SS 2 Economics Assignment
  • 1. 1. The production of crops and rearing of animals for man's use is called ______
A) Geography
B) Economics
C) Financial institutions
D) Agriculture
  • 2. 2. An institution established by member banks to simplify exchanging and obtaining of payments of cheques paid into bank branches is _______
A) Merchant banks
B) Mortgage banks
C) Commercial banks
D) Bank clearing
  • 3. 3. _____ is the person to whom the cheque is made payable
A) Payee
B) Drawee
C) None of the above
D) Drawer
  • 4. 4. The following are examples of cash crops except _____
A) rubber
B) cocoa
C) vegetable
D) cotton
  • 5. 5. The types of agriculture which involves production of food, animals and cash crop in large quantities for sale is referred to as _____
A) Subsistence farming
B) Commercial farming
C) Co-operative farming
D) Plantation farming
  • 6. 6. The apex bank is the ____
A) Commercial bank
B) Mortgage bank
C) Merchant bank
D) Central bank
  • 7. 7. Which of the following is not an item of capital expenditure
A) supply of electricity
B) building of dams
C) payment of interest on loan
D) building of roads and bridges
  • 8. 8. The following are examples of commercial banks except ____
A) Wema bank
B) Central bank
C) Union bank
D) First bank
  • 9. 9. International trade and domestic trade are similar in all aspects except _____
A) the same currency is used as a medium of exchanged
B) services are exchange
C) transportation by land, water and air is involved
D) goods are exchanged
  • 10. 10. A financial institution established for the purpose of providing specialized services like acceptance of bills of exchange and equipment leasing is known as _____
A) Merchant bank
B) Development bank
C) Insurance company
D) Central bank
  • 11. 11. Productivity in agriculture can be improved through ____
A) excessive use of crude implement
B) decrease in size of labour
C) provision of modern implement
D) promotion of subsistence farming
  • 12. 12. A bank note is said to be a legal tender because it is
A) a store of value
B) signed by the head of state
C) backed by law
D) printed by government
  • 13. 13. The following are examples of food crops except ____
A) rubber
B) rice
C) vegetables
D) yam
  • 14. 14. ______ is a method of credit facilities in which a customer is allowed to draw a cheque more than the amount of money in his/her account
A) Overdraft
B) None of the above
C) Bill of exchange
D) Loan
  • 15. 15. Instruments used in money market include the following except ____
A) call money fund
B) treasury bills
C) shares
D) bill of exchange
  • 16. 16. The following are problems of agriculture in Nigeria except ____
A) adequate finance
B) use of crude implement
C) illiteracy of the farmer
D) unfavourable climate
  • 17. 17. Pest and diseases _____ the farmer's harvest
A) boost
B) yield
C) increase
D) reduce
  • 18. 18. International trade is also known as _____
A) domestic trade
B) Outside trade
C) home trade
D) foreign trade
  • 19. 19. The similarity between international trade and internal trade is ____
A) both trade involve the use of money as a medium of exchange
B) both trade involve the use of different currency
C) both trade involve exchange of goods within the borders of the country
D) both trade involve the same language
  • 20. 20. Subsistence farming means producing food mainly
A) for export
B) for the need of our immediate and extended family
C) for sale
D) to satisfy the government directives
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