AIC SS 1 Economics Revision Test for 3rd Term 2022/23
  • 1. 1. An independently administered business unit is called ______
A) Firm
B) Factory
C) Administrative
D) Farm
  • 2. 2. A place where a firm carries out its productive activities is referred to as __________
A) Firm
B) Factory
C) Company
D) Office
  • 3. 3. The main aim of engaging in business activities is __________
A) for fun sake
B) for charitable purpose
C) to make profit
D) to give out goods freely
  • 4. 4. Another name for public enterprise is ____________
A) Public office
B) Public Corporation
C) Private establishment
D) Public domain
  • 5. 5. Public enterprises are established by ____________
A) Corporate affiliate Commission
B) Acts of parliament
C) Company Affairs Commission
D) Corporate Affairs Commission
  • 6. 6. There are _________ major types of business organizations.
A) twenty
B) three
C) two
D) four only
  • 7. 7. _____________ are the enterprises owned and managed by private individuals.
A) Large Enterprises
B) Private Enterprises
C) Small Enterprises
D) Public Enterprises
  • 8. 8. Business organizations that are owned, controlled and managed by the government is called _________
A) Public Enterprises
B) Private Enterprises
C) Entrepreneurial activities
D) Public domains
  • 9. 9. One of the features of private enterprise is
A) Private individuals provide the capital
B) Public enterprise is a legal entity
C) None of the above
D) Ownership belongs to the government
  • 10. 10. A form of business owned and managed by one person is called
A) Sole enterprise
B) All of the above
C) Sole Proprietorship
D) Sole materials
  • 11. 12. Economics is a social science because it
A) studies animal behaviour
B) studies materialism
C) operate human behaviour
D) studies human behaviour
  • 12. 13. ____________ deals with the smaller unit or component of the economy
A) Micro economics
B) Macro economics
C) economy
D) Mixed economy
  • 13. 14. Macro economics deals with the _____________
A) smaller unit
B) smaller agent
C) aggregate economy
D) agency
  • 14. 15. ____________ is a form of business organization whose life span depends on the owner.
A) Corporation
B) Partnership
C) Company
D) Sole Proprietorship
  • 15. 16. In banking industry, ownership is between __________________.
A) 2 to 50
B) 2 to infinity
C) 2 to 20
D) 2 to 10
  • 16. 17. The main objective of partnership is _____________
A) to make wishes
B) to make profit
C) to dole out cash
D) for fun sake
  • 17. 18. PLC means
A) Public-Private limited Company
B) Public limited Company
C) None of the above
D) Private limited company
  • 18. 19. ___________ is a form of company whose articles restricts the right to transfer its shares.
A) Public Corporation
B) Private limited liability company
C) Statutory Corporation
D) Public domain
  • 19. 20. Bluebird Nigeria Limited is an example of
A) Private limited liability company
B) Sole Proprietorship
C) Public company
D) Sole trade
  • 20. 21. Another name for public corporation is _____________
A) Partnership
B) Statutory Corporation
C) Private Enterprise
D) Private Corporation
  • 21. 22. The main objective of public corporation is
A) to render social services to the people
B) to create fun
C) to make huge profit
D) to give out cash
  • 22. 23. Nigeria Port Authority, Nigerian Railway Corporation and Nigerian Communication Commission are examples of ______________
A) Public Corporation
B) Private Corporation
C) Private Company
D) Cooperative Societies
  • 23. 24. Public Enterprises are monopolistic in nature.
A) No idea
B) True
C) False
D) I don't know
  • 24. 25. The reward for land is ___________
A) profit
B) interest
C) salary
D) rent
  • 25. 26. The reward for entrepreneur is __________
A) Let
B) profir
C) interest
D) lease
  • 26. 27. Production is not complete until goods produced reach the _____________
A) final seller
B) final consumer
C) final distributor
D) final retailer
  • 27. 28. The most populous continent in the world is _______________
A) Antarctica
B) America
C) Asia
D) Europe
  • 28. 29. The most populous country in the world is _____________
A) India
B) China
C) North Korea
D) Nigeria
  • 29. 30. Nigeria is regarded as the ______________
A) Giant of South America
B) Giant of Asia
C) Ant of Africa
D) Giant of Africa
  • 30. 31. ______________ is defined as the total number of people living in a country.
A) Scale of preference
B) Opportunity Cost
C) People
D) Population
  • 31. 32. _____________ is the head count of all the nationals of a country.
A) Listing
B) Head count
C) Counting
D) Population Census
  • 32. 33. _______________ must be conducted in every ten years.
A) Production Census
B) Productive activities
C) Population Census
D) Product differentiation
  • 33. 34. One of the characteristics of a good population census is that it must involve the physical counting of people rather than by ________
A) person
B) people
C) proxy
D) Foreigner
  • 34. 35. One of the reasons for population census is
A) to determine the standard if living
B) to evenly distribute palliatives
C) to distribute cash
D) to determine the number of vehicular movements on the roads
  • 35. 36. _____________ is said to be the father of Economics.
A) A.C Pigou
B) Alfred Marshal
C) Lionel C. Robbins
D) Adams Smith
  • 36. 37. The widely accepted definition of Economics was put forward by
A) John Stuart Mill
B) H.J Davenport
C) Adam Smith
D) Lionel C. Robbins
  • 37. 38. Population census must be conducted by ______________
A) Individuals
B) CAC
C) private company
D) government
  • 38. 39. Natality means
A) Spending rate
B) Consumption rate
C) Death rate
D) Birth rate
  • 39. 40. Mortality means ________________
A) No idea
B) birth rate
C) death rate
D) total population
  • 40. 41. Population census which involves the counting of people who have been permanent residents of an area is called ______________
A) Population density
B) Defacto population census
C) De jure population census
D) Population number
  • 41. 42. ____________ is the movement of people from one geographical area to another
A) Travelling
B) Migration
C) Voyage
D) Funfare
  • 42. 43. There are __________ factors of production.
A) five
B) two
C) four
D) six
  • 43. 44. There are __________ types of migration.
A) three
B) two
C) five
D) four
  • 44. 45. The type of migration in which people leave their own countries is called
A) Emigration
B) Travelling
C) Funfare
D) Immigration
  • 45. 46. The type of migration in which people enter into another country is called
A) I don't know
B) No idea
C) Emigration
D) Immigration
  • 46. 47. The movement of people from rural areas to urban centres is called
A) Rural--rural migration
B) Urban -- urban migration
C) Rural-- urban migration
D) International migration
  • 47. 48. The movement of people from one country into another id called
A) None of the above
B) Urban -- urban migration
C) Seasonal migration
D) International migration
  • 48. 49. In migration, the region where people are leaving is called the __________
A) destination region
B) source region
C) Place region
D) Region
  • 49. 50. In migration, the region where people are entering is called ______________
A) destination region
B) regional
C) source region
D) good region
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