| Question | Options | Answer |
|---|---|---|
| SSS ONE ECONOMICS: Nigeria operates a ____ economy. |
A) capitalist B) socialist C) mixed D) traditional |
optionC |
| Crop production is |
A) mining B) agriculture C) banking D) trade |
optionB |
| Gold is a |
A) crop B) mineral C) service D) machine |
optionB |
| A bank is a |
A) farm B) school C) financial institution D) factory |
optionC |
| Money is used for |
A) food B) payment C) land D) labour |
optionB |
| Money serves as |
A) tax B) store of value C) crop D) punishment |
optionB |
| The Central Bank controls |
A) farming B) money supply C) mining D) trade |
optionB |
| Cocoa belongs to |
A) mining B) agriculture C) banking D) transport |
optionB |
| Crude oil is obtained by |
A) fishing B) mining C) farming D) retailing |
optionB |
| Distribution means |
A) production B) movement of goods C) saving D) taxation |
optionB |
| Retailers sell to |
A) producers B) consumers C) miners D) banks |
optionB |
| Nigeria earns much from |
A) rice B) cocoa C) crude oil D) yam |
optionC |
| A feature of money is |
A) divisibility B) softness C) bitterness D) heaviness |
optionA |
| A wholesaler buys from |
A) consumers B) producers C) retailers D) banks |
optionB |
| Shares are a source of |
A) capital B) labour C) land D) tax |
optionA |
| Livestock includes |
A) maize B) cattle C) cocoa D) rice |
optionB |
| Insurance company is a |
A) mine B) factory C) financial institution D) farm |
optionC |
| Money acts as |
A) medium of exchange B) tool C) crop D) tax |
optionA |
| Palm oil production is |
A) mining B) agriculture C) banking D) insurance |
optionB |
| Treasury bills are issued by |
A) retailer B) farmer C) government D) wholesaler |
optionC |
| Debentures rise |
A) crops B) capital C) wages D) tax |
optionB |
| A problem of agriculture is |
A) fertilizer B) storage C) tractor D) rainfall |
optionB |
| Nigeria depends mainly on |
A) tourism B) crude oil C) cotton D) rubber |
optionB |
| Channel of distribution links |
A) bank and school B) producer and consumer C) miner and farmer D) factory and bank |
optionB |
| Mining involves |
A) growing crops B) extracting minerals C) saving money D) selling goods |
optionB |
| Money must be |
A) rejected B) accepted C) burnt D) hidden |
optionB |
| Retailers sell in |
A) large quantity B) small quantity C) tons D) trucks |
optionB |
| Agriculture provides |
A) food B) gold C) petrol D) coal |
optionA |
| A cheque is a |
A) crop B) mineral C) means of payment D) machine |
optionC |
| Financial institutions help to |
A) waste money B) save money C) burn money D) hide money |
optionB |
| SSS TWO ECONOMICS: Manufacturing is |
A) extraction B) production C) farming D) mining |
optionB |
| Construction deals with |
A) roads/buildings B) crops C) banking D) fishing |
optionA |
| Service industry provides |
A) goods B) services C) minerals D) crops |
optionB |
| Hospital is |
A) service B) mining C) farming D) refinery |
optionA |
| Manufacturing creates |
A) place B) form C) time D) possession utility |
optionB |
| SEC regulates |
A) farms B) capital market C) schools D) mines |
optionB |
| NDIC protects |
A) farmers B) depositors C) traders D) miners |
optionB |
| CBN controls |
A) banks B) farms C) factories D) schools |
optionA |
| International trade is trade between |
A) towns B) states C) countries D) villages |
optionC |
| Export means |
A) buy abroad B) sell abroad C) borrow D) save |
optionB |
| Import means |
A) sell abroad B) buy abroad C) mine D) farm |
optionB |
| BOP records |
A) local trade B) foreign transactions C) crops D) school fees |
optionB |
| BOP surplus when |
A) M>X B) X>M C) M=X D) none |
optionB |
| Economic growth is rise in |
A) debt B) output C) poverty D) tax |
optionB |
| Development means better |
A) debt B) welfare C) tax D) import |
optionB |
| Refinery is |
A) agriculture B) manufacturing C) mining D) banking |
optionB |
| NSE is in |
A) money mkt B) capital mkt C) labour mkt D) product mkt |
optionB |
| CBN issues |
A) roads B) currency C) crops D) minerals |
optionB |
| Invisible trade is |
A) goods B) services C) crops D) gold |
optionB |
| Tariff is tax on |
A) export B) import C) income D) profit |
optionB |
| Favourable BOP is |
A) deficit B) surplus C) debt D) loan |
optionB |
| Capital market is for |
A) short term B) long term C) crops D) wages |
optionB |
| Money market is for |
A) long term B) short term C) exports D) imports |
optionB |
| Industrialization promotes |
A) poverty B) growth C) debt D) inflation |
optionB |
| Insurance is |
A) service B) mining C) farming D) construction |
optionA |
| Construction provides |
A) infrastructure B) crops C) minerals D) gold |
optionA |
| Visible trade is |
A) goods B) services C) loans D) tourism |
optionA |
| Growth differs from development by |
A) output only B) welfare + output C) tax D) debt |
optionB |
| Regulatory agencies ensure |
A) profit B) supervision C) farming D) mining |
optionB |
| World trade encourages |
A) isolation B) specialization C) poverty D) backwardness |
optionB |
| SSS ONE ECONOMICS: Total cost is the sum of |
A) fixed cost and variable cost B) average cost and marginal cost C) revenue and profit D) output and sales |
optionA |
| A cost that does not change with output is called |
A) marginal cost B) variable cost C) fixed cost D) total cost |
optionC |
| Which of the following is a variable cost? |
A) Rent B) Wages of casual workers C) Insurance D) Building |
optionB |
| Average cost is obtained by dividing total cost by |
A) price B) revenue C) output D) profit |
optionC |
| Marginal cost is the cost of producing |
A) all units B) one additional unit C) fixed assets D) labour only |
optionB |
| Total revenue is calculated as |
A) price × quantity sold B) cost × output C) fixed cost + variable cost D) profit + cost |
optionA |
| Average revenue is equal to |
A) cost B) price C) profit D) expenditure |
optionB |
| Marginal revenue is the additional revenue from selling |
A) one more unit B) all units C) fixed assets D) labour |
optionA |
| Profit is the difference between |
A) revenue and cost B) cost and output C) demand and supply D) savings and investment |
optionA |
| Which economic system allows private ownership of resources? |
A) Socialist economy B) Mixed economy C) Capitalist economy D) Traditional economy |
optionC |
| An economy where the government and private individuals own resources is called |
A) capitalist economy B) traditional economy C) mixed economy D) socialist economy |
optionC |
| In a socialist economy, resources are mainly owned by the |
A) families B) government C) communities D) firms |
optionB |
| The oldest economic system is the |
A) capitalist economy B) traditional economy C) mixed economy D) socialist economy |
optionB |
| The labour market is where |
A) goods are sold B) labour is bought and sold C) shares are traded D) money is borrowed |
optionB |
| The reward for labour is |
A) interest B) rent C) wage D) profit |
optionC |
| An employer demands labour because it is |
A) a final product B) a derived demand C) unlimited D) scarce |
optionB |
| Utility means the |
A) cost of production B) satisfaction derived from consuming a commodity C) price of a product D) market value |
optionB |
| Total utility is the |
A) additional satisfaction from one more unit B) total satisfaction from consumption C) cost of consumption D) market price |
optionB |
| Marginal utility is the |
A) satisfaction from consuming one extra unit B) total satisfaction C) average satisfaction D) market demand |
optionA |
| According to the law of diminishing marginal utility, marginal utility |
A) increases continuously B) remains constant C) decreases as more units are consumed D) becomes profit |
optionC |
| Price is determined by the interaction of |
A) demand and supply B) buyers only C) sellers only D) government only |
optionA |
| When demand is greater than supply, price tends to |
A) fall B) remain constant C) disappear D) rise |
optionD |
| When supply is greater than demand, price tends to |
A) rise B) fall C) remain fixed D) double |
optionB |
| Equilibrium price is the price at which |
A) demand equals supply B) demand exceeds supply C) supply exceeds demand D) government fixes prices |
optionA |
| A market with many buyers and sellers is called |
A) monopoly B) oligopoly C) perfect competition D) duopoly |
optionC |
| A market with only one seller is known as |
A) monopoly B) monopolistic competition C) perfect competition D) oligopoly |
optionA |
| Oligopoly is a market with |
A) one seller B) few sellers C) many sellers D) no seller |
optionB |
| In perfect competition, products are |
A) differentiated B) branded C) homogeneous D) scarce |
optionC |
| Which of the following is a manufacturing industry? |
A) Cement factory B) Farm C) Fishing D) Mining |
optionA |
| Industries involved in farming and fishing belong to the |
A) primary sector B) secondary sector C) tertiary sector D) commercial sector |
optionA |
| Banking belongs to the |
A) primary sector B) tertiary sector C) secondary sector D) extractive sector |
optionB |
| One importance of industries is that they |
A) create employment B) increase unemployment C) reduce production D) discourage investment |
optionA |
| Which of these is an extractive industry? |
A) Crude oil production B) Textile manufacturing C) Banking D) Insurance |
optionA |
| The reward for capital is |
A) wages B) rent C) interest D) salary |
optionC |
| The reward for entrepreneurship is |
A) wages B) rent C) profit D) interest |
optionC |
| Demand for labour depends mainly on the |
A) demand for the goods produced B) number of workers C) age of workers D) weather |
optionA |
| Which of the following is a feature of perfect competition? |
A) Free entry and exit B) One seller C) Price discrimination D) Product differentiation |
optionA |
| A market with many sellers but differentiated products is called |
A) monopoly B) monopolistic competition C) oligopoly D) perfect competition |
optionB |
| A firm breaks even when |
A) total revenue equals total cost B) total revenue exceeds total cost C) total cost exceeds revenue D) marginal cost is zero |
optionA |
| Which of the following is an example of a public industry in Nigeria? |
A) Private bakery B) Government-owned refinery C) Family farm D) Retail shop |
optionB |
| SSS TWO Economic development planning is mainly aimed at |
A) reducing the standard of living B) improving the welfare of the people C) increasing unemployment D) reducing production |
optionB |
| A national development plan is usually prepared by the |
A) households B) government C) market women D) private firms only |
optionB |
| Which of the following is an objective of economic planning? |
A) Increasing poverty B) Reducing unemployment C) Encouraging inflation D) Reducing investment |
optionB |
| One major problem of development planning in Nigeria is |
A) policy inconsistency B) excess industries C) overpopulation D) low agricultural output |
optionA |
| Which international organization provides financial assistance to member countries with balance of payments problems? |
A) ECOWAS B) WTO C) IMF D) AU |
optionC |
| The main function of the World Bank is to |
A) finance development projects B) conduct elections C) control oil prices D) settle boundary disputes |
optionA |
| The World Trade Organization (WTO) was established to |
A) promote international trade B) provide military support C) conduct population census D) fight diseases |
optionA |
| Which of the following organizations is mainly concerned with petroleum? |
A) AU B) ECOWAS C) OPEC D) IMF |
optionC |
| ECOWAS was established mainly to promote |
A) religious unity B) regional economic cooperation C) military rule D) tourism only |
optionB |
| Nigeria belongs to |
A) IMF and ECOWAS only B) WTO only C) IMF, World Bank, WTO and ECOWAS D) OPEC only |
optionC |
| One strategy for achieving national development is |
A) industrialization B) increasing imports C) reducing education D) encouraging corruption |
optionA |
| Human capital development focuses on improving |
A) roads only B) education and health C) political parties D) exchange rates |
optionB |
| One major challenge facing Nigeria's economy is |
A) corruption B) excess industries C) stable electricity D) overproduction |
optionA |
| Poor infrastructure discourages |
A) investment B) education C) population growth D) consumption only |
optionA |
| Inflation refers to |
A) a continuous rise in the general price level B) a fall in prices C) increase in employment D) increase in exports |
optionA |
| SAP means |
A) Structural Adjustment Programme B) Social Assistance Programme C) Standard Agricultural Plan D) Structural Aid Policy |
optionA |
| Privatization involves |
A) transferring public enterprises to private ownership B) increasing government ownership C) creating new ministries D) abolishing industries |
optionA |
| Deregulation means |
A) reducing government control over economic activities B) increasing import duties C) fixing prices permanently D) banning private businesses |
optionA |
| One benefit of commercialization is |
A) improved efficiency B) increased government subsidy C) reduced productivity D) increased wastage |
optionA |
| Sustainable development means development that |
A) benefits only the present generation B) ignores environmental protection C) meets present needs without harming future generations D) depends entirely on crude oil |
optionC |
| One objectie of economic reform programmes is to |
A) increase inflation B) reduce economic growth C) improve economic performance D) increase unemployment |
optionC |
| One advantage of privatization is that it |
A) improves efficiency B) increases government expenditure C) reduces competition D) encourages waste |
optionA |
| A major disadvantage of privatization is |
A) increased employment in all sectors B) possible loss of jobs C) lower cost of living D) increased government ownership |
optionB |
| Commercialization of public enterprises aims at |
A) making them more efficient B) making them dependent on government grants C) increasing political interference D) reducing productivity |
optionA |
| Which of the following contributes most to Nigeria's export earnings? |
A) Cocoa B) Crude oil C) Cotton D) Rubber |
optionB |
| One major cause of poverty in Nigeria is |
A) unemployment B) industrialization C) technology D) urbanization |
optionA |
| A country is said to be economically developed when it has |
A) high standard of living B) high population only C) low literacy rate D) few industries |
optionA |
| The private sector contributes to economic development by |
A) creating employment opportunities B) increasing corruption C) reducing production D) discouraging investment |
optionA |
| Which of the following is an economic challenge facing Nigeria? |
A) Stable electricity supply B) Corruption C) High industrial output D) Full employment |
optionB |
| Budget implementation is important because it |
A) ensures development projects are carried out B) increases inflation C) discourages investment D) reduces government revenue |
optionA |
| The headquarters of the IMF is located in |
A) London B) Paris C) Washington, D.C. D) Abuja |
optionC |
| Which of the following organizations is responsible for granting long-term development loans? |
A) IMF B) World Bank C) ECOWAS D) OPEC |
optionB |
| One feature of economic development is |
A) improvement in healthcare B) increase in poverty C) decline in literacy D) low life expectancy |
optionA |
| Which of the following is a national development strategy? |
A) Industrialization B) Smuggling C) Tax evasion D) Inflation |
optionA |
| One importance of development planning is that it |
A) provides direction for economic growth B) increases unemployment C) reduces production D) encourages waste |
optionA |
| Which of the following is a reform programme introduced in Nigeria? |
A) Structural Adjustment Programme B) Indirect Rule C) Operation Feed the Nation D) Universal Basic Education |
optionA |
| Economic growth is best measured by an increase in |
A) unemployment B) national output C) inflation D) imports |
optionB |
| One function of OPEC is to |
A) regulate oil production among member countries B) conduct elections C) provide military support D) promote tourism |
optionA |
| Which of the following is a major obstacle to economic development in Nigeria? |
A) Policy inconsistency B) Adequate infrastructure C) High productivity D) Political stability |
optionA |
| Sustainable economic development encourages |
A) proper use of resources B) environmental pollution C) excessive waste D) overdependence on imports |
optionA |