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