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) Factory
C) Firm
D) Company
  • 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) Private establishment
D) Public Corporation
  • 5. 5. Public enterprises are established by ____________
A) Corporate Affairs Commission
B) Corporate affiliate Commission
C) Acts of parliament
D) Company Affairs Commission
  • 6. 6. There are _________ major types of business organizations.
A) four only
B) two
C) twenty
D) three
  • 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) Private Enterprises
B) Public Enterprises
C) Public domains
D) Entrepreneurial activities
  • 9. 9. One of the features of private enterprise is
A) None of the above
B) Private individuals provide the capital
C) Ownership belongs to the government
D) Public enterprise is a legal entity
  • 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) operate human behaviour
B) studies animal behaviour
C) studies human 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) aggregate economy
D) agency
  • 14. 15. ____________ is a form of business organization whose life span depends on the owner.
A) Company
B) Partnership
C) Sole Proprietorship
D) Corporation
  • 15. 16. In banking industry, ownership is between __________________.
A) 2 to 50
B) 2 to 10
C) 2 to 20
D) 2 to infinity
  • 16. 17. The main objective of partnership is _____________
A) for fun sake
B) to make profit
C) to dole out cash
D) to make wishes
  • 17. 18. PLC means
A) Public limited Company
B) None of the above
C) Private limited company
D) Public-Private limited Company
  • 18. 19. ___________ is a form of company whose articles restricts the right to transfer its shares.
A) Public Corporation
B) Public domain
C) Statutory Corporation
D) Private limited liability company
  • 19. 20. Bluebird Nigeria Limited is an example of
A) Sole Proprietorship
B) Private limited liability company
C) Public company
D) Sole trade
  • 20. 21. Another name for public corporation is _____________
A) Statutory Corporation
B) Private Corporation
C) Private Enterprise
D) Partnership
  • 21. 22. The main objective of public corporation is
A) to render social services to the people
B) to give out cash
C) to make huge profit
D) to create fun
  • 22. 23. Nigeria Port Authority, Nigerian Railway Corporation and Nigerian Communication Commission are examples of ______________
A) Public Corporation
B) Private Corporation
C) Cooperative Societies
D) Private Company
  • 23. 24. Public Enterprises are monopolistic in nature.
A) No idea
B) I don't know
C) True
D) False
  • 24. 25. The reward for land is ___________
A) rent
B) profit
C) interest
D) salary
  • 25. 26. The reward for entrepreneur is __________
A) interest
B) lease
C) profir
D) Let
  • 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) America
B) Europe
C) Asia
D) Antarctica
  • 28. 29. The most populous country in the world is _____________
A) Nigeria
B) China
C) North Korea
D) India
  • 29. 30. Nigeria is regarded as the ______________
A) Ant of Africa
B) Giant of Africa
C) Giant of South America
D) Giant of Asia
  • 30. 31. ______________ is defined as the total number of people living in a country.
A) Opportunity Cost
B) People
C) Population
D) Scale of preference
  • 31. 32. _____________ is the head count of all the nationals of a country.
A) Population Census
B) Listing
C) Counting
D) Head count
  • 32. 33. _______________ must be conducted in every ten years.
A) Population Census
B) Production 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) people
B) person
C) proxy
D) Foreigner
  • 34. 35. One of the reasons for population census is
A) to evenly distribute palliatives
B) to determine the number of vehicular movements on the roads
C) to distribute cash
D) to determine the standard if living
  • 35. 36. _____________ is said to be the father of Economics.
A) Alfred Marshal
B) A.C Pigou
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) H.J Davenport
D) John Stuart Mill
  • 37. 38. Population census must be conducted by ______________
A) Individuals
B) private company
C) government
D) CAC
  • 38. 39. Natality means
A) Spending rate
B) Consumption rate
C) Birth rate
D) Death rate
  • 39. 40. Mortality means ________________
A) birth rate
B) death rate
C) total population
D) No idea
  • 40. 41. Population census which involves the counting of people who have been permanent residents of an area is called ______________
A) De jure population census
B) Defacto population census
C) Population density
D) Population number
  • 41. 42. ____________ is the movement of people from one geographical area to another
A) Migration
B) Funfare
C) Voyage
D) Travelling
  • 42. 43. There are __________ factors of production.
A) four
B) six
C) two
D) five
  • 43. 44. There are __________ types of migration.
A) four
B) five
C) three
D) two
  • 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) No idea
C) Immigration
D) Emigration
  • 46. 47. The movement of people from rural areas to urban centres is called
A) Rural--rural migration
B) Rural-- urban migration
C) International migration
D) Urban -- urban migration
  • 47. 48. The movement of people from one country into another id called
A) International migration
B) Urban -- urban migration
C) Seasonal migration
D) None of the above
  • 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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