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