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