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