ThatQuiz Test Library Take this test now
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) the country adopt import promotion strategy
B) traditional and modern sectors co-exist
C) primary industries dominate the economy
D) the contributions of industries to national income is high
  • 3. An industry is best described as______
A) a group of firms that sells a closely related set of products
B) a factory that produces different lines of products
C) firm that sells a set of closely related commodities
D) industrial concern that is into production and selling of goods
  • 4. Which of the following is not a type of industry?
A) export
B) mining
C) construction
D) manufacturing
  • 5. Location of industry can be defined as the_____
A) siting of an industry in a place
B) way an industry is located
C) concentration of an industry in a place
D) place where 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 power
B) source of labour
C) the market
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 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) over population in the rural areas
C) unemployment in the urban areas
D) under population in the urban areas
  • 10. A mining industry is usually located near the _____
A) market
B) reservoir where there is much water
C) source of finance
D) source of raw material supply
  • 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) 1984
B) 1977
C) 1975
D) 1978
  • 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) Gift
B) Money
C) Capital
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) Able to store wealth
B) Encouragement of borrowing
C) Wastage of time and effort
D) Fixed exchange rate
  • 17. One of the functions of money is
A) Cannot be used to settle debt
B) Cannot serve as a unit of account
C) Unable to store value
D) Serve as a medium of exchange
  • 18. One of the similarities between money and other commodities used for exchange in trade by barter is
A) Both have their respective market
B) Inflation affects only money
C) Other commodities have more value than money
D) Only money is used for exchange
  • 19. One of the following is not a type of money
A) Coins
B) Legal tender
C) Quary money
D) Bank note
  • 20. The form of money kept in account of the bank is
A) Flat money
B) Partial money
C) Bank notes
D) Deposit money
  • 21. The cultivation of crops and rearing of farm animals is know as
A) Farming
B) Business
C) Breeding
D) Agriculture
  • 22. One of the reasons for low productivity in agriculture is
A) Land tenure system
B) Availability of storage facilities
C) Adequate credit facilities
D) Mechanization
  • 23. Problems of low agricultural productivity con be solve by one of the followings
A) Research should be limited
B) Demolition of banks
C) Fertilizers and pesticide should be reduced
D) Amendment of land use dacree
  • 24. The roles of government in agreement include all except
A) Provision of research findings
B) Provision of farm inputs
C) Provision of labours to farmers
D) Provision of effective transportation
  • 25. Agriculture provides the following except
A) Clothes
B) Oil
C) Building materials
D) Water
  • 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) Industrial estate
B) Plant
C) Firm
D) Factory
  • 28. An industry concerned with the extraction of mineral resources from the soil with devices is know as
A) Recycling industry
B) Manufacturing industry
C) Mining industry
D) Textile 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) Localization
B) Agriculture
C) Industrialization
D) Importation
  • 31. All are problems of agricultural development in Nigeria except
A) Use of crude tools
B) Poor transportation system
C) Illiteracy of the farmer
D) Adequate credit facilities
  • 32. All are roles of industries in agricultural production except
A) Mechanization of agriculture
B) Supply of agricultural inputs
C) Low income of farmers
D) Better quality of raw materials
  • 33. All are agricultural programmes established by government except
A) GR
B) ODFN
C) RBDA
D) ADP
  • 34. GR means
A) Green Review
B) Giant Revolution
C) Great 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) Personal farming
D) Individual 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) Demand
B) Choice
C) Wants
D) Scarcity
  • 39. Materials used as money which May be legal tender are called
A) Representative money
B) Ordinary money
C) Real money
D) Original money
Students who took this test also took :

Created with That Quiz — the site for test creation and grading in math and other subjects.