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