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AIC Exam Economics SS 2 2nd Term 2022/23
Contributed by: College
  • 1. The point where the demand curve equates or meets the supply curve is ______
A) saturation point
B) equilibrium point
C) quadrant point
D) Quadruple point
  • 2. A firm maximizes profit where MC equals _____
A) MR
B) TC
C) MO
D) AC
  • 3. ____________ is a market where investors can buy and sell existing shares, stocks and debentures
A) Bureau de change
B) Banks
C) Mortgage
D) Stock exchange market
  • 4. One of the conditions necessary for an imperfect market is
A) Perfect knowledge
B) Large buyers and sellers
C) Free entry and exit
D) There is transport cost
  • 5. Portable good is one of the feature necessary for a
A) monopoly
B) perfect market
C) monoplane
D) imperfect market
  • 6. Operation Feed the Nation was set up by
A) General Olusegun Obasanjo
B) Muhammadu Buhari
C) Jonathan
D) Shagari
  • 7. ADP means ___
A) Agricultural Devolution Project
B) Agricultural Development Project
C) Agricultural Development Plan
D) Agro- allied Development plan
  • 8. -------------------- plays important roles in the development of agriculture in Nigeria.
A) Farmers
B) investors
C) Individuals
D) Government
  • 9. 60- 75% of the populace are into
A) tourism
B) agriculture
C) insurance
D) warehousing
  • 10. -------- is one of the functions of marketing boards
A) To construct rural infrastructures
B) Purchase of produce
C) none of the above
D) Produce cash crop
  • 11. The marketing of agriculture produce has been the responsibility of the marketing boards
A) I don't know
B) False
C) Not clear enough
D) True
  • 12. ----------------- is the type of farming where one crop is grown in a large areas of land
A) Commercial
B) Plantation
C) Subsistence
D) Peasant
  • 13. Which of the following is the art of planting, tending and managing forests
A) Forecast
B) Fish farming
C) Cash crop
D) forestry
  • 14. _____________ is the branch of agriculture concerned with cultivation of crops.
A) Farming
B) Crop Production
C) Crop
D) Cropping
  • 15. __________ farming involves the rearing of animals either for consumption or for sale.
A) Livestock
B) Fish farming
C) Food crops
D) Forestry
  • 16. Economics is regarded as science because
A) it adopts social approach
B) It adopts all approaches
C) No idea
D) it adopts scientific approach
  • 17. _____________ is an imperfect market in which there is a single seller of a particular goods or services
A) Monopsony
B) Duopoly
C) Oligopoly
D) Monopoly
  • 18. ___________ is a market in which buyers and sellers cannot influence the prices of goods and services
A) Monopsony
B) Market competition
C) Monopoly
D) Perfect competition
  • 19. FSS means _________________
A) Farm Settlement Society
B) Farm Settlement Scheme
C) Farmer Settlement Scheme
D) Farm Scheme Settlement
  • 20. Which of the following is a type of market in which finished goods are sold and bought.
A) Factor market
B) Labour market
C) Consumer goods market
D) Capital market
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