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SS 2 Economics Assignment
Contributed by: College
  • 1. 1. The production of crops and rearing of animals for man's use is called ______
A) Economics
B) Agriculture
C) Financial institutions
D) Geography
  • 2. 2. An institution established by member banks to simplify exchanging and obtaining of payments of cheques paid into bank branches is _______
A) Bank clearing
B) Merchant banks
C) Mortgage banks
D) Commercial banks
  • 3. 3. _____ is the person to whom the cheque is made payable
A) Drawee
B) None of the above
C) Drawer
D) Payee
  • 4. 4. The following are examples of cash crops except _____
A) cotton
B) rubber
C) vegetable
D) cocoa
  • 5. 5. The types of agriculture which involves production of food, animals and cash crop in large quantities for sale is referred to as _____
A) Commercial farming
B) Co-operative farming
C) Plantation farming
D) Subsistence farming
  • 6. 6. The apex bank is the ____
A) Central bank
B) Mortgage bank
C) Commercial bank
D) Merchant bank
  • 7. 7. Which of the following is not an item of capital expenditure
A) supply of electricity
B) payment of interest on loan
C) building of dams
D) building of roads and bridges
  • 8. 8. The following are examples of commercial banks except ____
A) Central bank
B) Wema bank
C) Union bank
D) First bank
  • 9. 9. International trade and domestic trade are similar in all aspects except _____
A) goods are exchanged
B) the same currency is used as a medium of exchanged
C) transportation by land, water and air is involved
D) services are exchange
  • 10. 10. A financial institution established for the purpose of providing specialized services like acceptance of bills of exchange and equipment leasing is known as _____
A) Merchant bank
B) Development bank
C) Central bank
D) Insurance company
  • 11. 11. Productivity in agriculture can be improved through ____
A) excessive use of crude implement
B) promotion of subsistence farming
C) decrease in size of labour
D) provision of modern implement
  • 12. 12. A bank note is said to be a legal tender because it is
A) a store of value
B) printed by government
C) signed by the head of state
D) backed by law
  • 13. 13. The following are examples of food crops except ____
A) rubber
B) rice
C) vegetables
D) yam
  • 14. 14. ______ is a method of credit facilities in which a customer is allowed to draw a cheque more than the amount of money in his/her account
A) Overdraft
B) None of the above
C) Bill of exchange
D) Loan
  • 15. 15. Instruments used in money market include the following except ____
A) shares
B) call money fund
C) bill of exchange
D) treasury bills
  • 16. 16. The following are problems of agriculture in Nigeria except ____
A) illiteracy of the farmer
B) unfavourable climate
C) adequate finance
D) use of crude implement
  • 17. 17. Pest and diseases _____ the farmer's harvest
A) yield
B) boost
C) reduce
D) increase
  • 18. 18. International trade is also known as _____
A) home trade
B) Outside trade
C) domestic trade
D) foreign trade
  • 19. 19. The similarity between international trade and internal trade is ____
A) both trade involve exchange of goods within the borders of the country
B) both trade involve the same language
C) both trade involve the use of different currency
D) both trade involve the use of money as a medium of exchange
  • 20. 20. Subsistence farming means producing food mainly
A) to satisfy the government directives
B) for the need of our immediate and extended family
C) for sale
D) for export
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