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