WorksheetsEconomics Revision ( 3rd Term)
Total questions: 47
Worksheet time: 24mins
Which of these is a component of Agriculture?
education
fishing
cutlass
tractor.
Subsistence agriculture is another name for
mechanised
plantation
peasant
cooperative farming.
The process of digging deep holes into the ground to extract deposited mineral resources from the earth's crust is known as ____
farming
manufacturing
mining
lumbering
All the following are environmental problems caused by mining except ____
air pollution
oil spillage
land pollution
fumigation
What is the definition of a central bank?
A financial institution that accepts deposits and lends money
A financial institution that is responsible for managing a country's monetary affairs
A financial institution that is owned by private individuals or organisations
A financial institution that is not profit-oriented
What is the definition of a commercial bank?
A financial institution that is owned by the government
A financial institution that is not profit-oriented
A financial institution that accepts deposits and lends money to the public
A financial institution that is responsible for managing a country's monetary affairs
What is a short-term loan market called?
Capital Market
Money Market
Stock Exchange
Bond Market
What is the definition of a stock exchange market?
A market where new shares are issued and traded.
A market where existing securities like shares, stocks, and debentures are bought and sold.
A market where foreign exchange is traded.
A market where only government securities are traded.
What was the primary reason for the development of money after the barter system?
To increase trade
To solve the double coincidence of wants problem
To store a value
To make payments easier
Which of the following is NOT a type or kind of money?
Commodity money
Bank money
Plastic money
Barter system
What is the primary function of a retailer in the distribution process?
Providing storage facilities
Transporting goods
Completing the manufacturing process
Making goods available to the final consumer
What is the main role of transportation in the distribution process?
Storing goods
Advertising products
Facilitating the movement of goods
Financing the distribution chain
Who are the middlemen?
Wholesalers and retailers
Producers and consumers
Manufacturers and retailers
Government agencies
Why are the wholesalers and the retailers regarded as middlemen?
Due to their low profits
Because they produce goods
They facilitate the flow of goods between producers and consumers
They handle government regulations
What is business finance?
Management of human resources
Sourcing and management of funds by enterprises
Marketing strategies for business growth
Legal regulations for business operations
Match the following agricultural systems with their descriptions:
A) Plantation farming (i) Cultivation on a small scale using family labour
B) Peasant farming (ii) Large estates cultivated with commercial crops
C) Mechanised farming (iii) Use of advanced machinery for large-scale production
Match the following minerals with their uses:
a) Petroleum (i) fuel and energy
b) Limestone (ii) Fuel and energy
c) Iron Ore (iii) Production of cement
Which of the following is a function of the central bank in terms of foreign monetary transactions?
Issuing of currency
Serving as a banker to the government
Controlling foreign exchange rates
Lending to commercial banks
Which of the following is a function of commercial banks?
Accepting deposits from customers
Lending to customers
Buying and selling foreign currencies
All of the above
Which of the following instruments is NOT used in the money market?
Treasury Bills
Bill of Exchange
Stocks and Shares
Call Money Funds
Which of the following is NOT an important part of the stock exchange market?
An avenue for raising capital
Provision of employment opportunities
Provision of information to investors
Ability to recall invested funds
What is the primary function of money as a medium of exchange?
To measure the value of goods and services
To facilitate the exchange of goods and services
To act as a store of value
To be a standard for deferred payments
What is the primary role of middlemen in the distribution process?
Transporting goods
Advertising products
Facilitating the transfer of goods from producers to consumers
Warehousing products
Write a short note on the elimination of middlemen.
Middlemen are eliminated due to tax evasion
Elimination of middlemen is essential for efficient distribution
Middlemen are essential for government regulation
Middlemen are eliminated to increase prices
How does a short-term source of finance differ from a long-term source according to the passage?
Short-term financing has a higher interest rate.
Short-term financing must be repaid within one year.
Long-term financing is typically used for fixed assets.
Short-term financing is used for operational expenses.
Illiteracy is listed as a problem for agriculture. How can education help improve agriculture?
By teaching farmers how to read and write
By educating farmers about new farming techniques
By providing basic education unrelated to agriculture
By encouraging farmers to leave agriculture for another profession
If a farmer is growing crops primarily for their own family's consumption, what type of farming system are they most likely to be practising?
Plantation farming
Peasant farming
Cooperative farming
Mechanised farming
A mining company is facing transportation issues moving its products. What problem would this situation most likely illustrate?
Inadequate capital for exploration
Problem of poor transportation network
Fluctuation in world mineral prices
Environmental pollution
How does the mining industry contribute to the Gross Domestic Product (GDP) of Nigeria?
By providing employment
By generating revenue for the government
By supplying raw materials for local industries
All of the above
If the central bank increases the reserve requirement for commercial banks, what effect would this have on the money supply?
The money supply would increase
The money supply would decrease
The money supply would remain unchanged
The effect would depend on the price of foodstuffs
If an entrepreneur wants to raise short-term finance for their business, which market should they access?
Capital market
Money market
Both capital and money market
Foreign exchange market
If the central bank increases the money supply, how would this likely affect the value of money?
Increase in value
Decrease in value
No change in value
Unpredictable
What reasons may warrant bypassing the middlemen?
Where consumers combine to buy in bulk
To increase the number of middlemen
To establish more marketplaces
To regulate government agencies
What functions do retailers perform for manufacturers?
They regulate prices
They produce goods
They facilitate the distribution of goods to consumers
They establish government agencies
What type of debenture can be converted into equity after an agreed term?
Non-convertible debenture
Convertible debenture
Preferred debenture
Non-preferred debenture
Identify the main institutions involved in the money market.
Central bank, commercial banks, acceptance houses
Issuing houses, insurance companies, and development banks
Building societies, National Provident Fund, stock exchange
All of the above
Which of the following is NOT a characteristic or quality of good money?
Acceptability
Portability
Divisibility
Abundance
Explain how the wholesaler's role of 'bulk breaking' benefits both the producer and the retailer.
It allows the producer to sell larger quantities and the retailer to stock a variety of goods.
It reduces the cost of transportation for the producer and the retailer.
It helps the wholesaler to finance the producer and the retailer.
None of the above
What are the reasons that may warrant bypassing the middlemen?
To increase the number of middlemen
To establish more marketplaces
To regulate government agencies
Where the goods produced are highly technical or made to individual specifications
What are the problems facing business financing in Nigeria?
Lack of government support and high interest rates
Poor state of physical infrastructure and lack of data for effective planning
Diversion of funds for unproductive use and a harsh business operating environment
All of the above
Which of the following is the LEAST important function of the stock exchange market?
Provision of employment opportunities
Provision of information to investors
Facilities transfer of investment
It is a market for investment
Which of the following is the main difference between a wholesaler and a retailer?
Wholesalers buy in bulk, while retailers buy in smaller quantities
Wholesalers sell to retailers, while retailers sell to final consumers
Wholesalers provide credit, while retailers do not
Wholesalers focus on transportation, while retailers focus on advertising
Explain the cogent reasons why middlemen should be eliminated in the distribution channels.
Middlemen should be eliminated to increase prices
Middlemen should be eliminated to stabilise prices and prevent artificial scarcity
Middlemen should be eliminated to increase government regulation
Middlemen should be eliminated to establish more marketplaces
Explain the concept of business finance and its significance.
Business finance refers to managing human resources effectively in an enterprise.
Business finance involves sourcing and managing funds by enterprises and is crucial for business growth and sustainability.
Business finance is solely concerned with marketing strategies for business expansion.
Business finance involves legal regulations for business operations in a country.
Discuss the sources of finance available to small, medium and large-scale businesses.
Short-term sources only
Long-term sources only
Short-term, medium-term, and long-term sources
Medium-term and long-term sources only
If you were a policymaker, which solutions to the problems of agriculture in West Africa would you prioritise?
Granting credit facilities and improving transportation
Improving medical facilities and discouraging migration
Mechanisation and effective pest control
All of the above
Imagine you are a mining engineer. Propose a solution to the problem of environmental pollution caused by oil spillage and degradation in the mining industry.
Implement stricter environmental regulations and enforcement
Provide more funding for environmental cleanup and restoration
Encourage the use of eco-friendly mining techniques
All of the above
