AIC Exam Economics SS 2 2nd Term 2022/23
  • 1. The point where the demand curve equates or meets the supply curve is ______
A) saturation point
B) equilibrium point
C) Quadruple point
D) quadrant point
  • 2. A firm maximizes profit where MC equals _____
A) TC
B) MO
C) MR
D) AC
  • 3. ____________ is a market where investors can buy and sell existing shares, stocks and debentures
A) Stock exchange market
B) Banks
C) Mortgage
D) Bureau de change
  • 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) monoplane
B) perfect market
C) imperfect market
D) monopoly
  • 6. Operation Feed the Nation was set up by
A) Muhammadu Buhari
B) Jonathan
C) Shagari
D) General Olusegun Obasanjo
  • 7. ADP means ___
A) Agro- allied Development plan
B) Agricultural Devolution Project
C) Agricultural Development Project
D) Agricultural Development Plan
  • 8. -------------------- plays important roles in the development of agriculture in Nigeria.
A) Individuals
B) Government
C) investors
D) Farmers
  • 9. 60- 75% of the populace are into
A) agriculture
B) tourism
C) warehousing
D) insurance
  • 10. -------- is one of the functions of marketing boards
A) To construct rural infrastructures
B) Produce cash crop
C) Purchase of produce
D) none of the above
  • 11. The marketing of agriculture produce has been the responsibility of the marketing boards
A) I don't know
B) True
C) False
D) Not clear enough
  • 12. ----------------- is the type of farming where one crop is grown in a large areas of land
A) Commercial
B) Subsistence
C) Plantation
D) Peasant
  • 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) Crop Production
B) Crop
C) Farming
D) Cropping
  • 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) It adopts all approaches
C) it adopts scientific 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) Monopoly
C) Oligopoly
D) Monopsony
  • 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 Scheme Settlement
C) Farmer Settlement Scheme
D) Farm Settlement Society
  • 20. Which of the following is a type of market in which finished goods are sold and bought.
A) Capital market
B) Factor market
C) Consumer goods market
D) Labour market
Students who took this test also took :

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