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