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