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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) an act of creating utilities
C) a process of wooing investors
D) a process of establishing or increasing productive activities
  • 2. A country is described as industrialized if _____
A) primary industries dominate the economy
B) the country adopt import promotion strategy
C) the contributions of industries to national income is high
D) traditional and modern sectors co-exist
  • 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) firm that sells a set of closely related commodities
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) export
B) mining
C) manufacturing
D) construction
  • 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) a combination of firms
B) location of industries in a street
C) siting an industry in an area
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) the market
C) source of labour
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 labour
B) nearness to market
C) proximity to electricity
D) nearness to financial institutions
  • 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) under population in the urban areas
D) unemployment in the urban areas
  • 10. A mining industry is usually located near the _____
A) source of finance
B) market
C) source of raw material supply
D) reservoir where there is much water
  • 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) 1977
B) 1984
C) 1975
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) International Monetary Fund (IMF)
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) Capital
B) Money
C) Share
D) Gift
  • 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) Wastage of time and effort
B) Fixed exchange rate
C) Able to store wealth
D) Encouragement of borrowing
  • 17. One of the functions of money is
A) Cannot be used to settle debt
B) Unable to store value
C) Serve as a medium of exchange
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) Other commodities have more value than money
B) Only money is used for exchange
C) Both have their respective market
D) Inflation affects only money
  • 19. One of the following is not a type of money
A) Bank note
B) Legal tender
C) Quary money
D) Coins
  • 20. The form of money kept in account of the bank is
A) Bank notes
B) Flat money
C) Deposit money
D) Partial money
  • 21. The cultivation of crops and rearing of farm animals is know as
A) Breeding
B) Farming
C) Agriculture
D) Business
  • 22. One of the reasons for low productivity in agriculture is
A) Adequate credit facilities
B) Mechanization
C) Land tenure system
D) Availability of storage facilities
  • 23. Problems of low agricultural productivity con be solve by one of the followings
A) Demolition of banks
B) Research should be limited
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 effective transportation
B) Provision of research findings
C) Provision of farm inputs
D) Provision of labours to farmers
  • 25. Agriculture provides the following except
A) Clothes
B) Water
C) Building materials
D) Oil
  • 26. A building/buildings in which goods are produced in large quantities,using machine is
A) Firm
B) Industry
C) Estate
D) Factory
  • 27. A place where a firm carries out it's productivity is
A) Industrial estate
B) Plant
C) Factory
D) Firm
  • 28. An industry concerned with the extraction of mineral resources from the soil with devices is know as
A) Mining industry
B) Manufacturing industry
C) Recycling 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) Localization
B) Importation
C) Agriculture
D) Industrialization
  • 31. All are problems of agricultural development in Nigeria except
A) Illiteracy of the farmer
B) Use of crude tools
C) Adequate credit facilities
D) Poor transportation system
  • 32. All are roles of industries in agricultural production except
A) Mechanization of agriculture
B) Low income of farmers
C) Better quality of raw materials
D) Supply of agricultural inputs
  • 33. All are agricultural programmes established by government except
A) ADP
B) GR
C) RBDA
D) ODFN
  • 34. GR means
A) Giant Revolution
B) Great Revolution
C) Green Revolution
D) Green Review
  • 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) 6
B) 12
C) 10
D) 7
  • 37. One of the following is not an Economist
A) Alfred Marshall
B) Lionel Robbins
C) Sir lord lugard
D) Adam Smith
  • 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) Ordinary money
B) Original money
C) Real money
D) Representative money
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