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