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