AIC Exam Economics SS 2 2nd Term 2022/23
  • 1. The point where the demand curve equates or meets the supply curve is ______
A) Quadruple point
B) quadrant point
C) saturation point
D) equilibrium point
  • 2. A firm maximizes profit where MC equals _____
A) AC
B) MR
C) TC
D) MO
  • 3. ____________ is a market where investors can buy and sell existing shares, stocks and debentures
A) Mortgage
B) Bureau de change
C) Banks
D) Stock exchange market
  • 4. One of the conditions necessary for an imperfect market is
A) Perfect knowledge
B) Large buyers and sellers
C) There is transport cost
D) Free entry and exit
  • 5. Portable good is one of the feature necessary for a
A) monopoly
B) imperfect market
C) monoplane
D) perfect market
  • 6. Operation Feed the Nation was set up by
A) Shagari
B) Muhammadu Buhari
C) General Olusegun Obasanjo
D) Jonathan
  • 7. ADP means ___
A) Agricultural Devolution Project
B) Agro- allied Development plan
C) Agricultural Development Plan
D) Agricultural Development Project
  • 8. -------------------- plays important roles in the development of agriculture in Nigeria.
A) Farmers
B) investors
C) Government
D) Individuals
  • 9. 60- 75% of the populace are into
A) agriculture
B) warehousing
C) insurance
D) tourism
  • 10. -------- is one of the functions of marketing boards
A) none of the above
B) Produce cash crop
C) To construct rural infrastructures
D) Purchase of produce
  • 11. The marketing of agriculture produce has been the responsibility of the marketing boards
A) I don't know
B) False
C) Not clear enough
D) True
  • 12. ----------------- is the type of farming where one crop is grown in a large areas of land
A) Plantation
B) Peasant
C) Subsistence
D) Commercial
  • 13. Which of the following is the art of planting, tending and managing forests
A) Fish farming
B) Forecast
C) forestry
D) Cash crop
  • 14. _____________ is the branch of agriculture concerned with cultivation of crops.
A) Crop
B) Cropping
C) Farming
D) Crop Production
  • 15. __________ farming involves the rearing of animals either for consumption or for sale.
A) Fish farming
B) Livestock
C) Forestry
D) Food crops
  • 16. Economics is regarded as science because
A) It adopts all approaches
B) No idea
C) it adopts scientific approach
D) it adopts social approach
  • 17. _____________ is an imperfect market in which there is a single seller of a particular goods or services
A) Monopsony
B) Monopoly
C) Duopoly
D) Oligopoly
  • 18. ___________ is a market in which buyers and sellers cannot influence the prices of goods and services
A) Monopoly
B) Monopsony
C) Perfect competition
D) Market competition
  • 19. FSS means _________________
A) Farm Scheme Settlement
B) Farm Settlement Scheme
C) Farm Settlement Society
D) Farmer Settlement Scheme
  • 20. Which of the following is a type of market in which finished goods are sold and bought.
A) Consumer goods market
B) Labour market
C) Factor market
D) Capital market
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