AIC SS 1 Economics Revision Test for 3rd Term 2022/23
  • 1. 1. An independently administered business unit is called ______
A) Firm
B) Factory
C) Administrative
D) Farm
  • 2. 2. A place where a firm carries out its productive activities is referred to as __________
A) Firm
B) Office
C) Factory
D) Company
  • 3. 3. The main aim of engaging in business activities is __________
A) for charitable purpose
B) for fun sake
C) to give out goods freely
D) to make profit
  • 4. 4. Another name for public enterprise is ____________
A) Public office
B) Public Corporation
C) Public domain
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) two
B) three
C) four only
D) twenty
  • 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) Entrepreneurial activities
C) Public domains
D) Public Enterprises
  • 9. 9. One of the features of private enterprise is
A) Public enterprise is a legal entity
B) None of the above
C) Private individuals provide the capital
D) Ownership belongs to the government
  • 10. 10. A form of business owned and managed by one person is called
A) Sole materials
B) Sole Proprietorship
C) Sole enterprise
D) All of the above
  • 11. 12. Economics is a social science because it
A) studies animal behaviour
B) studies human behaviour
C) studies materialism
D) operate human behaviour
  • 12. 13. ____________ deals with the smaller unit or component of the economy
A) Mixed economy
B) Micro economics
C) Macro economics
D) economy
  • 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) Corporation
B) Company
C) Partnership
D) Sole Proprietorship
  • 15. 16. In banking industry, ownership is between __________________.
A) 2 to 50
B) 2 to 20
C) 2 to 10
D) 2 to infinity
  • 16. 17. The main objective of partnership is _____________
A) to make wishes
B) to make profit
C) for fun sake
D) to dole out cash
  • 17. 18. PLC means
A) None of the above
B) Public-Private limited Company
C) Public limited Company
D) Private limited company
  • 18. 19. ___________ is a form of company whose articles restricts the right to transfer its shares.
A) Public domain
B) Statutory Corporation
C) Public Corporation
D) Private limited liability company
  • 19. 20. Bluebird Nigeria Limited is an example of
A) Sole trade
B) Private limited liability company
C) Sole Proprietorship
D) Public company
  • 20. 21. Another name for public corporation is _____________
A) Statutory Corporation
B) Private Enterprise
C) Partnership
D) Private Corporation
  • 21. 22. The main objective of public corporation is
A) to render social services to the people
B) to create fun
C) to make huge profit
D) to give out cash
  • 22. 23. Nigeria Port Authority, Nigerian Railway Corporation and Nigerian Communication Commission are examples of ______________
A) Public Corporation
B) Cooperative Societies
C) Private Corporation
D) Private Company
  • 23. 24. Public Enterprises are monopolistic in nature.
A) True
B) No idea
C) False
D) I don't know
  • 24. 25. The reward for land is ___________
A) profit
B) interest
C) rent
D) salary
  • 25. 26. The reward for entrepreneur is __________
A) Let
B) lease
C) interest
D) profir
  • 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) Europe
B) Antarctica
C) America
D) Asia
  • 28. 29. The most populous country in the world is _____________
A) India
B) North Korea
C) China
D) Nigeria
  • 29. 30. Nigeria is regarded as the ______________
A) Giant of Africa
B) Giant of South America
C) Giant of Asia
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) Head count
B) Counting
C) Population Census
D) Listing
  • 32. 33. _______________ must be conducted in every ten years.
A) Productive activities
B) Production Census
C) Population Census
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) proxy
D) people
  • 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) Adams Smith
B) Alfred Marshal
C) A.C Pigou
D) Lionel C. Robbins
  • 36. 37. The widely accepted definition of Economics was put forward by
A) John Stuart Mill
B) Lionel C. Robbins
C) Adam Smith
D) H.J Davenport
  • 37. 38. Population census must be conducted by ______________
A) Individuals
B) CAC
C) private company
D) government
  • 38. 39. Natality means
A) Death rate
B) Consumption rate
C) Spending rate
D) Birth rate
  • 39. 40. Mortality means ________________
A) No idea
B) total population
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 density
B) De jure population census
C) Population number
D) Defacto population census
  • 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) five
B) six
C) four
D) two
  • 43. 44. There are __________ types of migration.
A) two
B) three
C) four
D) five
  • 44. 45. The type of migration in which people leave their own countries is called
A) Funfare
B) Travelling
C) Emigration
D) Immigration
  • 45. 46. The type of migration in which people enter into another country is called
A) Emigration
B) No idea
C) Immigration
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) 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) Place region
B) Region
C) destination region
D) source region
  • 49. 50. In migration, the region where people are entering is called ______________
A) regional
B) source region
C) good region
D) destination region
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