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AIC SS 1 Economics Revision Test for 3rd Term 2022/23
Contributed by: College
  • 1. 1. An independently administered business unit is called ______
A) Firm
B) Farm
C) Factory
D) Administrative
  • 2. 2. A place where a firm carries out its productive activities is referred to as __________
A) Company
B) Firm
C) Office
D) Factory
  • 3. 3. The main aim of engaging in business activities is __________
A) for fun sake
B) for charitable purpose
C) to make profit
D) to give out goods freely
  • 4. 4. Another name for public enterprise is ____________
A) Public office
B) Public Corporation
C) Public domain
D) Private establishment
  • 5. 5. Public enterprises are established by ____________
A) Company Affairs Commission
B) Corporate affiliate Commission
C) Acts of parliament
D) Corporate Affairs Commission
  • 6. 6. There are _________ major types of business organizations.
A) twenty
B) two
C) four only
D) three
  • 7. 7. _____________ are the enterprises owned and managed by private individuals.
A) Private Enterprises
B) Public Enterprises
C) Small Enterprises
D) Large Enterprises
  • 8. 8. Business organizations that are owned, controlled and managed by the government is called _________
A) Public domains
B) Public Enterprises
C) Entrepreneurial activities
D) Private Enterprises
  • 9. 9. One of the features of private enterprise is
A) Private individuals provide the capital
B) Public enterprise is a legal entity
C) None of the above
D) Ownership belongs to the government
  • 10. 10. A form of business owned and managed by one person is called
A) Sole materials
B) All of the above
C) Sole Proprietorship
D) Sole enterprise
  • 11. 12. Economics is a social science because it
A) operate human behaviour
B) studies materialism
C) studies animal behaviour
D) studies human behaviour
  • 12. 13. ____________ deals with the smaller unit or component of the economy
A) economy
B) Macro economics
C) Mixed economy
D) Micro economics
  • 13. 14. Macro economics deals with the _____________
A) smaller unit
B) smaller agent
C) agency
D) aggregate economy
  • 14. 15. ____________ is a form of business organization whose life span depends on the owner.
A) Corporation
B) Company
C) Partnership
D) Sole Proprietorship
  • 15. 16. In banking industry, ownership is between __________________.
A) 2 to 10
B) 2 to infinity
C) 2 to 50
D) 2 to 20
  • 16. 17. The main objective of partnership is _____________
A) for fun sake
B) to dole out cash
C) to make profit
D) to make wishes
  • 17. 18. PLC means
A) None of the above
B) Public limited Company
C) Private limited company
D) Public-Private limited Company
  • 18. 19. ___________ is a form of company whose articles restricts the right to transfer its shares.
A) Public domain
B) Private limited liability company
C) Statutory Corporation
D) Public Corporation
  • 19. 20. Bluebird Nigeria Limited is an example of
A) Private limited liability company
B) Sole trade
C) Sole Proprietorship
D) Public company
  • 20. 21. Another name for public corporation is _____________
A) Statutory Corporation
B) Private Corporation
C) Private Enterprise
D) Partnership
  • 21. 22. The main objective of public corporation is
A) to create fun
B) to give out cash
C) to make huge profit
D) to render social services to the people
  • 22. 23. Nigeria Port Authority, Nigerian Railway Corporation and Nigerian Communication Commission are examples of ______________
A) Private Company
B) Private Corporation
C) Public Corporation
D) Cooperative Societies
  • 23. 24. Public Enterprises are monopolistic in nature.
A) False
B) No idea
C) True
D) I don't know
  • 24. 25. The reward for land is ___________
A) salary
B) profit
C) rent
D) interest
  • 25. 26. The reward for entrepreneur is __________
A) profir
B) interest
C) Let
D) lease
  • 26. 27. Production is not complete until goods produced reach the _____________
A) final consumer
B) final retailer
C) final seller
D) final distributor
  • 27. 28. The most populous continent in the world is _______________
A) Asia
B) Europe
C) America
D) Antarctica
  • 28. 29. The most populous country in the world is _____________
A) China
B) Nigeria
C) North Korea
D) India
  • 29. 30. Nigeria is regarded as the ______________
A) Giant of Asia
B) Giant of Africa
C) Giant of South America
D) Ant of Africa
  • 30. 31. ______________ is defined as the total number of people living in a country.
A) People
B) Population
C) Opportunity Cost
D) Scale of preference
  • 31. 32. _____________ is the head count of all the nationals of a country.
A) Counting
B) Listing
C) Population Census
D) Head count
  • 32. 33. _______________ must be conducted in every ten years.
A) Product differentiation
B) Production Census
C) Population Census
D) Productive activities
  • 33. 34. One of the characteristics of a good population census is that it must involve the physical counting of people rather than by ________
A) Foreigner
B) people
C) person
D) proxy
  • 34. 35. One of the reasons for population census is
A) to determine the standard if living
B) to determine the number of vehicular movements on the roads
C) to evenly distribute palliatives
D) to distribute cash
  • 35. 36. _____________ is said to be the father of Economics.
A) A.C Pigou
B) Lionel C. Robbins
C) Adams Smith
D) Alfred Marshal
  • 36. 37. The widely accepted definition of Economics was put forward by
A) John Stuart Mill
B) Lionel C. Robbins
C) H.J Davenport
D) Adam Smith
  • 37. 38. Population census must be conducted by ______________
A) Individuals
B) government
C) private company
D) CAC
  • 38. 39. Natality means
A) Consumption rate
B) Spending rate
C) Birth rate
D) Death rate
  • 39. 40. Mortality means ________________
A) death rate
B) No idea
C) birth rate
D) total population
  • 40. 41. Population census which involves the counting of people who have been permanent residents of an area is called ______________
A) De jure population census
B) Defacto population census
C) Population density
D) Population number
  • 41. 42. ____________ is the movement of people from one geographical area to another
A) Travelling
B) Voyage
C) Migration
D) Funfare
  • 42. 43. There are __________ factors of production.
A) five
B) six
C) four
D) two
  • 43. 44. There are __________ types of migration.
A) five
B) two
C) four
D) three
  • 44. 45. The type of migration in which people leave their own countries is called
A) Immigration
B) Funfare
C) Travelling
D) Emigration
  • 45. 46. The type of migration in which people enter into another country is called
A) I don't know
B) Emigration
C) Immigration
D) No idea
  • 46. 47. The movement of people from rural areas to urban centres is called
A) Rural-- urban migration
B) Rural--rural migration
C) Urban -- urban migration
D) International migration
  • 47. 48. The movement of people from one country into another id called
A) None of the above
B) International migration
C) Seasonal migration
D) Urban -- urban migration
  • 48. 49. In migration, the region where people are leaving is called the __________
A) source region
B) destination region
C) Place region
D) Region
  • 49. 50. In migration, the region where people are entering is called ______________
A) good region
B) source region
C) regional
D) destination region
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