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) saturation point
C) quadrant point
D) Quadruple point
  • 2. A firm maximizes profit where MC equals _____
A) AC
B) MO
C) MR
D) TC
  • 3. ____________ is a market where investors can buy and sell existing shares, stocks and debentures
A) Mortgage
B) Stock exchange market
C) Banks
D) Bureau de change
  • 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) perfect market
B) monoplane
C) imperfect market
D) monopoly
  • 6. Operation Feed the Nation was set up by
A) Shagari
B) Jonathan
C) General Olusegun Obasanjo
D) Muhammadu Buhari
  • 7. ADP means ___
A) Agricultural Development Plan
B) Agricultural Devolution Project
C) Agricultural Development Project
D) Agro- allied 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) insurance
B) tourism
C) warehousing
D) agriculture
  • 10. -------- is one of the functions of marketing boards
A) Produce cash crop
B) Purchase of produce
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) Not clear enough
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) Commercial
B) Peasant
C) Subsistence
D) Plantation
  • 13. Which of the following is the art of planting, tending and managing forests
A) Cash crop
B) forestry
C) Fish farming
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) Forestry
C) Food crops
D) Fish farming
  • 16. Economics is regarded as science because
A) it adopts social approach
B) No idea
C) It adopts all approaches
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) Monopoly
C) Perfect competition
D) Market competition
  • 19. FSS means _________________
A) Farm Settlement Society
B) Farmer Settlement Scheme
C) Farm 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) Capital market
B) Labour market
C) Consumer goods market
D) Factor market
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