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Sss 2 Economic 1st Term exam 2025/26
Contributed by: College
  • 1. Industrialization means______
A) a process of wooing investors
B) a process of establishing or increasing productive activities
C) siting an industry in a particular place
D) an act of creating utilities
  • 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) industrial concern that is into production and selling of goods
B) a group of firms that sells a closely related set of products
C) a factory that produces different lines 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) mining
C) construction
D) export
  • 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) concentration of firms in an area
B) location of industries in a street
C) a combination of firms
D) siting an industry 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 raw materials
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) nearness to labour
C) proximity to electricity
D) nearness to market
  • 9. One of the disadvantages of localization of industries is ______
A) over population in the rural areas
B) under population in the urban areas
C) social disorder in the urban centres
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) Nigeria
B) the Gambia
C) Ghana
D) Liberia
  • 12. The treaty of ECOWAS was founded in_____
A) 1977
B) 1978
C) 1984
D) 1975
  • 13. Which of the following is not an international economic organization?
A) Economic Commission for Africa (ECA)
B) International Monetary Fund (IMF)
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) Share
B) Gift
C) Money
D) Capital
  • 15. The system in which people directly exchange one commodity for another is
A) Trade by barter
B) Equilibrium
C) Competition
D) Balance of payments
  • 16. One of the problems of trade by barter is
A) Wastage of time and effort
B) Encouragement of borrowing
C) Able to store wealth
D) Fixed exchange rate
  • 17. One of the functions of money is
A) Cannot serve as a unit of account
B) Cannot be used to settle debt
C) Serve as a medium of exchange
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) Both have their respective market
C) Only money is used for exchange
D) Other commodities have more value than money
  • 19. One of the following is not a type of money
A) Legal tender
B) Coins
C) Bank note
D) Quary money
  • 20. The form of money kept in account of the bank is
A) Deposit money
B) Bank notes
C) Partial 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) Mechanization
B) Land tenure system
C) Availability of storage facilities
D) Adequate credit 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 farm inputs
B) Provision of research findings
C) Provision of effective transportation
D) Provision of labours to farmers
  • 25. Agriculture provides the following except
A) Building materials
B) Clothes
C) Oil
D) Water
  • 26. A building/buildings in which goods are produced in large quantities,using machine is
A) Firm
B) Industry
C) Factory
D) Estate
  • 27. A place where a firm carries out it's productivity is
A) Factory
B) Firm
C) Plant
D) Industrial estate
  • 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) Increase crime rate
B) Generation of employment
C) Reduce development
D) Reduce income
  • 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) 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) ADP
B) RBDA
C) GR
D) ODFN
  • 34. GR means
A) Great Revolution
B) Giant Revolution
C) Green Review
D) Green Revolution
  • 35. System of farming where by farmers produce for himself and his family is called
A) Mechanized farming
B) Personal farming
C) Individual farming
D) Subsistence 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) Adam Smith
B) Sir lord lugard
C) Alfred Marshall
D) Lionel Robbins
  • 38. All are basic economics concepts except
A) Wants
B) Demand
C) Choice
D) Scarcity
  • 39. Materials used as money which May be legal tender are called
A) Real money
B) Ordinary money
C) Representative money
D) Original money
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