Economics SS2 3rd test 2026
  • 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 Payment disequilibrium
B) Balance of trade disequilibrium
C) Fiscal policy
D) Budget
  • 2. Balance of payments deficit can be financed by all except
A) Grants and aids from friendly countries
B) Selling available social and infrastructural facilities in the country
C) Sales of foreign investment
D) Increased export of goods and services
  • 3. Balance of payments deficit can be corrected by using one of these measures
A) Increase in import
B) Increase in production
C) Increase in expenditure
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 development
C) Economic reform
D) Economic inflation
  • 5. Economic development lays more emphasis on
A) Increase in output
B) Improvements in the general welfare
C) Grants and aids
D) Taxes
  • 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) Availability of skilled manpower
B) Adequate infrastructural facilities
C) Adequate Capital
D) Low level of investment
  • 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 finance
B) Public regulations
C) Public control
D) Publicity
  • 11. The use of income and expenditure refers to
A) Fiscal plot
B) public finance
C) Fiscal police
D) Fiscal policy
  • 12. ______________ is a regular source of revenue.
A) Recurrent experience
B) Recurring expenditure
C) Recurrent revenue
D) Recurring expense
  • 13. . Grants and aids are sources of _____________ revenue to the government.
A) external
B) Intra
C) internal
D) extra
  • 14. . The fiscal policy of the government are incorporated in the _______________ .
A) budget
B) revenue
C) Expenditure
D) election
  • 15. _____________ refers to total expenses incurred by public authorities in all levels of administration.
A) I don't know
B) Government expenditure
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 expenditure
B) Capital money
C) capital revenue
D) capital receipt
  • 18. A _____________ budget is when revenue equals to expenditure
A) unbalanced
B) balanced
C) surplus
D) deficit
  • 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) Choice
D) Opportunity cost
  • 21. When inflows are equal to outflows, the budget is said to be
A) suplex
B) deficit
C) surplus
D) balanced
  • 22. When a government spending exceeds government revenue, the budget is said to be
A) deficit budget
B) balanced budget
C) surplus budget
D) budget
  • 23. A budget _____________ occurs when the government spending is less than government revenue
A) surplus
B) balance balanced budget
C) deficit
D) balanced
  • 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) Personal income
B) Total income
C) Real income
D) National 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) Restrictions
B) Tarrif
C) Balance of Payment
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) Stock exchange
B) Balance of Payment
C) Insurance
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) Fixed account
D) Visible account
  • 30. If a country is exporting more in monetary terms than it is importing, is is said to be
A) Favourable balance of payments
B) Unfavourable balance of Payment
C) Positive balance of trade
D) Negative balance of trade
  • 31. The taxes or duties imposed on imports and exports by the government of a country is called
A) Shares
B) Revenue
C) Tarrifs
D) Cheque
  • 32. All are minerals present in Nigeria except
A) Bone
B) Tin
C) Gold
D) Zinc
  • 33. Most minerals are found under
A) Trees
B) Igneous rock
C) Sedimentary rock
D) Metamorphic rock
  • 34. Petroleum can be found in the following placesi except
A) Akwa ibom
B) Benue
C) Imo
D) Warri
  • 35. Coal can be found in
A) Enugu
B) Portharcourt
C) Oyo
D) Kaduna
  • 36. Iron ore can be found in the following places except
A) Kastina
B) Osogbo
C) Bauchi
D) Jos
  • 37. Limestone is used for production of
A) Palm oil
B) Flour
C) Coal
D) Cement
  • 38. The followings are effects of mining except
A) Loss of farm land
B) Increase in standard of living
C) Environmental degradation
D) Displacement of settlement
  • 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) Good transportation
B) Good management
C) Adequate personnel
D) Inadequate capital
  • 41. Which statement is true about Physical capital ?____
A) It appreciate in value
B) It has feelings
C) It is a non-human asset
D) It is a human asset
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