AIC SS 2 Economics 3rd Term Exam 2022/23
  • 1. 1. A firm maximises profit where
A) MC>MV
B) MC=MR
C) MB=MA
D) MC<MR
  • 2. 2. A point at which DD=SS is referred to as
A) Equality point
B) Equilibrium point
C) Equipment point
D) Stabilization point
  • 3. 3. One of the following is the objectives of public finance except
A) satisfaction of needs
B) good fiscal policy
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) Public control
B) Public regulations
C) Publicity
D) Public finance
  • 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 plot
B) Fiscal policy
C) Fiscal police
D) public finance
  • 7. 7. Price stability is one of the objective of demand and supply
A) No idea
B) False
C) True
D) Too complex
  • 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 revenue
B) Recurrent experience
C) Recurring expense
D) Recurring expenditure
  • 10. 10. Loans obtained from the World Bank is called
A) internal/external revenue
B) external revenue
C) all of the above
D) internal revenue
  • 11. 11. Grants and aids are sources of _____________ revenue to the government.
A) external
B) internal
C) extra
D) Intra
  • 12. 12. The fiscal policy of the government are incorporated in the _______________ .
A) election
B) revenue
C) Expenditure
D) budget
  • 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) 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 expenditure
C) Government revenue
D) Government taxation
  • 16. 16. Expenses which are repeated on a yearly basis is called
A) Recurrent revenue
B) Recurrent salary
C) Recurrent money
D) Recurrent expenditure
  • 17. 17. Expenses on projects which are permanent in nature is referred to as
A) Capital money
B) capital expenditure
C) capital revenue
D) capital receipt
  • 18. 18. A _____________ budget is when revenue equals to expenditure
A) unbalanced
B) deficit
C) balanced
D) surplus
  • 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) Budget
B) Opportunity cost
C) Scale of preference
D) Choice
  • 21. 21. There are ___________ types of budget.
A) two
B) three
C) four
D) five
  • 22. 22. When inflows are equal to outflows, the budget is said to be
A) suplex
B) balanced
C) deficit
D) surplus
  • 23. 23. When a government spending exceeds government revenue, the budget is said to be
A) surplus budget
B) budget
C) deficit budget
D) balanced 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) Development stocks
D) Treasury certificate
  • 26. 26. Government stocks that are used for long- term borrowing is called
A) Master plan
B) Development stock
C) Development projects
D) Development plan
  • 27. 27. Mathematically, NNP = GNP --- ?
A) Surplus
B) Appreciation
C) Depreciation
D) Deficit
  • 28. 28. Mathematically, GNP = GDP + ?
A) Net sales
B) Net income from abroad
C) Network from abroad
D) Net tax
  • 29. 29. The amount earned by individual for taking part in the production of goods and services is called
A) Personal savings
B) Personal development
C) National 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) Equilibrium
B) Equipment
C) Supply
D) Demand
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