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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) Factory
B) Firm
C) Office
D) Company
  • 3. 3. The main aim of engaging in business activities is __________
A) to make profit
B) for charitable purpose
C) to give out goods freely
D) for fun sake
  • 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) Corporate affiliate Commission
B) Company Affairs Commission
C) Corporate Affairs Commission
D) Acts of parliament
  • 6. 6. There are _________ major types of business organizations.
A) twenty
B) three
C) four only
D) two
  • 7. 7. _____________ are the enterprises owned and managed by private individuals.
A) Small Enterprises
B) Public Enterprises
C) Private Enterprises
D) Large Enterprises
  • 8. 8. Business organizations that are owned, controlled and managed by the government is called _________
A) Private Enterprises
B) Public Enterprises
C) Entrepreneurial activities
D) Public domains
  • 9. 9. One of the features of private enterprise is
A) Private individuals provide the capital
B) Public enterprise is a legal entity
C) Ownership belongs to the government
D) None of the above
  • 10. 10. A form of business owned and managed by one person is called
A) Sole enterprise
B) All of the above
C) Sole materials
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) Macro economics
C) Mixed economy
D) economy
  • 13. 14. Macro economics deals with the _____________
A) aggregate economy
B) smaller agent
C) smaller unit
D) agency
  • 14. 15. ____________ is a form of business organization whose life span depends on the owner.
A) Partnership
B) Sole Proprietorship
C) Company
D) Corporation
  • 15. 16. In banking industry, ownership is between __________________.
A) 2 to 10
B) 2 to 20
C) 2 to infinity
D) 2 to 50
  • 16. 17. The main objective of partnership is _____________
A) to make profit
B) for fun sake
C) to make wishes
D) to dole out cash
  • 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) 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 create fun
B) to make huge profit
C) to render social services to the people
D) to give out cash
  • 22. 23. Nigeria Port Authority, Nigerian Railway Corporation and Nigerian Communication Commission are examples of ______________
A) Private Corporation
B) Public Corporation
C) Private Company
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) rent
C) interest
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 consumer
B) final seller
C) final distributor
D) final retailer
  • 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) Nigeria
B) North Korea
C) China
D) India
  • 29. 30. Nigeria is regarded as the ______________
A) Giant of South America
B) Giant of Africa
C) Giant of Asia
D) Ant of Africa
  • 30. 31. ______________ is defined as the total number of people living in a country.
A) Opportunity Cost
B) Scale of preference
C) Population
D) People
  • 31. 32. _____________ is the head count of all the nationals of a country.
A) Head count
B) Population Census
C) Counting
D) Listing
  • 32. 33. _______________ must be conducted in every ten years.
A) Productive activities
B) Product differentiation
C) Production Census
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) people
B) proxy
C) person
D) Foreigner
  • 34. 35. One of the reasons for population census is
A) to evenly distribute palliatives
B) to determine the standard if living
C) to determine the number of vehicular movements on the roads
D) to distribute cash
  • 35. 36. _____________ is said to be the father of Economics.
A) Alfred Marshal
B) Adams Smith
C) Lionel C. Robbins
D) A.C Pigou
  • 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) Birth rate
B) Spending rate
C) Death rate
D) Consumption rate
  • 39. 40. Mortality means ________________
A) birth rate
B) death rate
C) total population
D) No idea
  • 40. 41. Population census which involves the counting of people who have been permanent residents of an area is called ______________
A) Population number
B) Defacto population census
C) De jure population census
D) Population density
  • 41. 42. ____________ is the movement of people from one geographical area to another
A) Migration
B) Funfare
C) Travelling
D) Voyage
  • 42. 43. There are __________ factors of production.
A) five
B) four
C) six
D) two
  • 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) Immigration
C) Travelling
D) Emigration
  • 45. 46. The type of migration in which people enter into another country is called
A) Immigration
B) Emigration
C) I don't know
D) No idea
  • 46. 47. The movement of people from rural areas to urban centres is called
A) International migration
B) Rural--rural migration
C) Urban -- urban migration
D) Rural-- urban migration
  • 47. 48. The movement of people from one country into another id called
A) Urban -- urban migration
B) None of the above
C) International migration
D) Seasonal migration
  • 48. 49. In migration, the region where people are leaving is called the __________
A) destination region
B) source region
C) Region
D) Place region
  • 49. 50. In migration, the region where people are entering is called ______________
A) good region
B) source region
C) destination region
D) regional
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