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Sss 2 Economic 1st Term exam 2025/26
Contributed by: College
  • 1. Industrialization means______
A) an act of creating utilities
B) siting an industry in a particular place
C) a process of establishing or increasing productive activities
D) a process of wooing investors
  • 2. A country is described as industrialized if _____
A) the contributions of industries to national income is high
B) primary industries dominate the economy
C) traditional and modern sectors co-exist
D) the country adopt import promotion strategy
  • 3. An industry is best described as______
A) a factory that produces different lines of products
B) industrial concern that is into production and selling of goods
C) firm that sells a set of closely related commodities
D) a group of firms that sells a closely related set of products
  • 4. Which of the following is not a type of industry?
A) manufacturing
B) mining
C) export
D) construction
  • 5. Location of industry can be defined as the_____
A) siting of an industry in a place
B) concentration of an industry in a place
C) way an industry is located
D) place where an industry is located
  • 6. Localization of industries means_____
A) siting an industry in an area
B) concentration of firms in an area
C) a combination of firms
D) location of industries in a street
  • 7. An industry that is involved in the manufacturing of fragile or perishable products should be located close to_____.
A) the market
B) source of power
C) source of labour
D) source of raw materials
  • 8. Firms whose output is either bulky or perishable will benefit more from which of the following locational factors?
A) nearness to labour
B) nearness to market
C) proximity to electricity
D) nearness to financial institutions
  • 9. One of the disadvantages of localization of industries is ______
A) over population in the rural areas
B) unemployment in the urban areas
C) social disorder in the urban centres
D) under population in the urban areas
  • 10. A mining industry is usually located near the _____
A) source of finance
B) source of raw material supply
C) market
D) reservoir where there is much water
  • 11. The Economic Community of West African States (ECOWAS) has its headquarters located in _____
A) the Gambia
B) Ghana
C) Liberia
D) Nigeria
  • 12. The treaty of ECOWAS was founded in_____
A) 1977
B) 1984
C) 1975
D) 1978
  • 13. Which of the following is not an international economic organization?
A) African Development Bank (ADB)
B) International Monetary Fund (IMF)
C) Federal Road Safety Corps (FRSC)
D) Economic Commission for Africa (ECA)
  • 14. Anything that is generally acceptable in a giving community as a medium of exchange is referred to as
A) Gift
B) Capital
C) Share
D) Money
  • 15. The system in which people directly exchange one commodity for another is
A) Balance of payments
B) Trade by barter
C) Equilibrium
D) Competition
  • 16. One of the problems of trade by barter is
A) Able to store wealth
B) Encouragement of borrowing
C) Fixed exchange rate
D) Wastage of time and effort
  • 17. One of the functions of money is
A) Cannot serve as a unit of account
B) Unable to store value
C) Serve as a medium of exchange
D) Cannot be used to settle debt
  • 18. One of the similarities between money and other commodities used for exchange in trade by barter is
A) Inflation affects only money
B) Only money is used for exchange
C) Both have their respective market
D) Other commodities have more value than money
  • 19. One of the following is not a type of money
A) Bank note
B) Legal tender
C) Coins
D) Quary money
  • 20. The form of money kept in account of the bank is
A) Deposit money
B) Partial money
C) Flat money
D) Bank notes
  • 21. The cultivation of crops and rearing of farm animals is know as
A) Farming
B) Breeding
C) Business
D) Agriculture
  • 22. One of the reasons for low productivity in agriculture is
A) Land tenure system
B) Mechanization
C) Adequate credit facilities
D) Availability of storage facilities
  • 23. Problems of low agricultural productivity con be solve by one of the followings
A) Demolition of banks
B) Research should be limited
C) Amendment of land use dacree
D) Fertilizers and pesticide should be reduced
  • 24. The roles of government in agreement include all except
A) Provision of farm inputs
B) Provision of labours to farmers
C) Provision of effective transportation
D) Provision of research findings
  • 25. Agriculture provides the following except
A) Building materials
B) Water
C) Oil
D) Clothes
  • 26. A building/buildings in which goods are produced in large quantities,using machine is
A) Estate
B) Factory
C) Firm
D) Industry
  • 27. A place where a firm carries out it's productivity is
A) Factory
B) Plant
C) Firm
D) Industrial estate
  • 28. An industry concerned with the extraction of mineral resources from the soil with devices is know as
A) Textile industry
B) Mining industry
C) Manufacturing industry
D) Recycling industry
  • 29. One of the advantages of localization is
A) Increase crime rate
B) Generation of employment
C) Reduce income
D) Reduce development
  • 30. The process of transforming an economy based on extractive activities into one based on manufacturing is known as
A) Importation
B) Localization
C) Agriculture
D) Industrialization
  • 31. All are problems of agricultural development in Nigeria except
A) Use of crude tools
B) Illiteracy of the farmer
C) Poor transportation system
D) Adequate credit facilities
  • 32. All are roles of industries in agricultural production except
A) Better quality of raw materials
B) Mechanization of agriculture
C) Low income of farmers
D) Supply of agricultural inputs
  • 33. All are agricultural programmes established by government except
A) ADP
B) ODFN
C) GR
D) RBDA
  • 34. GR means
A) Great Revolution
B) Green Revolution
C) Green Review
D) Giant Revolution
  • 35. System of farming where by farmers produce for himself and his family is called
A) Individual farming
B) Subsistence farming
C) Mechanized farming
D) Personal farming
  • 36. The EEC/EU comprises of _______ parliaments
A) 6
B) 12
C) 7
D) 10
  • 37. One of the following is not an Economist
A) Sir lord lugard
B) Lionel Robbins
C) Adam Smith
D) Alfred Marshall
  • 38. All are basic economics concepts except
A) Demand
B) Wants
C) Choice
D) Scarcity
  • 39. Materials used as money which May be legal tender are called
A) Original money
B) Real money
C) Ordinary money
D) Representative money
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