  • 35. Coal can be found in
A) Oyo
B) Kaduna
C) Enugu
D) Portharcourt
  • 36. Iron ore can be found in the following places except
A) Osogbo
B) Jos
C) Kastina
D) Bauchi
  • 37. Limestone is used for production of
A) Palm oil
B) Coal
C) Flour
D) Cement
  • 38. The followings are effects of mining except
A) Displacement of settlement
B) Loss of farm land
C) Increase in standard of living
D) Environmental degradation
  • 39. All are importance of minerals to the economy except
A) Untimely death
B) Income generation
C) Acquisition of skills
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 is a non-human asset
C) It has feelings
D) It appreciate in value
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