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) saturation point
D) equilibrium point
  • 2. A firm maximizes profit where MC equals _____
A) MO
B) TC
C) MR
D) AC
  • 3. ____________ is a market where investors can buy and sell existing shares, stocks and debentures
A) Mortgage
B) Bureau de change
C) Stock exchange market
D) Banks
  • 4. One of the conditions necessary for an imperfect market is
A) Free entry and exit
B) Perfect knowledge
C) There is transport cost
D) Large buyers and sellers
  • 5. Portable good is one of the feature necessary for a
A) perfect market
B) monoplane
C) monopoly
D) imperfect market
  • 6. Operation Feed the Nation was set up by
A) Jonathan
B) Muhammadu Buhari
C) Shagari
D) General Olusegun Obasanjo
  • 7. ADP means ___
A) Agricultural Development Plan
B) Agro- allied Development plan
C) Agricultural Devolution Project
D) Agricultural Development Project
  • 8. -------------------- plays important roles in the development of agriculture in Nigeria.
A) investors
B) Government
C) Individuals
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) To construct rural infrastructures
B) none of the above
C) Purchase of produce
D) Produce cash crop
  • 11. The marketing of agriculture produce has been the responsibility of the marketing boards
A) False
B) I don't know
C) Not clear enough
D) True
  • 12. ----------------- is the type of farming where one crop is grown in a large areas of land
A) Commercial
B) Peasant
C) Plantation
D) Subsistence
  • 13. Which of the following is the art of planting, tending and managing forests
A) Cash crop
B) Fish farming
C) Forecast
D) forestry
  • 14. _____________ is the branch of agriculture concerned with cultivation of crops.
A) Crop Production
B) Farming
C) Cropping
D) Crop
  • 15. __________ farming involves the rearing of animals either for consumption or for sale.
A) Fish farming
B) Forestry
C) Food crops
D) Livestock
  • 16. Economics is regarded as science because
A) No idea
B) It adopts all approaches
C) it adopts scientific approach
D) it adopts social approach
  • 17. _____________ is an imperfect market in which there is a single seller of a particular goods or services
A) Monopsony
B) Monopoly
C) Oligopoly
D) Duopoly
  • 18. ___________ is a market in which buyers and sellers cannot influence the prices of goods and services
A) Monopsony
B) Monopoly
C) Market competition
D) Perfect competition
  • 19. FSS means _________________
A) Farm Scheme Settlement
B) Farm Settlement Society
C) Farm Settlement Scheme
D) Farmer Settlement Scheme
  • 20. Which of the following is a type of market in which finished goods are sold and bought.
A) Factor market
B) Capital market
C) Labour market
D) Consumer goods market
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