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