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