AIC Exam Economics SS 2 2nd Term 2022/23
  • 1. The point where the demand curve equates or meets the supply curve is ______
A) Quadruple point
B) quadrant point
C) equilibrium point
D) saturation point
  • 2. A firm maximizes profit where MC equals _____
A) MR
B) AC
C) TC
D) MO
  • 3. ____________ is a market where investors can buy and sell existing shares, stocks and debentures
A) Stock exchange market
B) Banks
C) Bureau de change
D) Mortgage
  • 4. One of the conditions necessary for an imperfect market is
A) There is transport cost
B) Free entry and exit
C) Large buyers and sellers
D) Perfect knowledge
  • 5. Portable good is one of the feature necessary for a
A) imperfect market
B) monoplane
C) perfect market
D) monopoly
  • 6. Operation Feed the Nation was set up by
A) Shagari
B) Jonathan
C) Muhammadu Buhari
D) General Olusegun Obasanjo
  • 7. ADP means ___
A) Agricultural Devolution Project
B) Agro- allied Development plan
C) Agricultural Development Plan
D) Agricultural Development Project
  • 8. -------------------- plays important roles in the development of agriculture in Nigeria.
A) investors
B) Individuals
C) Government
D) Farmers
  • 9. 60- 75% of the populace are into
A) insurance
B) warehousing
C) tourism
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) Subsistence
B) Commercial
C) Peasant
D) Plantation
  • 13. Which of the following is the art of planting, tending and managing forests
A) Forecast
B) forestry
C) Cash crop
D) Fish farming
  • 14. _____________ is the branch of agriculture concerned with cultivation of crops.
A) Crop Production
B) Farming
C) Crop
D) Cropping
  • 15. __________ farming involves the rearing of animals either for consumption or for sale.
A) Forestry
B) Livestock
C) Fish farming
D) Food crops
  • 16. Economics is regarded as science because
A) No idea
B) it adopts social approach
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) Oligopoly
B) Monopoly
C) Monopsony
D) Duopoly
  • 18. ___________ is a market in which buyers and sellers cannot influence the prices of goods and services
A) Perfect competition
B) Monopsony
C) Monopoly
D) Market competition
  • 19. FSS means _________________
A) Farmer Settlement Scheme
B) Farm Scheme Settlement
C) Farm Settlement Society
D) Farm Settlement Scheme
  • 20. Which of the following is a type of market in which finished goods are sold and bought.
A) Labour market
B) Consumer goods market
C) Capital market
D) Factor market
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