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) equilibrium point
C) saturation point
D) quadrant 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) Banks
C) Stock exchange market
D) Mortgage
  • 4. One of the conditions necessary for an imperfect market is
A) Large buyers and sellers
B) Perfect knowledge
C) There is transport cost
D) Free entry and exit
  • 5. Portable good is one of the feature necessary for a
A) perfect market
B) monopoly
C) monoplane
D) imperfect 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 Development Project
B) Agricultural Development Plan
C) Agricultural Devolution Project
D) Agro- allied Development plan
  • 8. -------------------- plays important roles in the development of agriculture in Nigeria.
A) Government
B) investors
C) Farmers
D) Individuals
  • 9. 60- 75% of the populace are into
A) insurance
B) agriculture
C) tourism
D) warehousing
  • 10. -------- is one of the functions of marketing boards
A) Produce cash crop
B) none of the above
C) To construct rural infrastructures
D) Purchase of produce
  • 11. The marketing of agriculture produce has been the responsibility of the marketing boards
A) False
B) I don't know
C) Not clear enough
D) True
  • 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) forestry
B) Fish farming
C) Cash crop
D) Forecast
  • 14. _____________ is the branch of agriculture concerned with cultivation of crops.
A) Cropping
B) Crop
C) Crop Production
D) Farming
  • 15. __________ farming involves the rearing of animals either for consumption or for sale.
A) Forestry
B) Fish farming
C) Food crops
D) Livestock
  • 16. Economics is regarded as science because
A) It adopts all approaches
B) it adopts scientific approach
C) No idea
D) it adopts social approach
  • 17. _____________ is an imperfect market in which there is a single seller of a particular goods or services
A) Oligopoly
B) Monopsony
C) Duopoly
D) Monopoly
  • 18. ___________ is a market in which buyers and sellers cannot influence the prices of goods and services
A) Perfect competition
B) Market competition
C) Monopoly
D) Monopsony
  • 19. FSS means _________________
A) Farm Settlement Society
B) Farm Settlement Scheme
C) Farmer Settlement Scheme
D) Farm Scheme Settlement
  • 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) Labour market
D) Capital market
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