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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) Fiscal policy
B) Balance of trade disequilibrium
C) Budget
D) Balance of Payment disequilibrium
  • 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) Grants and aids from friendly countries
D) Sales of foreign investment
  • 3. Balance of payments deficit can be corrected by using one of these measures
A) Increase in import
B) Increase in production
C) Lending
D) Increase in expenditure
  • 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 inflation
B) Economic development
C) Economic reform
D) Economic growth
  • 5. Economic development lays more emphasis on
A) Improvements in the general welfare
B) Increase in output
C) Grants and aids
D) Taxes
  • 6. A nation is regarded as under-developed or developing country when
A) It based mainly on mining
B) Increases production
C) It relays only on grants and aids from friendly countries
D) It lacks the human and material resources used in improving the quality of human life
  • 7. The features of under-developed country arẹ all except
A) High level of unemployment
B) Use of crude tools
C) High savings and investment
D) Inadequate infrastructural facilities
  • 8. One of the problems of Economic development in west Africa is
A) Availability of skilled manpower
B) Adequate Capital
C) Low level of investment
D) Adequate infrastructural facilities
  • 9. One of the following is the objectives of public finance except
A) satisfaction of needs
B) good fiscal policy
C) equitable distribution of income
D) control of inflation
  • 10. An aspect of economics that deals with government revenue and expenditure is called
A) Public regulations
B) Publicity
C) Public finance
D) Public control
  • 11. The use of income and expenditure refers to
A) Fiscal policy
B) Fiscal plot
C) public finance
D) Fiscal police
  • 12. ______________ is a regular source of revenue.
A) Recurring expense
B) Recurring expenditure
C) Recurrent revenue
D) Recurrent experience
  • 13. . Grants and aids are sources of _____________ revenue to the government.
A) extra
B) Intra
C) external
D) internal
  • 14. . The fiscal policy of the government are incorporated in the _______________ .
A) budget
B) election
C) revenue
D) Expenditure
  • 15. _____________ refers to total expenses incurred by public authorities in all levels of administration.
A) I don't know
B) Government expenditure
C) Government taxation
D) Government revenue
  • 16. Expenses which are repeated on a yearly basis is called
A) Recurrent expenditure
B) Recurrent salary
C) Recurrent money
D) Recurrent revenue
  • 17. . Expenses on projects which are permanent in nature is referred to as
A) capital revenue
B) capital receipt
C) Capital money
D) capital expenditure
  • 18. A _____________ budget is when revenue equals to expenditure
A) unbalanced
B) deficit
C) balanced
D) surplus
  • 19. ________________ is a financial statement of the total revenue and proposed expenditure
A) Report sheets
B) Budget
C) Balance sheet
D) Bonus
  • 20. . Which of the following can be used to foster economic growth and development.
A) Scale of preference
B) Opportunity cost
C) Budget
D) Choice
  • 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) balanced budget
B) budget
C) surplus budget
D) deficit budget
  • 23. A budget _____________ occurs when the government spending is less than government revenue
A) surplus
B) balance balanced budget
C) balanced
D) deficit
  • 24. The following are sources of government borrowing in Nigeria except
A) POS
B) Treasury certificate
C) Treasury bills
D) Development stocks
  • 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) Total income
C) Real income
D) Personal income
  • 26. One of the factors that determine national income of a country is
A) Over population
B) Daily consumption
C) Level of technology
D) Smartness
  • 27. When visible imports is equal to visible exports in monetary terms, it is called
A) Balance of Payment
B) Balance of trade
C) Tarrif
D) Restrictions
  • 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) Stock exchange
B) Insurance
C) Balance of Trade
D) Balance of Payment
  • 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) Negative balance of trade
B) Favourable balance of payments
C) Unfavourable balance of Payment
D) Positive balance of trade
  • 31. The taxes or duties imposed on imports and exports by the government of a country is called
A) Cheque
B) Tarrifs
C) Shares
D) Revenue
  • 32. All are minerals present in Nigeria except
A) Tin
B) Gold
C) Zinc
D) Bone
  • 33. Most minerals are found under
A) Igneous rock
B) Metamorphic rock
C) Sedimentary rock
D) Trees
  • 34. Petroleum can be found in the following placesi except
A) Benue
B) Akwa ibom
C) Imo
D) Warri
  • 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) Jos
B) Osogbo
C) Bauchi
D) Kastina
  • 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) Displacement of settlement
B) Environmental degradation
C) Loss of farm land
D) Increase in standard of living
  • 39. All are importance of minerals to the economy except
A) Employment opportunities
B) Income generation
C) Acquisition of skills
D) Untimely death
  • 40. One of the problems facing mining in Nigeria is
A) Adequate personnel
B) Inadequate capital
C) Good management
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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