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Sss 2 Economic 1st Term exam 2025/26
Contributed by: College
  • 1. Industrialization means______
A) siting an industry in a particular place
B) a process of wooing investors
C) a process of establishing or increasing productive activities
D) an act of creating utilities
  • 2. A country is described as industrialized if _____
A) traditional and modern sectors co-exist
B) primary industries dominate the economy
C) the country adopt import promotion strategy
D) the contributions of industries to national income is high
  • 3. An industry is best described as______
A) a factory that produces different lines of products
B) a group of firms that sells a closely related set of products
C) industrial concern that is into production and selling of goods
D) firm that sells a set of closely related commodities
  • 4. Which of the following is not a type of industry?
A) manufacturing
B) construction
C) export
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) location of industries in a street
B) siting an industry in an area
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 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 financial institutions
B) proximity to electricity
C) nearness to labour
D) nearness to market
  • 9. One of the disadvantages of localization of industries is ______
A) over population in the rural areas
B) unemployment in the urban areas
C) under population in the urban areas
D) social disorder in the urban centres
  • 10. A mining industry is usually located near the _____
A) source of finance
B) market
C) reservoir where there is much water
D) source of raw material supply
  • 11. The Economic Community of West African States (ECOWAS) has its headquarters located in _____
A) the Gambia
B) Nigeria
C) Ghana
D) Liberia
  • 12. The treaty of ECOWAS was founded in_____
A) 1984
B) 1975
C) 1977
D) 1978
  • 13. Which of the following is not an international economic organization?
A) International Monetary Fund (IMF)
B) Economic Commission for Africa (ECA)
C) Federal Road Safety Corps (FRSC)
D) African Development Bank (ADB)
  • 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) Competition
B) Equilibrium
C) Balance of payments
D) Trade by barter
  • 16. One of the problems of trade by barter is
A) Fixed exchange rate
B) Able to store wealth
C) Wastage of time and effort
D) Encouragement of borrowing
  • 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) 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) Quary money
B) Coins
C) Legal tender
D) Bank note
  • 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) Business
B) Agriculture
C) Breeding
D) Farming
  • 22. One of the reasons for low productivity in agriculture is
A) Adequate credit facilities
B) Availability of storage facilities
C) Mechanization
D) Land tenure system
  • 23. Problems of low agricultural productivity con be solve by one of the followings
A) Amendment of land use dacree
B) Demolition of banks
C) Fertilizers and pesticide should be reduced
D) Research should be limited
  • 24. The roles of government in agreement include all except
A) Provision of research findings
B) Provision of labours to farmers
C) Provision of farm inputs
D) Provision of effective transportation
  • 25. Agriculture provides the following except
A) Clothes
B) Water
C) Oil
D) Building materials
  • 26. A building/buildings in which goods are produced in large quantities,using machine is
A) Estate
B) Factory
C) Industry
D) Firm
  • 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) Textile industry
D) Mining industry
  • 29. One of the advantages of localization is
A) Reduce development
B) Increase crime rate
C) Generation of employment
D) Reduce income
  • 30. The process of transforming an economy based on extractive activities into one based on manufacturing is known as
A) Agriculture
B) Industrialization
C) Importation
D) Localization
  • 31. All are problems of agricultural development in Nigeria except
A) Adequate credit facilities
B) Illiteracy of the farmer
C) Use of crude tools
D) Poor transportation system
  • 32. All are roles of industries in agricultural production except
A) Low income of farmers
B) Mechanization of agriculture
C) Supply of agricultural inputs
D) Better quality of raw materials
  • 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) Giant Revolution
D) Green Revolution
  • 35. System of farming where by farmers produce for himself and his family is called
A) Mechanized farming
B) Individual farming
C) Subsistence farming
D) Personal farming
  • 36. The EEC/EU comprises of _______ parliaments
A) 7
B) 12
C) 6
D) 10
  • 37. One of the following is not an Economist
A) Sir lord lugard
B) Lionel Robbins
C) Alfred Marshall
D) Adam Smith
  • 38. All are basic economics concepts except
A) Scarcity
B) Demand
C) Choice
D) Wants
  • 39. Materials used as money which May be legal tender are called
A) Real money
B) Ordinary money
C) Original money
D) Representative money
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