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AIC SS 2 Economics Revision Test for 3rd Term 2022/23
Contributed by: College
  • 1. 1. A firm maximises profit where
A) MB=MA
B) MC<MR
C) MC>MV
D) MC=MR
  • 2. 2. A point at which DD=SS is referred to as
A) Equality point
B) Equipment point
C) Equilibrium point
D) Stabilization point
  • 3. 3. One of the following is the objectives of public finance except
A) control of inflation
B) equitable distribution of income
C) good fiscal policy
D) satisfaction of needs
  • 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) necessity
B) none of the above
C) desire
D) luxury
  • 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) Too complex
B) No idea
C) False
D) True
  • 8. 8. The two major types of taxes are ___________ and ________________.
A) direct and direct
B) direct and suplex
C) direct and deficit
D) direct and indirect
  • 9. 9. ______________ is a regular source of revenue.
A) Recurrent revenue
B) Recurrent experience
C) Recurring expense
D) Recurring expenditure
  • 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) Intra
B) external
C) internal
D) extra
  • 12. 12. The fiscal policy of the government are incorporated in the _______________ .
A) Expenditure
B) election
C) budget
D) revenue
  • 13. 13. VAT means
A) Value Added Tax
B) Value added top
C) Value added Tap
D) none of the above
  • 14. 14. Payment of pensions is an example of _____________
A) Bank payment
B) Bank transfer
C) transfer services
D) Bank money
  • 15. 15. _____________ refers to total expenses incurred by public authorities in all levels of administration.
A) Government revenue
B) Government taxation
C) I don't know
D) Government expenditure
  • 16. 16. Expenses which are repeated on a yearly basis is called
A) Recurrent money
B) Recurrent salary
C) Recurrent expenditure
D) Recurrent revenue
  • 17. 17. Expenses on projects which are permanent in nature is referred to as
A) capital receipt
B) capital revenue
C) Capital money
D) capital expenditure
  • 18. 18. A _____________ budget is when revenue equals to expenditure
A) unbalanced
B) surplus
C) deficit
D) balanced
  • 19. 19. ________________ is a financial statement of the total revenue and proposed expenditure
A) Bonus
B) Budget
C) Report sheets
D) Balance sheet
  • 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) balanced
C) surplus
D) suplex
  • 23. 23. When a government spending exceeds government revenue, the budget is said to be
A) surplus budget
B) balanced budget
C) budget
D) deficit budget
  • 24. 24. A budget _____________ occurs when the government spending is less than government revenue
A) balanced
B) deficit
C) surplus
D) balance balanced budget
  • 25. 25. The following are sources of government borrowing in Nigeria except
A) Treasury bills
B) Development stocks
C) Treasury certificate
D) POS
  • 26. 26. Government stocks that are used for long- term borrowing is called
A) Development projects
B) Development plan
C) Development stock
D) Master plan
  • 27. 27. Mathematically, NNP = GNP --- ?
A) Surplus
B) Depreciation
C) Deficit
D) Appreciation
  • 28. 28. Mathematically, GNP = GDP + ?
A) Network from abroad
B) Net tax
C) Net sales
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) National savings
B) Personal income
C) Personal development
D) Personal savings
  • 30. 30. Nominal income expressed in terms of what it can buy.
A) National income
B) Personal income
C) Real income
D) Nominal income
  • 31. 31. Per capita income is also called
A) stock exchange
B) stock valuations
C) currency per earning
D) income per capital
  • 32. 32. The formula for calculating national income using expenditure method is
A) C+I +G +(M --X) + subsidies -- Taxes -- Depreciation
B) C +I + G + Subsidies --- Taxes -- Depreciation
C) C+I+G+(X--M) + subsidies --- Taxes -- Depreciation
D) C+G+ I +(X+M) -- subsidies --Taxes --Depreciation
  • 33. 33. There are __________ approaches or methods of calculating NI
A) six
B) four
C) five
D) three
  • 34. 34. The following are uses of national income except one
A) Problem of double counting
B) Index for classification
C) Redistribution of income
D) Economic planning
  • 35. 35. The following are problems of computing National Income except
A) Problems of inflation
B) Incomplete information
C) Ignorance and illiteracy
D) Estimation of assets and liabilities
  • 36. 36. Measurement of level of economic performance is one uses of National Income
A) No idea
B) Complex
C) True
D) False
  • 37. 37. The type of demand which occurs as a result of demand for other commodities is referred to as
A) Derived demand
B) Composite demand
C) Joint demand
D) Complementary demand
  • 38. 38. A demand which occurs when two commodities that are related to each other are demanded at the same time.
A) Competitive demand
B) Derived demand
C) Joint demand
D) Good demand
  • 39. 39. The formula :C+I+G+ (X-M)+ subsidies -- Taxes -- Depreciation is used for calculating
A) National Development
B) Development Plan
C) National Income
D) National Debts
  • 40. 40. The use of tools like hoe,cutlasses and other crude tools are majorly used in
A) commercial farming
B) Cooperative farming
C) subsistence farming
D) Plantation farming
  • 41. 41. If the quantity demanded(Qd) = 20 --2p and quantity supplied (QS) = 6p --12. Determine the equilibrium price.
A) 12
B) 32
C) 8
D) 4
  • 42. 42. If the Quantity demanded (Qd) = 20 -- 2p and the Quantity Supplied (QS)= 6p --12. Determine the equilibrium quantity.
A) 30
B) 18
C) 12
D) 4
  • 43. 43. When two commodities have fairly close substitutes, demand is said to be ____________
A) competitive
B) derived
C) composite
D) All of the above
  • 44. 44. The first law of demand states that all things being equal
A) the lower the price
B) the higher the price, the lower the quantity of goods to be demanded and vice versa
C) the higher the price , the higher the quantity of goods to be demanded
D) the higher the price ,the lower the quantity of goods to be supplied
  • 45. 45. The following are factors affecting demand except
A) the price of other commodities
B) population
C) number of producers
D) price
  • 46. 46. The second law of demand and supply states that all things being equal
A) the higher the price, the higher the quantity of goods to be demanded
B) the higher the price, the higher the quantity of goods to be supplied
C) None of the above
D) the lower the price,the higher the quantity of goods to supplied
  • 47. 47. The following are factors affecting supply except
A) Income of the consumer
B) Price
C) Taxation
D) Weather
  • 48. 48. ___________ 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
  • 49. 49. ___________ refers to the desire for goods and services.
A) Demand
B) No idea
C) Want
D) Supply
  • 50. 50. ____________ is the production of crops and rearing of animals for man's use.
A) Mining
B) Agriculture
C) Lumbering
D) Searching
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