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