Sss 2 Economic 1st Term exam 2025/26
  • 1. Industrialization means______
A) a process of establishing or increasing productive activities
B) a process of wooing investors
C) siting an industry in a particular place
D) an act of creating utilities
  • 2. A country is described as industrialized if _____
A) the contributions of industries to national income is high
B) the country adopt import promotion strategy
C) primary industries dominate the economy
D) traditional and modern sectors co-exist
  • 3. An industry is best described as______
A) firm that sells a set of closely related commodities
B) a group of firms that sells a closely related set of products
C) industrial concern that is into production and selling of goods
D) a factory that produces different lines of products
  • 4. Which of the following is not a type of industry?
A) construction
B) mining
C) manufacturing
D) export
  • 5. Location of industry can be defined as the_____
A) siting of an industry in a place
B) way an industry is located
C) place where an industry is located
D) concentration of an industry in a place
  • 6. Localization of industries means_____
A) siting an industry in an area
B) location of industries in a street
C) a combination of firms
D) concentration of firms in an area
  • 7. An industry that is involved in the manufacturing of fragile or perishable products should be located close to_____.
A) source of labour
B) the market
C) source of raw materials
D) source of power
  • 8. Firms whose output is either bulky or perishable will benefit more from which of the following locational factors?
A) nearness to financial institutions
B) nearness to labour
C) nearness to market
D) proximity to electricity
  • 9. One of the disadvantages of localization of industries is ______
A) under population in the urban areas
B) social disorder in the urban centres
C) over population in the rural areas
D) unemployment in the urban areas
  • 10. A mining industry is usually located near the _____
A) source of finance
B) source of raw material supply
C) reservoir where there is much water
D) market
  • 11. The Economic Community of West African States (ECOWAS) has its headquarters located in _____
A) Liberia
B) Nigeria
C) the Gambia
D) Ghana
  • 12. The treaty of ECOWAS was founded in_____
A) 1977
B) 1984
C) 1978
D) 1975
  • 13. Which of the following is not an international economic organization?
A) Economic Commission for Africa (ECA)
B) African Development Bank (ADB)
C) Federal Road Safety Corps (FRSC)
D) International Monetary Fund (IMF)
  • 14. Anything that is generally acceptable in a giving community as a medium of exchange is referred to as
A) Share
B) Money
C) Gift
D) Capital
  • 15. The system in which people directly exchange one commodity for another is
A) Balance of payments
B) Competition
C) Trade by barter
D) Equilibrium
  • 16. One of the problems of trade by barter is
A) Wastage of time and effort
B) Able to store wealth
C) Fixed exchange rate
D) Encouragement of borrowing
  • 17. One of the functions of money is
A) Cannot serve as a unit of account
B) Unable to store value
C) Serve as a medium of exchange
D) Cannot be used to settle debt
  • 18. One of the similarities between money and other commodities used for exchange in trade by barter is
A) Other commodities have more value than money
B) Both have their respective market
C) Inflation affects only money
D) Only money is used for exchange
  • 19. One of the following is not a type of money
A) Coins
B) Legal tender
C) Bank note
D) Quary money
  • 20. The form of money kept in account of the bank is
A) Partial money
B) Deposit money
C) Bank notes
D) Flat money
  • 21. The cultivation of crops and rearing of farm animals is know as
A) Business
B) Agriculture
C) Farming
D) Breeding
  • 22. One of the reasons for low productivity in agriculture is
A) Availability of storage facilities
B) Land tenure system
C) Adequate credit facilities
D) Mechanization
  • 23. Problems of low agricultural productivity con be solve by one of the followings
A) Research should be limited
B) Amendment of land use dacree
C) Demolition of banks
D) Fertilizers and pesticide should be reduced
  • 24. The roles of government in agreement include all except
A) Provision of research findings
B) Provision of effective transportation
C) Provision of labours to farmers
D) Provision of farm inputs
  • 25. Agriculture provides the following except
A) Clothes
B) Oil
C) Water
D) Building materials
  • 26. A building/buildings in which goods are produced in large quantities,using machine is
A) Estate
B) Firm
C) Factory
D) Industry
  • 27. A place where a firm carries out it's productivity is
A) Factory
B) Plant
C) Firm
D) Industrial estate
  • 28. An industry concerned with the extraction of mineral resources from the soil with devices is know as
A) Manufacturing industry
B) Textile industry
C) Mining industry
D) Recycling industry
  • 29. One of the advantages of localization is
A) Reduce income
B) Increase crime rate
C) Reduce development
D) Generation of employment
  • 30. The process of transforming an economy based on extractive activities into one based on manufacturing is known as
A) Industrialization
B) Agriculture
C) Importation
D) Localization
  • 31. All are problems of agricultural development in Nigeria except
A) Use of crude tools
B) Adequate credit facilities
C) Poor transportation system
D) Illiteracy of the farmer
  • 32. All are roles of industries in agricultural production except
A) Supply of agricultural inputs
B) Better quality of raw materials
C) Mechanization of agriculture
D) Low income of farmers
  • 33. All are agricultural programmes established by government except
A) ODFN
B) RBDA
C) GR
D) ADP
  • 34. GR means
A) Giant Revolution
B) Green Review
C) Green Revolution
D) Great Revolution
  • 35. System of farming where by farmers produce for himself and his family is called
A) Mechanized farming
B) Individual farming
C) Personal farming
D) Subsistence farming
  • 36. The EEC/EU comprises of _______ parliaments
A) 7
B) 12
C) 10
D) 6
  • 37. One of the following is not an Economist
A) Adam Smith
B) Alfred Marshall
C) Lionel Robbins
D) Sir lord lugard
  • 38. All are basic economics concepts except
A) Scarcity
B) Choice
C) Demand
D) Wants
  • 39. Materials used as money which May be legal tender are called
A) Ordinary money
B) Original money
C) Representative money
D) Real money
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