AIC Exam Economics SS 2 2nd Term 2022/23
  • 1. The point where the demand curve equates or meets the supply curve is ______
A) equilibrium point
B) quadrant point
C) saturation point
D) Quadruple point
  • 2. A firm maximizes profit where MC equals _____
  • 3. ____________ is a market where investors can buy and sell existing shares, stocks and debentures
A) Bureau de change
B) Mortgage
C) Banks
D) Stock exchange market
  • 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) monopoly
B) perfect market
C) imperfect market
D) monoplane
  • 6. Operation Feed the Nation was set up by
A) Muhammadu Buhari
B) Jonathan
C) Shagari
D) General Olusegun Obasanjo
  • 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) Farmers
C) investors
D) Government
  • 9. 60- 75% of the populace are into
A) warehousing
B) tourism
C) insurance
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) True
B) I don't know
C) Not clear enough
D) False
  • 12. ----------------- is the type of farming where one crop is grown in a large areas of land
A) Plantation
B) Subsistence
C) Peasant
D) Commercial
  • 13. Which of the following is the art of planting, tending and managing forests
A) Fish farming
B) Cash crop
C) forestry
D) Forecast
  • 14. _____________ is the branch of agriculture concerned with cultivation of crops.
A) Crop Production
B) Cropping
C) Farming
D) Crop
  • 15. __________ farming involves the rearing of animals either for consumption or for sale.
A) Livestock
B) Food crops
C) Fish farming
D) Forestry
  • 16. Economics is regarded as science because
A) It adopts all approaches
B) No idea
C) it adopts social approach
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) Monopsony
C) Oligopoly
D) Monopoly
  • 18. ___________ is a market in which buyers and sellers cannot influence the prices of goods and services
A) Monopsony
B) Perfect competition
C) Market competition
D) Monopoly
  • 19. FSS means _________________
A) Farm Settlement Scheme
B) Farmer Settlement Scheme
C) Farm Settlement Society
D) Farm Scheme Settlement
  • 20. Which of the following is a type of market in which finished goods are sold and bought.
A) Labour market
B) Capital market
C) Consumer goods market
D) Factor market
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