AIC SS1 Economics 3rd Term Exam 2022/23
  • 1. 1. An independently administered business unit is called ______
A) Farm
B) Firm
C) Administrative
D) Factory
  • 2. 2. A place where a firm carries out its productive activities is referred to as __________
A) Office
B) Company
C) Firm
D) Factory
  • 3. 3. The main aim of engaging in business activities is __________
A) for fun sake
B) to make profit
C) to give out goods freely
D) for charitable purpose
  • 4. 4. Another name for public enterprise is ____________
A) Private establishment
B) Public domain
C) Public office
D) Public Corporation
  • 5. 5. Public enterprises are established by ____________
A) Corporate affiliate Commission
B) Company Affairs Commission
C) Corporate Affairs Commission
D) Acts of parliament
  • 6. 6. There are _________ major types of business organizations.
A) two
B) twenty
C) three
D) four only
  • 7. 7. _____________ are the enterprises owned and managed by private individuals.
A) Large Enterprises
B) Small Enterprises
C) Private Enterprises
D) Public Enterprises
  • 8. 8. Business organizations that are owned, controlled and managed by the government is called _________
A) Entrepreneurial activities
B) Private Enterprises
C) Public Enterprises
D) Public domains
  • 9. 9. One of the features of private enterprise is
A) Public enterprise is a legal entity
B) None of the above
C) Private individuals provide the capital
D) Ownership belongs to the government
  • 10. 10. A form of business owned and managed by one person is called
A) Sole enterprise
B) Sole materials
C) Sole Proprietorship
D) All of the above
  • 11. 12. Economics is a social science because it
A) studies materialism
B) operate human behaviour
C) studies animal behaviour
D) studies human behaviour
  • 12. 13. ____________ deals with the smaller unit or component of the economy
A) economy
B) Macro economics
C) Micro economics
D) Mixed economy
  • 13. 14. Macro economics deals with the _____________
A) aggregate economy
B) agency
C) smaller agent
D) smaller unit
  • 14. 15. ____________ is a form of business organization whose life span depends on the owner.
A) Partnership
B) Company
C) Corporation
D) Sole Proprietorship
  • 15. 16. In banking industry, ownership is between __________________.
A) 2 to 50
B) 2 to infinity
C) 2 to 10
D) 2 to 20
  • 16. 17. The main objective of partnership is _____________
A) to dole out cash
B) to make profit
C) for fun sake
D) to make wishes
  • 17. 18. PLC means
A) Public-Private limited Company
B) Public limited Company
C) Private limited company
D) None of the above
  • 18. 19. ___________ is a form of company whose articles restricts the right to transfer its shares.
A) Public domain
B) Private limited liability company
C) Public Corporation
D) Statutory Corporation
  • 19. 20. Bluebird Nigeria Limited is an example of
A) Sole Proprietorship
B) Public company
C) Sole trade
D) Private limited liability company
  • 20. 21. Another name for public corporation is _____________
A) Private Corporation
B) Private Enterprise
C) Partnership
D) Statutory Corporation
  • 21. 22. The main objective of public corporation is
A) to create fun
B) to make huge profit
C) to give out cash
D) to render social services to the people
  • 22. 23. Nigeria Port Authority, Nigerian Railway Corporation and Nigerian Communication Commission are examples of ______________
A) Private Corporation
B) Private Company
C) Public Corporation
D) Cooperative Societies
  • 23. 24. Public Enterprises are monopolistic in nature.
A) I don't know
B) No idea
C) False
D) True
  • 24. 25. The reward for land is ___________
A) salary
B) interest
C) profit
D) rent
  • 25. 26. The reward for entrepreneur is __________
A) interest
B) Let
C) profir
D) lease
  • 26. 27. Production is not complete until goods produced reach the _____________
A) final distributor
B) final retailer
C) final seller
D) final consumer
  • 27. 28. The most populous continent in the world is _______________
A) Asia
B) Europe
C) Antarctica
D) America
  • 28. 29. The most populous country in the world is _____________
A) North Korea
B) India
C) Nigeria
D) China
  • 29. 30. ______________ is defined as the total number of people living in a country.
A) Opportunity Cost
B) People
C) Scale of preference
D) Population
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