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Economics SS2 3rd test 2026
Contributed by: College
  • 1. The situation where the total receipts of a country's export are not equal to the total payment s on import is known as
A) Budget
B) Balance of Payment disequilibrium
C) Balance of trade disequilibrium
D) Fiscal policy
  • 2. Balance of payments deficit can be financed by all except
A) Grants and aids from friendly countries
B) Increased export of goods and services
C) Selling available social and infrastructural facilities in the country
D) Sales of foreign investment
  • 3. Balance of payments deficit can be corrected by using one of these measures
A) Increase in expenditure
B) Increase in production
C) Increase in import
D) Lending
  • 4. The process by which the productive capacity of an economy increases over a given period , leading to rise in the level of the national income is
A) Economic growth
B) Economic reform
C) Economic inflation
D) Economic development
  • 5. Economic development lays more emphasis on
A) Taxes
B) Increase in output
C) Improvements in the general welfare
D) Grants and aids
  • 6. A nation is regarded as under-developed or developing country when
A) It lacks the human and material resources used in improving the quality of human life
B) It based mainly on mining
C) Increases production
D) It relays only on grants and aids from friendly countries
  • 7. The features of under-developed country arẹ all except
A) High savings and investment
B) Use of crude tools
C) Inadequate infrastructural facilities
D) High level of unemployment
  • 8. One of the problems of Economic development in west Africa is
A) Adequate infrastructural facilities
B) Availability of skilled manpower
C) Low level of investment
D) Adequate Capital
  • 9. One of the following is the objectives of public finance except
A) control of inflation
B) satisfaction of needs
C) equitable distribution of income
D) good fiscal policy
  • 10. An aspect of economics that deals with government revenue and expenditure is called
A) Public regulations
B) Public control
C) Public finance
D) Publicity
  • 11. The use of income and expenditure refers to
A) public finance
B) Fiscal plot
C) Fiscal policy
D) Fiscal police
  • 12. ______________ is a regular source of revenue.
A) Recurring expenditure
B) Recurrent experience
C) Recurrent revenue
D) Recurring expense
  • 13. . Grants and aids are sources of _____________ revenue to the government.
A) external
B) internal
C) extra
D) Intra
  • 14. . The fiscal policy of the government are incorporated in the _______________ .
A) revenue
B) budget
C) election
D) Expenditure
  • 15. _____________ refers to total expenses incurred by public authorities in all levels of administration.
A) Government expenditure
B) I don't know
C) Government revenue
D) Government taxation
  • 16. Expenses which are repeated on a yearly basis is called
A) Recurrent money
B) Recurrent expenditure
C) Recurrent revenue
D) Recurrent salary
  • 17. . Expenses on projects which are permanent in nature is referred to as
A) capital expenditure
B) capital receipt
C) capital revenue
D) Capital money
  • 18. A _____________ budget is when revenue equals to expenditure
A) balanced
B) deficit
C) surplus
D) unbalanced
  • 19. ________________ is a financial statement of the total revenue and proposed expenditure
A) Budget
B) Balance sheet
C) Bonus
D) Report sheets
  • 20. . Which of the following can be used to foster economic growth and development.
A) Budget
B) Choice
C) Opportunity cost
D) Scale of preference
  • 21. When inflows are equal to outflows, the budget is said to be
A) surplus
B) suplex
C) deficit
D) balanced
  • 22. When a government spending exceeds government revenue, the budget is said to be
A) budget
B) deficit budget
C) balanced budget
D) surplus budget
  • 23. A budget _____________ occurs when the government spending is less than government revenue
A) balanced
B) surplus
C) deficit
D) balance balanced budget
  • 24. The following are sources of government borrowing in Nigeria except
A) Treasury certificate
B) Development stocks
C) POS
D) Treasury bills
  • 25. 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) Real income
B) National income
C) Total income
D) Personal income
  • 26. One of the factors that determine national income of a country is
A) Smartness
B) Daily consumption
C) Over population
D) Level of technology
  • 27. When visible imports is equal to visible exports in monetary terms, it is called
A) Balance of trade
B) Restrictions
C) Balance of Payment
D) Tarrif
  • 28. _____ 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) Balance of Payment
B) Insurance
C) Balance of Trade
D) Stock exchange
  • 29. The account that shows how the balance of both current and capital accounts are settled is
A) Visible account
B) Opay account
C) Fixed account
D) Monetary movement account
  • 30. If a country is exporting more in monetary terms than it is importing, is is said to be
A) Positive balance of trade
B) Unfavourable balance of Payment
C) Negative balance of trade
D) Favourable balance of payments
  • 31. The taxes or duties imposed on imports and exports by the government of a country is called
A) Shares
B) Tarrifs
C) Cheque
D) Revenue
  • 32. All are minerals present in Nigeria except
A) Gold
B) Bone
C) Zinc
D) Tin
  • 33. Most minerals are found under
A) Trees
B) Sedimentary rock
C) Igneous rock
D) Metamorphic rock
  • 34. Petroleum can be found in the following placesi except
A) Benue
B) Warri
C) Imo
D) Akwa ibom
  • 35. Coal can be found in
A) Oyo
B) Kaduna
C) Portharcourt
D) Enugu
  • 36. Iron ore can be found in the following places except
A) Kastina
B) Osogbo
C) Jos
D) Bauchi
  • 37. Limestone is used for production of
A) Coal
B) Cement
C) Palm oil
D) Flour
  • 38. The followings are effects of mining except
A) Loss of farm land
B) Increase in standard of living
C) Displacement of settlement
D) Environmental degradation
  • 39. All are importance of minerals to the economy except
A) Employment opportunities
B) Acquisition of skills
C) Income generation
D) Untimely death
  • 40. One of the problems facing mining in Nigeria is
A) Adequate personnel
B) Good management
C) Inadequate capital
D) Good transportation
  • 41. Which statement is true about Physical capital ?____
A) It appreciate in value
B) It is a non-human asset
C) It has feelings
D) It is a human asset
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