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