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