AIC SS 2 Economics 3rd Term Exam 2022/23
  • 1. 1. A firm maximises profit where
A) MC=MR
B) MC<MR
C) MB=MA
D) MC>MV
  • 2. 2. A point at which DD=SS is referred to as
A) Equipment point
B) Equilibrium point
C) Stabilization point
D) Equality point
  • 3. 3. One of the following is the objectives of public finance except
A) good fiscal policy
B) satisfaction of needs
C) control of inflation
D) equitable distribution of income
  • 4. 4. An aspect of economics that deals with government revenue and expenditure is called
A) Public regulations
B) Public finance
C) Public control
D) Publicity
  • 5. 5. Need refers to ____________________
A) none of the above
B) luxury
C) desire
D) necessity
  • 6. 6. The use of income and expenditure refers to
A) Fiscal plot
B) Fiscal police
C) Fiscal policy
D) public finance
  • 7. 7. Price stability is one of the objective of demand and supply
A) No idea
B) Too complex
C) False
D) True
  • 8. 8. The two major types of taxes are ___________ and ________________.
A) direct and suplex
B) direct and indirect
C) direct and direct
D) direct and deficit
  • 9. 9. ______________ is a regular source of revenue.
A) Recurrent revenue
B) Recurrent experience
C) Recurring expense
D) Recurring expenditure
  • 10. 10. Loans obtained from the World Bank is called
A) external revenue
B) internal revenue
C) all of the above
D) internal/external revenue
  • 11. 11. Grants and aids are sources of _____________ revenue to the government.
A) external
B) internal
C) Intra
D) extra
  • 12. 12. The fiscal policy of the government are incorporated in the _______________ .
A) election
B) Expenditure
C) budget
D) revenue
  • 13. 13. VAT means
A) Value Added Tax
B) Value added Tap
C) none of the above
D) Value added top
  • 14. 14. Payment of pensions is an example of _____________
A) Bank payment
B) Bank money
C) Bank transfer
D) transfer services
  • 15. 15. _____________ refers to total expenses incurred by public authorities in all levels of administration.
A) Government revenue
B) Government expenditure
C) I don't know
D) Government taxation
  • 16. 16. Expenses which are repeated on a yearly basis is called
A) Recurrent money
B) Recurrent expenditure
C) Recurrent revenue
D) Recurrent salary
  • 17. 17. Expenses on projects which are permanent in nature is referred to as
A) capital receipt
B) Capital money
C) capital expenditure
D) capital revenue
  • 18. 18. A _____________ budget is when revenue equals to expenditure
A) balanced
B) surplus
C) unbalanced
D) deficit
  • 19. 19. ________________ is a financial statement of the total revenue and proposed expenditure
A) Report sheets
B) Bonus
C) Budget
D) Balance sheet
  • 20. 20. Which of the following can be used to foster economic growth and development.
A) Budget
B) Choice
C) Scale of preference
D) Opportunity cost
  • 21. 21. There are ___________ types of budget.
A) five
B) four
C) three
D) two
  • 22. 22. When inflows are equal to outflows, the budget is said to be
A) suplex
B) deficit
C) surplus
D) balanced
  • 23. 23. When a government spending exceeds government revenue, the budget is said to be
A) surplus budget
B) budget
C) balanced budget
D) deficit budget
  • 24. 24. A budget _____________ occurs when the government spending is less than government revenue
A) deficit
B) surplus
C) balance balanced budget
D) balanced
  • 25. 25. The following are sources of government borrowing in Nigeria except
A) Development stocks
B) Treasury bills
C) POS
D) Treasury certificate
  • 26. 26. Government stocks that are used for long- term borrowing is called
A) Development stock
B) Development plan
C) Development projects
D) Master plan
  • 27. 27. Mathematically, NNP = GNP --- ?
A) Surplus
B) Appreciation
C) Depreciation
D) Deficit
  • 28. 28. Mathematically, GNP = GDP + ?
A) Network from abroad
B) Net sales
C) Net income from abroad
D) Net tax
  • 29. 29. The amount earned by individual for taking part in the production of goods and services is called
A) Personal income
B) Personal development
C) Personal savings
D) National savings
  • 30. 30. ___________ is defined as the quantity of goods or services that consumers are willing to buy at alternative prices over a given period of time.
A) Equipment
B) Equilibrium
C) Demand
D) Supply
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