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) Company
B) Firm
C) Factory
D) Office
  • 3. 3. The main aim of engaging in business activities is __________
A) to make profit
B) to give out goods freely
C) for charitable purpose
D) for fun sake
  • 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) Acts of parliament
B) Corporate Affairs Commission
C) Corporate affiliate Commission
D) Company Affairs Commission
  • 6. 6. There are _________ major types of business organizations.
A) twenty
B) four only
C) two
D) three
  • 7. 7. _____________ are the enterprises owned and managed by private individuals.
A) Public Enterprises
B) Large Enterprises
C) Small Enterprises
D) Private Enterprises
  • 8. 8. Business organizations that are owned, controlled and managed by the government is called _________
A) Private Enterprises
B) Public domains
C) Entrepreneurial activities
D) Public Enterprises
  • 9. 9. One of the features of private enterprise is
A) Public enterprise is a legal entity
B) Ownership belongs to the government
C) None of the above
D) Private individuals provide the capital
  • 10. 10. A form of business owned and managed by one person is called
A) All of the above
B) Sole enterprise
C) Sole Proprietorship
D) Sole materials
  • 11. 12. Economics is a social science because it
A) studies materialism
B) operate human behaviour
C) studies human behaviour
D) studies animal behaviour
  • 12. 13. ____________ deals with the smaller unit or component of the economy
A) economy
B) Macro economics
C) Mixed economy
D) Micro economics
  • 13. 14. Macro economics deals with the _____________
A) aggregate economy
B) smaller unit
C) smaller agent
D) agency
  • 14. 15. ____________ is a form of business organization whose life span depends on the owner.
A) Partnership
B) Sole Proprietorship
C) Company
D) Corporation
  • 15. 16. In banking industry, ownership is between __________________.
A) 2 to infinity
B) 2 to 50
C) 2 to 10
D) 2 to 20
  • 16. 17. The main objective of partnership is _____________
A) to dole out cash
B) to make profit
C) to make wishes
D) for fun sake
  • 17. 18. PLC means
A) None of the above
B) Public limited Company
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) Private limited liability company
B) Public domain
C) Public Corporation
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 Corporation
C) Private Enterprise
D) Partnership
  • 21. 22. The main objective of public corporation is
A) to make huge profit
B) to render social services to the people
C) to create fun
D) to give out cash
  • 22. 23. Nigeria Port Authority, Nigerian Railway Corporation and Nigerian Communication Commission are examples of ______________
A) Private Company
B) Public Corporation
C) Cooperative Societies
D) Private Corporation
  • 23. 24. Public Enterprises are monopolistic in nature.
A) I don't know
B) True
C) No idea
D) False
  • 24. 25. The reward for land is ___________
A) profit
B) salary
C) rent
D) interest
  • 25. 26. The reward for entrepreneur is __________
A) lease
B) Let
C) profir
D) interest
  • 26. 27. Production is not complete until goods produced reach the _____________
A) final distributor
B) final seller
C) final consumer
D) final retailer
  • 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) Nigeria
B) North Korea
C) China
D) India
  • 29. 30. Nigeria is regarded as the ______________
A) Giant of Asia
B) Giant of South America
C) Giant of Africa
D) Ant of Africa
  • 30. 31. ______________ is defined as the total number of people living in a country.
A) People
B) Opportunity Cost
C) Scale of preference
D) Population
  • 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) Product differentiation
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) person
B) proxy
C) Foreigner
D) people
  • 34. 35. One of the reasons for population census is
A) to evenly distribute palliatives
B) to determine the standard if living
C) to determine the number of vehicular movements on the roads
D) to distribute cash
  • 35. 36. _____________ is said to be the father of Economics.
A) Alfred Marshal
B) Adams Smith
C) A.C Pigou
D) Lionel C. Robbins
  • 36. 37. The widely accepted definition of Economics was put forward by
A) Adam Smith
B) John Stuart Mill
C) Lionel C. Robbins
D) H.J Davenport
  • 37. 38. Population census must be conducted by ______________
A) Individuals
B) CAC
C) government
D) private company
  • 38. 39. Natality means
A) Consumption rate
B) Death rate
C) Birth rate
D) Spending rate
  • 39. 40. Mortality means ________________
A) total population
B) death rate
C) No idea
D) birth 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) Population density
C) Defacto population census
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) six
B) two
C) four
D) five
  • 43. 44. There are __________ types of migration.
A) four
B) three
C) two
D) five
  • 44. 45. The type of migration in which people leave their own countries is called
A) Immigration
B) Funfare
C) Emigration
D) Travelling
  • 45. 46. The type of migration in which people enter into another country is called
A) Immigration
B) I don't know
C) No idea
D) Emigration
  • 46. 47. The movement of people from rural areas to urban centres is called
A) International migration
B) Rural-- urban 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) source region
B) Region
C) destination region
D) Place region
  • 49. 50. In migration, the region where people are entering is called ______________
A) source region
B) good region
C) destination region
D) regional
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