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