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AIC SS 2 Economics 3rd Term Exam 2022/23
Contributed by: College
  • 1. 1. A firm maximises profit where
A) MB=MA
B) MC>MV
C) MC=MR
D) MC<MR
  • 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) good fiscal policy
B) control of inflation
C) equitable distribution of income
D) satisfaction of needs
  • 4. 4. An aspect of economics that deals with government revenue and expenditure is called
A) Public regulations
B) Public finance
C) Publicity
D) Public control
  • 5. 5. Need refers to ____________________
A) none of the above
B) necessity
C) luxury
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) False
C) Too complex
D) No idea
  • 8. 8. The two major types of taxes are ___________ and ________________.
A) direct and direct
B) direct and suplex
C) direct and indirect
D) direct and deficit
  • 9. 9. ______________ is a regular source of revenue.
A) Recurring expense
B) Recurrent revenue
C) Recurrent experience
D) Recurring expenditure
  • 10. 10. Loans obtained from the World Bank is called
A) internal/external revenue
B) external revenue
C) internal revenue
D) all of the above
  • 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) budget
B) Expenditure
C) election
D) revenue
  • 13. 13. VAT means
A) Value added Tap
B) none of the above
C) Value Added Tax
D) Value added top
  • 14. 14. Payment of pensions is an example of _____________
A) transfer services
B) Bank payment
C) Bank money
D) Bank transfer
  • 15. 15. _____________ refers to total expenses incurred by public authorities in all levels of administration.
A) Government revenue
B) Government expenditure
C) I don't know
D) Government taxation
  • 16. 16. Expenses which are repeated on a yearly basis is called
A) Recurrent money
B) Recurrent revenue
C) Recurrent salary
D) Recurrent expenditure
  • 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) unbalanced
B) balanced
C) surplus
D) deficit
  • 19. 19. ________________ is a financial statement of the total revenue and proposed expenditure
A) Report sheets
B) Bonus
C) Balance sheet
D) Budget
  • 20. 20. Which of the following can be used to foster economic growth and development.
A) Scale of preference
B) Choice
C) Opportunity cost
D) Budget
  • 21. 21. There are ___________ types of budget.
A) five
B) two
C) four
D) three
  • 22. 22. When inflows are equal to outflows, the budget is said to be
A) balanced
B) surplus
C) deficit
D) suplex
  • 23. 23. When a government spending exceeds government revenue, the budget is said to be
A) budget
B) surplus budget
C) deficit budget
D) balanced budget
  • 24. 24. A budget _____________ occurs when the government spending is less than government revenue
A) balance balanced budget
B) balanced
C) deficit
D) surplus
  • 25. 25. The following are sources of government borrowing in Nigeria except
A) Treasury certificate
B) POS
C) Treasury bills
D) Development stocks
  • 26. 26. Government stocks that are used for long- term borrowing is called
A) Development stock
B) Master plan
C) Development projects
D) Development plan
  • 27. 27. Mathematically, NNP = GNP --- ?
A) Depreciation
B) Appreciation
C) Deficit
D) Surplus
  • 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 savings
B) Personal development
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) Equilibrium
B) Demand
C) Supply
D) Equipment
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