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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) Balance of trade disequilibrium
B) Balance of Payment disequilibrium
C) Fiscal policy
D) Budget
  • 2. Balance of payments deficit can be financed by all except
A) Selling available social and infrastructural facilities in the country
B) Increased export of goods and services
C) Sales of foreign investment
D) Grants and aids from friendly countries
  • 3. Balance of payments deficit can be corrected by using one of these measures
A) Increase in expenditure
B) Lending
C) Increase in import
D) Increase in production
  • 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 development
B) Economic growth
C) Economic inflation
D) Economic reform
  • 5. Economic development lays more emphasis on
A) Improvements in the general welfare
B) Increase in output
C) Taxes
D) Grants and aids
  • 6. A nation is regarded as under-developed or developing country when
A) Increases production
B) It lacks the human and material resources used in improving the quality of human life
C) It relays only on grants and aids from friendly countries
D) It based mainly on mining
  • 7. The features of under-developed country arẹ all except
A) High level of unemployment
B) Use of crude tools
C) Inadequate infrastructural facilities
D) High savings and investment
  • 8. One of the problems of Economic development in west Africa is
A) Adequate infrastructural facilities
B) Adequate Capital
C) Availability of skilled manpower
D) Low level of investment
  • 9. One of the following is the objectives of public finance except
A) equitable distribution of income
B) satisfaction of needs
C) good fiscal policy
D) control of inflation
  • 10. An aspect of economics that deals with government revenue and expenditure is called
A) Public control
B) Publicity
C) Public finance
D) Public regulations
  • 11. The use of income and expenditure refers to
A) Fiscal plot
B) public finance
C) Fiscal policy
D) Fiscal police
  • 12. ______________ is a regular source of revenue.
A) Recurring expenditure
B) Recurring expense
C) Recurrent experience
D) Recurrent revenue
  • 13. . Grants and aids are sources of _____________ revenue to the government.
A) Intra
B) internal
C) extra
D) external
  • 14. . The fiscal policy of the government are incorporated in the _______________ .
A) budget
B) revenue
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 revenue
B) Recurrent money
C) Recurrent salary
D) Recurrent expenditure
  • 17. . Expenses on projects which are permanent in nature is referred to as
A) capital revenue
B) capital expenditure
C) capital receipt
D) Capital money
  • 18. A _____________ budget is when revenue equals to expenditure
A) surplus
B) deficit
C) unbalanced
D) balanced
  • 19. ________________ is a financial statement of the total revenue and proposed expenditure
A) Balance sheet
B) Budget
C) Report sheets
D) Bonus
  • 20. . Which of the following can be used to foster economic growth and development.
A) Scale of preference
B) Budget
C) Opportunity cost
D) Choice
  • 21. When inflows are equal to outflows, the budget is said to be
A) surplus
B) suplex
C) balanced
D) deficit
  • 22. When a government spending exceeds government revenue, the budget is said to be
A) balanced budget
B) deficit budget
C) budget
D) surplus budget
  • 23. A budget _____________ occurs when the government spending is less than government revenue
A) balanced
B) deficit
C) balance balanced budget
D) surplus
  • 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) National income
B) Real income
C) Personal income
D) Total income
  • 26. One of the factors that determine national income of a country is
A) Level of technology
B) Daily consumption
C) Smartness
D) Over population
  • 27. When visible imports is equal to visible exports in monetary terms, it is called
A) Balance of Payment
B) Restrictions
C) Tarrif
D) Balance of trade
  • 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) Balance of Trade
C) Insurance
D) Stock exchange
  • 29. The account that shows how the balance of both current and capital accounts are settled is
A) Opay account
B) Visible 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) Favourable balance of payments
C) Unfavourable balance of Payment
D) Negative balance of trade
  • 31. The taxes or duties imposed on imports and exports by the government of a country is called
A) Cheque
B) Shares
C) Tarrifs
D) Revenue
  • 32. All are minerals present in Nigeria except
A) Gold
B) Bone
C) Tin
D) Zinc
  • 33. Most minerals are found under
A) Sedimentary rock
B) Metamorphic rock
C) Trees
D) Igneous rock
  • 34. Petroleum can be found in the following placesi except
A) Akwa ibom
B) Imo
C) Warri
D) Benue
  • 35. Coal can be found in
A) Portharcourt
B) Oyo
C) Enugu
D) Kaduna
  • 36. Iron ore can be found in the following places except
A) Osogbo
B) Bauchi
C) Jos
D) Kastina
  • 37. Limestone is used for production of
A) Coal
B) Palm oil
C) Flour
D) Cement
  • 38. The followings are effects of mining except
A) Environmental degradation
B) Displacement of settlement
C) Loss of farm land
D) Increase in standard of living
  • 39. All are importance of minerals to the economy except
A) Untimely death
B) Acquisition of skills
C) Income generation
D) Employment opportunities
  • 40. One of the problems facing mining in Nigeria is
A) Good transportation
B) Inadequate capital
C) Good management
D) Adequate personnel
  • 41. Which statement is true about Physical capital ?____
A) It is a non-human asset
B) It has feelings
C) It appreciate in value
D) It is a human asset
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