AIC SS 2 Economics 3rd Term Exam 2022/23
  • 1. 1. A firm maximises profit where
A) MB=MA
B) MC<MR
C) MC=MR
D) MC>MV
  • 2. 2. A point at which DD=SS is referred to as
A) Equipment point
B) Stabilization 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) Publicity
B) Public finance
C) Public control
D) Public regulations
  • 5. 5. Need refers to ____________________
A) desire
B) necessity
C) none of the above
D) luxury
  • 6. 6. The use of income and expenditure refers to
A) Fiscal plot
B) public finance
C) Fiscal policy
D) Fiscal police
  • 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 suplex
B) direct and indirect
C) direct and direct
D) direct and deficit
  • 9. 9. ______________ is a regular source of revenue.
A) Recurring expense
B) Recurrent experience
C) Recurrent revenue
D) Recurring expenditure
  • 10. 10. Loans obtained from the World Bank is called
A) internal revenue
B) all of the above
C) internal/external revenue
D) external revenue
  • 11. 11. Grants and aids are sources of _____________ revenue to the government.
A) internal
B) Intra
C) external
D) extra
  • 12. 12. The fiscal policy of the government are incorporated in the _______________ .
A) Expenditure
B) budget
C) election
D) revenue
  • 13. 13. VAT means
A) Value added top
B) Value added Tap
C) Value Added Tax
D) none of the above
  • 14. 14. Payment of pensions is an example of _____________
A) Bank transfer
B) Bank money
C) transfer services
D) Bank payment
  • 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 expenditure
D) Recurrent money
  • 17. 17. Expenses on projects which are permanent in nature is referred to as
A) capital revenue
B) Capital money
C) capital expenditure
D) capital receipt
  • 18. 18. A _____________ budget is when revenue equals to expenditure
A) surplus
B) unbalanced
C) balanced
D) deficit
  • 19. 19. ________________ is a financial statement of the total revenue and proposed expenditure
A) Bonus
B) Report sheets
C) Budget
D) Balance sheet
  • 20. 20. Which of the following can be used to foster economic growth and development.
A) Scale of preference
B) Choice
C) Budget
D) Opportunity cost
  • 21. 21. There are ___________ types of budget.
A) three
B) four
C) five
D) two
  • 22. 22. When inflows are equal to outflows, the budget is said to be
A) suplex
B) deficit
C) surplus
D) balanced
  • 23. 23. When a government spending exceeds government revenue, the budget is said to be
A) surplus budget
B) deficit budget
C) balanced budget
D) budget
  • 24. 24. A budget _____________ occurs when the government spending is less than government revenue
A) deficit
B) balance balanced budget
C) surplus
D) balanced
  • 25. 25. The following are sources of government borrowing in Nigeria except
A) Treasury bills
B) Development stocks
C) POS
D) Treasury certificate
  • 26. 26. Government stocks that are used for long- term borrowing is called
A) Development projects
B) Master plan
C) Development stock
D) Development plan
  • 27. 27. Mathematically, NNP = GNP --- ?
A) Appreciation
B) Deficit
C) Depreciation
D) Surplus
  • 28. 28. Mathematically, GNP = GDP + ?
A) Net tax
B) Network from abroad
C) Net sales
D) Net income 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) Personal development
D) National savings
  • 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) Demand
B) Equilibrium
C) Equipment
D) Supply
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