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) Balance of trade 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 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 development
B) Economic growth
C) Economic inflation
D) Economic reform
  • 5. Economic development lays more emphasis on
A) Taxes
B) Grants and aids
C) Increase in output
D) Improvements in the general welfare
  • 6. A nation is regarded as under-developed or developing country when
A) It based mainly on mining
B) It relays only on grants and aids from friendly countries
C) It lacks the human and material resources used in improving the quality of human life
D) Increases production
  • 7. The features of under-developed country arẹ all except
A) High savings and investment
B) High level of unemployment
C) Inadequate infrastructural facilities
D) Use of crude tools
  • 8. One of the problems of Economic development in west Africa is
A) Adequate Capital
B) Adequate infrastructural facilities
C) Low level of investment
D) Availability of skilled manpower
  • 9. One of the following is the objectives of public finance except
A) equitable distribution of income
B) good fiscal policy
C) satisfaction of needs
D) control of inflation
  • 10. An aspect of economics that deals with government revenue and expenditure is called
A) Public control
B) Public regulations
C) Publicity
D) Public finance
  • 11. The use of income and expenditure refers to
A) Fiscal policy
B) public finance
C) Fiscal police
D) Fiscal plot
  • 12. ______________ is a regular source of revenue.
A) Recurring expense
B) Recurrent experience
C) Recurring expenditure
D) Recurrent revenue
  • 13. . Grants and aids are sources of _____________ revenue to the government.
A) internal
B) external
C) Intra
D) extra
  • 14. . The fiscal policy of the government are incorporated in the _______________ .
A) election
B) revenue
C) budget
D) Expenditure
  • 15. _____________ refers to total expenses incurred by public authorities in all levels of administration.
A) Government revenue
B) Government taxation
C) I don't know
D) Government expenditure
  • 16. Expenses which are repeated on a yearly basis is called
A) Recurrent expenditure
B) Recurrent salary
C) Recurrent revenue
D) Recurrent money
  • 17. . Expenses on projects which are permanent in nature is referred to as
A) capital expenditure
B) capital revenue
C) Capital money
D) capital receipt
  • 18. A _____________ budget is when revenue equals to expenditure
A) surplus
B) unbalanced
C) balanced
D) deficit
  • 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) Choice
B) Scale of preference
C) Opportunity cost
D) Budget
  • 21. When inflows are equal to outflows, the budget is said to be
A) deficit
B) suplex
C) balanced
D) surplus
  • 22. When a government spending exceeds government revenue, the budget is said to be
A) balanced budget
B) deficit budget
C) surplus budget
D) budget
  • 23. A budget _____________ occurs when the government spending is less than government revenue
A) balanced
B) deficit
C) surplus
D) balance balanced budget
  • 24. The following are sources of government borrowing in Nigeria except
A) Treasury certificate
B) POS
C) Development stocks
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) National income
B) Personal income
C) Real income
D) Total income
  • 26. One of the factors that determine national income of a country is
A) Smartness
B) Daily consumption
C) Level of technology
D) Over population
  • 27. When visible imports is equal to visible exports in monetary terms, it is called
A) Restrictions
B) Balance of Payment
C) Balance of trade
D) Tarrif
  • 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 Payment
D) Balance of Trade
  • 29. The account that shows how the balance of both current and capital accounts are settled is
A) Opay account
B) Monetary movement 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) Tarrifs
C) Shares
D) Cheque
  • 32. All are minerals present in Nigeria except
A) Tin
B) Bone
C) Gold
D) Zinc
  • 33. Most minerals are found under
A) Metamorphic rock
B) Trees
C) Sedimentary rock
D) Igneous 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) Kaduna
B) Portharcourt
C) Oyo
D) Enugu
  • 36. Iron ore can be found in the following places except
A) Kastina
B) Jos
C) Bauchi
D) Osogbo
  • 37. Limestone is used for production of
A) Coal
B) Cement
C) Flour
D) Palm oil
  • 38. The followings are effects of mining except
A) Loss of farm land
B) Environmental degradation
C) Displacement of settlement
D) Increase in standard of living
  • 39. All are importance of minerals to the economy except
A) Acquisition of skills
B) Untimely death
C) Income generation
D) Employment opportunities
  • 40. One of the problems facing mining in Nigeria is
A) Inadequate capital
B) Good management
C) Adequate personnel
D) Good transportation
  • 41. Which statement is true about Physical capital ?____
A) It is a human asset
B) It has feelings
C) It is a non-human asset
D) It appreciate in value
Students who took this test also took :

Created with That Quiz — the math test generation site with resources for other subject areas.