SS 2 Economics 1st Term Exam
  • 1. 1. Which of the following banks is responsible for printing currency in Nigeria?
A) First bank
B) Central bank
C) Commercial bank
D) Micro finance bank
  • 2. 2. One of the following is not an advantage of keeping money in the bank
A) It helps to control reckless spending
B) Money kept in the bank yields interest
C) Money kept in the bank can not be withdrawn
D) Money kept in the bank can be withdrawn at anytime
  • 3. 3. The full meaning of ATM is
A) Advanced Teller Machine
B) Automated Teller Machine
C) Automated Teller Module
D) Automated Telephone Machine
  • 4. 4. Commercial banks serve the general public by providing services such as keeping money and giving ______
A) advice
B) discounts
C) loans
D) gifts
  • 5. 5. Keeping money in the bank is more ____ than keeping cash at home
A) risky
B) flexible
C) secure
D) convenient
  • 6. 6. In open market operations, what the central bank sells or buys are
A) matress
B) furniture
C) securities
D) houses
  • 7. 7. Agricultural productivity may be increased if
A) labour intensive method of agriculture is encouraged
B) commercial banks are established in rural areas
C) more infrastructural facilities are provided in rural areas
D) educational institutions are established in rural areas
  • 8. 8. The following are examples of cash crops except _____
A) vegetables
B) cocoa
C) rubber
D) cotton
  • 9. 9. _____ involves rearing of animals either for consumption or for sale
A) Livestock farming
B) Forestry
C) Crop farming
D) Fish farming
  • 10. 10. Examples of joint stock banks are
A) Co-operative credit society
B) Development banks
C) Central banks
D) Commercial banks
  • 11. 11. Which of the following is a legal tender in West Africa?
A) Bank notes
B) Credit card
C) Treasury bills
D) Shares
  • 12. 12. The type of international trade which involves the exchange of goods and services among different countries is called ____
A) Bilateral trade
B) None of the above
C) Multilateral trade
D) Domestic trade
  • 13. 13. _____ involves the exchange of goods and services among the people within a particular county
A) All of the above
B) Foreign trade
C) Internal trade
D) International trade
  • 14. 14. The act of buying goods and services from other countries is called ____
A) Enterprise
B) Entrepot
C) Import
D) Export
  • 15. 15. _____ is the person to whom the cheque is made payable
A) Drawee
B) Payee
C) Drawer
D) None of the above
  • 16. 16. The following are examples of food crops except ____
A) rice
B) rubber
C) yam
D) vegetables
  • 17. 17. Cheque books are issued to _____ accounts
A) fixed deposit
B) savings
C) current
D) none of the above
  • 18. 18. ____ is defined as the production of crops and rearing of animals for man's use
A) Financial institutions
B) Geography
C) Economics
D) Agriculture
  • 19. 19. One of the agricultural programmes include _____
A) Organization of Petroleum Exporting Countries
B) Operation Feed The Nation
C) Free Trade Area
D) African Development Banks
  • 20. 20. _____ is a type of agriculture which is concerned with the production of food, animals and cash crop in large quantities
A) Subsistence farming
B) Plantation farming
C) Commercial farming
D) Cooperative farming
  • 21. 21. _____ is an unconditional order
A) Treasury bill
B) Bank note
C) Overdraft
D) Cheque
  • 22. 22. Agricultural Loan Scheme was established to give financial assistance to ______
A) schools
B) industries
C) banks
D) farmers
  • 23. 23. ______ is the apex bank
A) Merchant bank
B) Commercial bank
C) Mortgage bank
D) Central bank
  • 24. 24. Monoculture involves ______
A) rearing of one animal
B) rearing of two or more animals
C) cultivation of two or more crops
D) cultivation of only one crop
  • 25. 25. The Central Bank of Niigeria was established in ____
A) 1959
B) 1957
C) 1967
D) 1969
  • 26. 26. _____ is a place where foreign currency can be exchanged
A) Bureau de change
B) Market
C) Schools
D) Commercial banks
  • 27. 27. The highly organized market where investors can buy and sell existing securities is _____
A) Mortgage banks
B) None of the above
C) Stock Exchange Market
D) Bureau de change
  • 28. 28. Industry can simply be defined as ____
A) different firms producing equal number of similar goods and services
B) a firm of producing similar goods and services
C) many firms producing unidentical goods and services
D) different firms producing different goods
  • 29. 29. ____ is an entity which specializes in the production and distribution of goods under one administration or management
A) Industry
B) Firm
C) Plant
D) Factory
  • 30. 30. _____ may defined as the siting or establishment of a firm or industry in a particular place.
A) Location of industry
B) Establishment of industry
C) Localisation of industries
D) Siting of industry
  • 31. 31. _____ is a building or group of buildings in which goods are produced in large quantities, using machines
A) Industrial estate
B) None of the above
C) Factory
D) Plant
  • 32. 32. The type of industry concerned with the conversion of some raw materials into finished products that can be used directly to satisfy human wants is known as ____
A) Conversion industry
B) Processing industry
C) Transport industry
D) Mining industry
  • 33. 33. The type of industry that is concerned with the extraction of mineral resources from the soil by special devices is _____
A) Processing industry
B) Construction industry
C) Mining industry
D) Transport industry
  • 34. 34. The following are factors influencing the location of industry except ___
A) nearness to market
B) efficient allocation of resources
C) availability of capital
D) promixity to source of raw materials
  • 35. 35. ____ is a large piece of land where there are factories and businesses
A) Industrial estate
B) None of the above
C) Business estates
D) Factories estate
  • 36. 36. Perishable goods like fruits industry should be located ____ their raw materials
A) both
B) far from
C) near
D) No idea
  • 37. 37. _____ industry is concerned with generation, transmission and distribution of electricity
A) Mining
B) Transport
C) Processing
D) Power and energy
  • 38. 38. The following are advantages of locating industries in the rural areas except
A) it will be easier for firms to get raw materials in the rural areas
B) transportation and accomodations of staff are expensive
C) it checks the drift of young people from the rural areas to the towns and cities
D) transportation and accomodations of staff are likely to be less
  • 39. 39. Mortgage banks specialize in providing loans for _____
A) transportation
B) agriculture
C) housing
D) education
  • 40. 40. A bank is a place we ____
A) buy food
B) eat food
C) keep our money and other valuable materials
D) acquire education
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