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