ThatQuiz Test Library Take this test now
AIC SS2 Economics 2nd term exam
Contributed by: College
  • 1. GDP MEANS___
A) Giant domestic product
B) Great domestic price
C) Gross domestic product
D) Green determined product
  • 2. formula to calculate GNP IS
A) GDP + NET INCOME
B) GDP- NATIONAL INCOME
C) Personal income + real income
D) Per Capita income - disposable income
  • 3. NNP means
A) Net national population
B) Net national price
C) New national price
D) Net national product
  • 4. The total of all the incomes obtained from economics activities during a specific period of time after allowance has been made for Capital consumption is
A) Total income
B) Real income
C) National income
D) Personal income
  • 5. The amount earned by individual for taking part in the production of goods and services either by him or his property is
A) National income
B) Personal income
C) Per Capita income
D) Real income
  • 6. One of the factors that determine national income of a country is
A) Over population
B) Level of technology
C) Smartness
D) Daily consumption
  • 7. International Trade is also known as
A) Domestic trade
B) Local trade
C) Foreign trade
D) Home trade
  • 8. Trading between two or more countries is
A) Monopolistic
B) Bilateral international trade
C) Multilateral international trade
D) Oligopolistic
  • 9. The exchange of goods and services among the people within a particular country is
A) Insurance
B) Home trade
C) Free trade
D) Stock exchange
  • 10. In _____, buyers and sellers use different currencies
A) Local bank
B) Home trade
C) Foreign trade
D) Insurance company
  • 11. All are differences that occurs in foreign trade except
A) System of weighing
B) Culture
C) Health
D) Languages
  • 12. One of the barriers of international trade is
A) Same language
B) Good technology
C) Favourable government policy
D) Tarrif
  • 13. The act of buying goods and services from other countries is known as
A) Export trade
B) Import trade
C) Home trade
D) Local trade
  • 14. All are examples of Visible imports except
A) Automobile
B) Machinery
C) Electronics
D) Houses
  • 15. Invisible imports consist of services that
A) Can be beautify
B) Cannot be seen
C) Can be carried
D) Does not have value
  • 16. Example of invisible exports is
A) Machine
B) Banking
C) Houses
D) Road
  • 17. Entrepot means
A) A country is banned from selling
B) Trading within the country
C) A country sell to other country
D) A country sell to one country and re-exported to another country
  • 18. One of the basis for international trade is
A) To be able to inflate price
B) To reduce the desire for locally made goods
C) Desire to improve the standard of living
D) To be corrupt
  • 19. When visible imports is equal to visible exports in monetary terms, it is called
A) Balance of trade
B) Restrictions
C) Tarrif
D) Balance of Payment
  • 20. _____ is the statement or record showing the relationship between a country's total payments to other countries and it's total receipts from them in a year
A) Insurance
B) Balance of Trade
C) Stock exchange
D) Balance of Payment
  • 21. The account that shows how the balance of both current and capital accounts are settled is
A) Visible account
B) Fixed account
C) Monetary movement account
D) Opay account
  • 22. If a country is exporting more in monetary terms than it is importing, is is said to be
A) Negative balance of trade
B) Favourable balance of payments
C) Unfavourable balance of Payment
D) Positive balance of trade
  • 23. All are procedure for international trade except
A) Payment arrangements is made
B) Clearing agent process and complete all necessary documents
C) Buyers pay without seeing the product
D) Producer send quotation to the buyer
  • 24. The taxes or duties imposed on imports and exports by the government of a country is called
A) Revenue
B) Tarrifs
C) Cheque
D) Shares
  • 25. Tarrifs are impose to
A) To cause conflict
B) To minimize purchase
C) Protect infant industries
D) To make the country rich
  • 26. Who propounded the principle of comparative cost advantage
A) Adams smith
B) David adeleke
C) David Ricardo
D) Lord luggard
  • 27. The principle of comparative advantage support that each country specializes in producing those commodities
A) In which it has low tarrifs imposed on it
B) In which it has a comparative advantage over other
C) In which it has large storage facilities for
D) In which it has high price tag
  • 28. The principle of comparative advantage is based on the assumption that if there are
A) many countries
B) Only one country
C) No country
D) Only two countries
  • 29. Free trade means
A) No exchange of goods
B) Non restrictions on international trade
C) Restrictions on local trade
D) Restrictions on international trade
  • 30. Infant industries means
A) Big industries
B) Old industries
C) Newly established industries
D) Private industries
  • 31. One of the following is not among the non-banking financial institutions
A) Building societies
B) Insurance companies
C) Commercial bank
D) Hire purchase companies
  • 32. A_________ is a commercial institution which perform various financial activities
A) Office
B) Market
C) Bank
D) Shop
  • 33. All are procedure to open current account except
A) Passport photograph will be submitted
B) Application form will be filled
C) Guarantors must be recommended
D) A lawyer will be presented
  • 34. One of the following is not a type of bank account
A) Fixed account
B) Savings account
C) Current account
D) Real account
  • 35. Loan is
A) Machine bought for production
B) Money lent out to customers at an agreed rate of interest for a specific period of time
C) Money saved for a long period of time
D) Money collected through cheque
  • 36. One of the feature of savings account is
A) Anybody can withdraw from the account
B) Withdraw can be done anytime
C) Only the holder can withdraw from the account
D) No interest is given
  • 37. Commercial bank have the following functions except
A) Debit customers without their intentions
B) Issuance of bank statement
C) Provision of financial advise
D) Lending of money
  • 38. All are factors to consider before granting loan
A) Financial position of the customer's account
B) Purpose of loan
C) Sources of income
D) Marital status
  • 39. One of these is not a type of cheque
A) Purchase cheque
B) Open cheque
C) Bearer cheque
D) Order cheque
  • 40. ____ is the bankers bank
A) Monument bank
B) Central bank
C) First bank
D) Mortgage bank
Students who took this test also took :

Created with That Quiz — a math test site for students of all grade levels.