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AIC SS 2 Economics 3rd Term Exam 2022/23
Contributed by: College
  • 1. 1. A firm maximises profit where
A) MC>MV
B) MC=MR
C) MC<MR
D) MB=MA
  • 2. 2. A point at which DD=SS is referred to as
A) Stabilization point
B) Equilibrium point
C) Equality point
D) Equipment point
  • 3. 3. One of the following is the objectives of public finance except
A) good fiscal policy
B) control of inflation
C) satisfaction of needs
D) equitable distribution of income
  • 4. 4. An aspect of economics that deals with government revenue and expenditure is called
A) Public control
B) Public finance
C) Public regulations
D) Publicity
  • 5. 5. Need refers to ____________________
A) none of the above
B) luxury
C) necessity
D) desire
  • 6. 6. The use of income and expenditure refers to
A) Fiscal police
B) public finance
C) Fiscal policy
D) Fiscal plot
  • 7. 7. Price stability is one of the objective of demand and supply
A) True
B) No idea
C) Too complex
D) False
  • 8. 8. The two major types of taxes are ___________ and ________________.
A) direct and indirect
B) direct and suplex
C) direct and deficit
D) direct and direct
  • 9. 9. ______________ is a regular source of revenue.
A) Recurrent experience
B) Recurrent revenue
C) Recurring expense
D) Recurring expenditure
  • 10. 10. Loans obtained from the World Bank is called
A) external revenue
B) internal revenue
C) all of the above
D) internal/external revenue
  • 11. 11. Grants and aids are sources of _____________ revenue to the government.
A) internal
B) external
C) extra
D) Intra
  • 12. 12. The fiscal policy of the government are incorporated in the _______________ .
A) Expenditure
B) revenue
C) election
D) budget
  • 13. 13. VAT means
A) Value added top
B) none of the above
C) Value Added Tax
D) Value added Tap
  • 14. 14. Payment of pensions is an example of _____________
A) Bank money
B) Bank payment
C) transfer services
D) Bank transfer
  • 15. 15. _____________ refers to total expenses incurred by public authorities in all levels of administration.
A) Government revenue
B) Government taxation
C) Government expenditure
D) I don't know
  • 16. 16. Expenses which are repeated on a yearly basis is called
A) Recurrent revenue
B) Recurrent salary
C) Recurrent expenditure
D) Recurrent money
  • 17. 17. Expenses on projects which are permanent in nature is referred to as
A) Capital money
B) capital receipt
C) capital revenue
D) capital expenditure
  • 18. 18. A _____________ budget is when revenue equals to expenditure
A) unbalanced
B) balanced
C) surplus
D) deficit
  • 19. 19. ________________ is a financial statement of the total revenue and proposed expenditure
A) Report sheets
B) Balance sheet
C) Budget
D) Bonus
  • 20. 20. Which of the following can be used to foster economic growth and development.
A) Budget
B) Scale of preference
C) Choice
D) Opportunity cost
  • 21. 21. There are ___________ types of budget.
A) two
B) five
C) three
D) four
  • 22. 22. When inflows are equal to outflows, the budget is said to be
A) deficit
B) balanced
C) suplex
D) surplus
  • 23. 23. When a government spending exceeds government revenue, the budget is said to be
A) balanced budget
B) surplus budget
C) deficit budget
D) budget
  • 24. 24. A budget _____________ occurs when the government spending is less than government revenue
A) balance balanced budget
B) surplus
C) deficit
D) balanced
  • 25. 25. The following are sources of government borrowing in Nigeria except
A) POS
B) Treasury certificate
C) Development stocks
D) Treasury bills
  • 26. 26. Government stocks that are used for long- term borrowing is called
A) Development projects
B) Master plan
C) Development plan
D) Development stock
  • 27. 27. Mathematically, NNP = GNP --- ?
A) Depreciation
B) Surplus
C) Deficit
D) Appreciation
  • 28. 28. Mathematically, GNP = GDP + ?
A) Net sales
B) Network from abroad
C) Net tax
D) Net income from abroad
  • 29. 29. The amount earned by individual for taking part in the production of goods and services is called
A) Personal income
B) National savings
C) Personal savings
D) Personal development
  • 30. 30. ___________ is defined as the quantity of goods or services that consumers are willing to buy at alternative prices over a given period of time.
A) Supply
B) Equilibrium
C) Equipment
D) Demand
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