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