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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) to give out goods freely
B) for fun sake
C) for charitable purpose
D) to make profit
  • 4. 4. Another name for public enterprise is ____________
A) Public domain
B) Public Corporation
C) Private establishment
D) Public office
  • 5. 5. Public enterprises are established by ____________
A) Acts of parliament
B) Corporate affiliate Commission
C) Company Affairs Commission
D) Corporate Affairs Commission
  • 6. 6. There are _________ major types of business organizations.
A) four only
B) two
C) twenty
D) three
  • 7. 7. _____________ are the enterprises owned and managed by private individuals.
A) Small Enterprises
B) Private Enterprises
C) Large Enterprises
D) Public Enterprises
  • 8. 8. Business organizations that are owned, controlled and managed by the government is called _________
A) Public domains
B) Private Enterprises
C) Entrepreneurial activities
D) Public 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) Sole Proprietorship
C) All of the above
D) Sole enterprise
  • 11. 12. Economics is a social science because it
A) studies materialism
B) studies human behaviour
C) studies animal behaviour
D) operate human behaviour
  • 12. 13. ____________ deals with the smaller unit or component of the economy
A) Mixed economy
B) Macro economics
C) economy
D) Micro economics
  • 13. 14. Macro economics deals with the _____________
A) smaller unit
B) smaller agent
C) aggregate economy
D) agency
  • 14. 15. ____________ is a form of business organization whose life span depends on the owner.
A) Company
B) Corporation
C) Sole Proprietorship
D) Partnership
  • 15. 16. In banking industry, ownership is between __________________.
A) 2 to 20
B) 2 to 50
C) 2 to infinity
D) 2 to 10
  • 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) Public limited Company
B) None of the above
C) Public-Private limited Company
D) 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) Public Corporation
D) Statutory Corporation
  • 19. 20. Bluebird Nigeria Limited is an example of
A) Private limited liability company
B) Public company
C) Sole Proprietorship
D) Sole trade
  • 20. 21. Another name for public corporation is _____________
A) Partnership
B) Private Enterprise
C) Statutory Corporation
D) Private Corporation
  • 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 Corporation
B) Public Corporation
C) Cooperative Societies
D) Private Company
  • 23. 24. Public Enterprises are monopolistic in nature.
A) I don't know
B) True
C) False
D) No idea
  • 24. 25. The reward for land is ___________
A) profit
B) rent
C) salary
D) interest
  • 25. 26. The reward for entrepreneur is __________
A) interest
B) lease
C) profir
D) Let
  • 26. 27. Production is not complete until goods produced reach the _____________
A) final distributor
B) final retailer
C) final seller
D) final consumer
  • 27. 28. The most populous continent in the world is _______________
A) Europe
B) Asia
C) Antarctica
D) America
  • 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) Ant of Africa
B) Giant of Asia
C) Giant of Africa
D) Giant of South America
  • 30. 31. ______________ is defined as the total number of people living in a country.
A) Opportunity Cost
B) Population
C) Scale of preference
D) People
  • 31. 32. _____________ is the head count of all the nationals of a country.
A) Head count
B) Population Census
C) Listing
D) Counting
  • 32. 33. _______________ must be conducted in every ten years.
A) Production Census
B) Product differentiation
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) proxy
D) person
  • 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 distribute cash
D) to evenly distribute palliatives
  • 35. 36. _____________ is said to be the father of Economics.
A) Lionel C. Robbins
B) Adams Smith
C) Alfred Marshal
D) A.C Pigou
  • 36. 37. The widely accepted definition of Economics was put forward by
A) Adam Smith
B) H.J Davenport
C) John Stuart Mill
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) Birth rate
B) Consumption rate
C) Spending rate
D) Death 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) Population number
B) De jure population census
C) Defacto population census
D) Population density
  • 41. 42. ____________ is the movement of people from one geographical area to another
A) Travelling
B) Funfare
C) Migration
D) Voyage
  • 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) four
C) five
D) two
  • 44. 45. The type of migration in which people leave their own countries is called
A) Emigration
B) Immigration
C) Funfare
D) Travelling
  • 45. 46. The type of migration in which people enter into another country is called
A) No idea
B) Emigration
C) I don't know
D) Immigration
  • 46. 47. The movement of people from rural areas to urban centres is called
A) Urban -- urban migration
B) Rural-- urban migration
C) Rural--rural migration
D) International migration
  • 47. 48. The movement of people from one country into another id called
A) Urban -- urban migration
B) Seasonal migration
C) International migration
D) None of the above
  • 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) regional
B) good region
C) destination region
D) source region
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