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