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

Created with That Quiz — where a math practice test is always one click away.