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 _____
  • 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
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