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