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 _____
A) MR
B) TC
C) AC
D) MO
  • 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
Students who took this test also took :

Created with That Quiz — a math test site for students of all grade levels.