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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) a process of wooing investors
C) a process of establishing or increasing productive activities
D) siting an industry in a particular place
  • 2. A country is described as industrialized if _____
A) the country adopt import promotion strategy
B) the contributions of industries to national income is high
C) primary industries dominate the economy
D) traditional and modern sectors co-exist
  • 3. An industry is best described as______
A) firm that sells a set of closely related commodities
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) a factory that produces different lines of products
  • 4. Which of the following is not a type of industry?
A) mining
B) manufacturing
C) export
D) construction
  • 5. Location of industry can be defined as the_____
A) siting of an industry in a place
B) place where an industry is located
C) way an industry is located
D) concentration of an industry in a place
  • 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) source of labour
B) source of power
C) source of raw materials
D) the market
  • 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 market
C) proximity to electricity
D) nearness to labour
  • 9. One of the disadvantages of localization of industries is ______
A) under population in the urban areas
B) social disorder in the urban centres
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 finance
B) source of raw material supply
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) Liberia
D) Nigeria
  • 12. The treaty of ECOWAS was founded in_____
A) 1975
B) 1977
C) 1978
D) 1984
  • 13. Which of the following is not an international economic organization?
A) African Development Bank (ADB)
B) Federal Road Safety Corps (FRSC)
C) Economic Commission for Africa (ECA)
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) Capital
B) Gift
C) Money
D) Share
  • 15. The system in which people directly exchange one commodity for another is
A) Competition
B) Equilibrium
C) Trade by barter
D) Balance of payments
  • 16. One of the problems of trade by barter is
A) Able to store wealth
B) Wastage of time and effort
C) Encouragement of borrowing
D) Fixed exchange rate
  • 17. One of the functions of money is
A) Serve as a medium of exchange
B) Cannot serve as a unit of account
C) Unable to store value
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) Other commodities have more value than money
C) Only money is used for exchange
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) Bank notes
B) Partial money
C) Deposit money
D) Flat money
  • 21. The cultivation of crops and rearing of farm animals is know as
A) Agriculture
B) Farming
C) Business
D) Breeding
  • 22. One of the reasons for low productivity in agriculture is
A) Availability of storage facilities
B) Adequate credit facilities
C) Land tenure system
D) Mechanization
  • 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 labours to farmers
B) Provision of effective transportation
C) Provision of research findings
D) Provision of farm inputs
  • 25. Agriculture provides the following except
A) Building materials
B) Oil
C) Water
D) Clothes
  • 26. A building/buildings in which goods are produced in large quantities,using machine is
A) Firm
B) Factory
C) Estate
D) Industry
  • 27. A place where a firm carries out it's productivity is
A) Plant
B) Firm
C) Factory
D) Industrial estate
  • 28. An industry concerned with the extraction of mineral resources from the soil with devices is know as
A) Manufacturing industry
B) Recycling industry
C) Mining industry
D) Textile industry
  • 29. One of the advantages of localization is
A) Reduce income
B) Reduce development
C) Generation of employment
D) Increase crime rate
  • 30. The process of transforming an economy based on extractive activities into one based on manufacturing is known as
A) Agriculture
B) Localization
C) Importation
D) Industrialization
  • 31. All are problems of agricultural development in Nigeria except
A) Use of crude tools
B) Poor transportation system
C) Adequate credit facilities
D) Illiteracy of the farmer
  • 32. All are roles of industries in agricultural production except
A) Better quality of raw materials
B) Low income of farmers
C) Mechanization of agriculture
D) Supply of agricultural inputs
  • 33. All are agricultural programmes established by government except
A) RBDA
B) ODFN
C) GR
D) ADP
  • 34. GR means
A) Green Review
B) Giant Revolution
C) Green Revolution
D) Great Revolution
  • 35. System of farming where by farmers produce for himself and his family is called
A) Subsistence farming
B) Individual farming
C) Personal farming
D) Mechanized 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) Lionel Robbins
B) Adam Smith
C) Sir lord lugard
D) Alfred Marshall
  • 38. All are basic economics concepts except
A) Scarcity
B) Wants
C) Demand
D) Choice
  • 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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