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