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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) Factory
C) Farm
D) Firm
  • 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) 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 Corporation
B) Private establishment
C) Public domain
D) Public office
  • 5. 5. Public enterprises are established by ____________
A) Acts of parliament
B) Company Affairs Commission
C) Corporate Affairs Commission
D) Corporate affiliate Commission
  • 6. 6. There are _________ major types of business organizations.
A) twenty
B) two
C) three
D) four only
  • 7. 7. _____________ are the enterprises owned and managed by private individuals.
A) Small Enterprises
B) Public Enterprises
C) Large Enterprises
D) Private Enterprises
  • 8. 8. Business organizations that are owned, controlled and managed by the government is called _________
A) Entrepreneurial activities
B) Private Enterprises
C) Public domains
D) Public Enterprises
  • 9. 9. One of the features of private enterprise is
A) Public enterprise is a legal entity
B) Private individuals provide the capital
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 enterprise
D) Sole Proprietorship
  • 11. 12. Economics is a social science because it
A) studies materialism
B) operate human behaviour
C) studies human behaviour
D) studies animal 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) aggregate economy
B) smaller agent
C) agency
D) smaller unit
  • 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 50
B) 2 to 20
C) 2 to infinity
D) 2 to 10
  • 16. 17. The main objective of partnership is _____________
A) to make wishes
B) to dole out cash
C) for fun sake
D) to make profit
  • 17. 18. PLC means
A) None of the above
B) Private limited company
C) Public-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 Corporation
B) Statutory Corporation
C) Public domain
D) Private limited liability company
  • 19. 20. Bluebird Nigeria Limited is an example of
A) Private limited liability company
B) Public company
C) Sole trade
D) Sole Proprietorship
  • 20. 21. Another name for public corporation is _____________
A) Private Enterprise
B) Private Corporation
C) Statutory Corporation
D) Partnership
  • 21. 22. The main objective of public corporation is
A) to render social services to the people
B) to give out cash
C) to create fun
D) to make huge profit
  • 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) No idea
B) False
C) I don't know
D) True
  • 24. 25. The reward for land is ___________
A) profit
B) salary
C) rent
D) interest
  • 25. 26. The reward for entrepreneur is __________
A) Let
B) interest
C) lease
D) profir
  • 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) Asia
B) Europe
C) Antarctica
D) America
  • 28. 29. The most populous country in the world is _____________
A) Nigeria
B) India
C) China
D) North Korea
  • 29. 30. Nigeria is regarded as the ______________
A) Ant of Africa
B) Giant of Africa
C) Giant of South America
D) Giant of Asia
  • 30. 31. ______________ is defined as the total number of people living in a country.
A) Population
B) People
C) Opportunity Cost
D) Scale of preference
  • 31. 32. _____________ is the head count of all the nationals of a country.
A) Counting
B) Head count
C) Population Census
D) Listing
  • 32. 33. _______________ must be conducted in every ten years.
A) Product differentiation
B) Population Census
C) Production 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) people
B) person
C) proxy
D) Foreigner
  • 34. 35. One of the reasons for population census is
A) to distribute cash
B) to evenly distribute palliatives
C) to determine the number of vehicular movements on the roads
D) to determine the standard if living
  • 35. 36. _____________ is said to be the father of Economics.
A) A.C Pigou
B) Adams Smith
C) Lionel C. Robbins
D) Alfred Marshal
  • 36. 37. The widely accepted definition of Economics was put forward by
A) John Stuart Mill
B) Adam Smith
C) H.J Davenport
D) Lionel C. Robbins
  • 37. 38. Population census must be conducted by ______________
A) Individuals
B) CAC
C) government
D) private company
  • 38. 39. Natality means
A) Death rate
B) Spending rate
C) Birth rate
D) Consumption rate
  • 39. 40. Mortality means ________________
A) total population
B) No idea
C) birth rate
D) death rate
  • 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 density
C) De jure population census
D) Population number
  • 41. 42. ____________ is the movement of people from one geographical area to another
A) Funfare
B) Migration
C) Travelling
D) Voyage
  • 42. 43. There are __________ factors of production.
A) five
B) four
C) two
D) six
  • 43. 44. There are __________ types of migration.
A) three
B) two
C) five
D) four
  • 44. 45. The type of migration in which people leave their own countries is called
A) Immigration
B) Emigration
C) Funfare
D) Travelling
  • 45. 46. The type of migration in which people enter into another country is called
A) I don't know
B) Immigration
C) No idea
D) Emigration
  • 46. 47. The movement of people from rural areas to urban centres is called
A) Rural-- urban migration
B) Urban -- urban migration
C) Rural--rural 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) Urban -- urban migration
D) Seasonal migration
  • 48. 49. In migration, the region where people are leaving is called the __________
A) Place region
B) Region
C) destination region
D) source 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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