AIC SS 2 Economics 3rd Term Exam 2022/23
  • 1. 1. A firm maximises profit where
A) MC<MR
B) MB=MA
C) MC=MR
D) MC>MV
  • 2. 2. A point at which DD=SS is referred to as
A) Stabilization point
B) Equipment point
C) Equilibrium point
D) Equality point
  • 3. 3. One of the following is the objectives of public finance except
A) control of inflation
B) good fiscal policy
C) equitable distribution of income
D) satisfaction of needs
  • 4. 4. An aspect of economics that deals with government revenue and expenditure is called
A) Public finance
B) Publicity
C) Public regulations
D) Public control
  • 5. 5. Need refers to ____________________
A) luxury
B) none of the above
C) necessity
D) desire
  • 6. 6. The use of income and expenditure refers to
A) Fiscal police
B) Fiscal plot
C) Fiscal policy
D) public finance
  • 7. 7. Price stability is one of the objective of demand and supply
A) True
B) No idea
C) Too complex
D) False
  • 8. 8. The two major types of taxes are ___________ and ________________.
A) direct and indirect
B) direct and direct
C) direct and suplex
D) direct and deficit
  • 9. 9. ______________ is a regular source of revenue.
A) Recurrent revenue
B) Recurring expense
C) Recurring expenditure
D) Recurrent experience
  • 10. 10. Loans obtained from the World Bank is called
A) internal/external revenue
B) internal revenue
C) all of the above
D) external revenue
  • 11. 11. Grants and aids are sources of _____________ revenue to the government.
A) external
B) internal
C) Intra
D) extra
  • 12. 12. The fiscal policy of the government are incorporated in the _______________ .
A) revenue
B) budget
C) election
D) Expenditure
  • 13. 13. VAT means
A) Value Added Tax
B) Value added top
C) Value added Tap
D) none of the above
  • 14. 14. Payment of pensions is an example of _____________
A) transfer services
B) Bank money
C) Bank payment
D) Bank transfer
  • 15. 15. _____________ refers to total expenses incurred by public authorities in all levels of administration.
A) I don't know
B) Government taxation
C) Government expenditure
D) Government revenue
  • 16. 16. Expenses which are repeated on a yearly basis is called
A) Recurrent salary
B) Recurrent revenue
C) Recurrent money
D) Recurrent expenditure
  • 17. 17. Expenses on projects which are permanent in nature is referred to as
A) capital revenue
B) capital receipt
C) capital expenditure
D) Capital money
  • 18. 18. A _____________ budget is when revenue equals to expenditure
A) unbalanced
B) surplus
C) balanced
D) deficit
  • 19. 19. ________________ is a financial statement of the total revenue and proposed expenditure
A) Report sheets
B) Budget
C) Bonus
D) Balance sheet
  • 20. 20. Which of the following can be used to foster economic growth and development.
A) Scale of preference
B) Budget
C) Choice
D) Opportunity cost
  • 21. 21. There are ___________ types of budget.
A) five
B) four
C) two
D) three
  • 22. 22. When inflows are equal to outflows, the budget is said to be
A) surplus
B) balanced
C) suplex
D) deficit
  • 23. 23. When a government spending exceeds government revenue, the budget is said to be
A) budget
B) balanced budget
C) surplus budget
D) deficit budget
  • 24. 24. A budget _____________ occurs when the government spending is less than government revenue
A) balanced
B) balance balanced budget
C) deficit
D) surplus
  • 25. 25. The following are sources of government borrowing in Nigeria except
A) Treasury bills
B) POS
C) Treasury certificate
D) Development stocks
  • 26. 26. Government stocks that are used for long- term borrowing is called
A) Development plan
B) Master plan
C) Development projects
D) Development stock
  • 27. 27. Mathematically, NNP = GNP --- ?
A) Appreciation
B) Deficit
C) Surplus
D) Depreciation
  • 28. 28. Mathematically, GNP = GDP + ?
A) Net sales
B) Net tax
C) Net income from abroad
D) Network from abroad
  • 29. 29. The amount earned by individual for taking part in the production of goods and services is called
A) Personal income
B) Personal savings
C) National savings
D) Personal development
  • 30. 30. ___________ is defined as the quantity of goods or services that consumers are willing to buy at alternative prices over a given period of time.
A) Equilibrium
B) Equipment
C) Supply
D) Demand
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