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