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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) Geography
C) Financial institutions
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) Merchant banks
B) Bank clearing
C) Commercial banks
D) Mortgage banks
  • 3. 3. _____ is the person to whom the cheque is made payable
A) Payee
B) None of the above
C) Drawee
D) Drawer
  • 4. 4. The following are examples of cash crops except _____
A) rubber
B) cotton
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) Plantation farming
B) Subsistence farming
C) Commercial 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 roads and bridges
B) building of dams
C) supply of electricity
D) payment of interest on loan
  • 8. 8. The following are examples of commercial banks except ____
A) Union bank
B) First bank
C) Central bank
D) Wema bank
  • 9. 9. International trade and domestic trade are similar in all aspects except _____
A) services are exchange
B) the same currency is used as a medium of exchanged
C) goods are exchanged
D) transportation by land, water and air is involved
  • 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) Insurance company
B) Development bank
C) Merchant bank
D) Central bank
  • 11. 11. Productivity in agriculture can be improved through ____
A) excessive use of crude implement
B) promotion of subsistence farming
C) provision of modern implement
D) decrease in size of labour
  • 12. 12. A bank note is said to be a legal tender because it is
A) backed by law
B) a store of value
C) printed by government
D) signed by the head of state
  • 13. 13. The following are examples of food crops except ____
A) yam
B) vegetables
C) rice
D) rubber
  • 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) None of the above
B) Bill of exchange
C) Loan
D) Overdraft
  • 15. 15. Instruments used in money market include the following except ____
A) bill of exchange
B) treasury bills
C) shares
D) call money fund
  • 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) yield
B) boost
C) reduce
D) increase
  • 18. 18. International trade is also known as _____
A) home trade
B) foreign trade
C) domestic trade
D) Outside trade
  • 19. 19. The similarity between international trade and internal trade is ____
A) both trade involve the same language
B) both trade involve the use of money as a medium of exchange
C) both trade involve exchange of goods within the borders of the country
D) both trade involve the use of different currency
  • 20. 20. Subsistence farming means producing food mainly
A) to satisfy the government directives
B) for sale
C) for export
D) for the need of our immediate and extended family
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