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