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