AIC SS 1 Economics Revision Test for 3rd Term 2022/23
  • 1. 1. An independently administered business unit is called ______
A) Farm
B) Administrative
C) Firm
D) Factory
  • 2. 2. A place where a firm carries out its productive activities is referred to as __________
A) Firm
B) Company
C) Office
D) Factory
  • 3. 3. The main aim of engaging in business activities is __________
A) to give out goods freely
B) to make profit
C) for charitable purpose
D) for fun sake
  • 4. 4. Another name for public enterprise is ____________
A) Public Corporation
B) Public domain
C) Public office
D) Private establishment
  • 5. 5. Public enterprises are established by ____________
A) Corporate Affairs Commission
B) Company Affairs Commission
C) Corporate affiliate Commission
D) Acts of parliament
  • 6. 6. There are _________ major types of business organizations.
A) two
B) four only
C) three
D) twenty
  • 7. 7. _____________ are the enterprises owned and managed by private individuals.
A) Public Enterprises
B) Private Enterprises
C) Small Enterprises
D) Large Enterprises
  • 8. 8. Business organizations that are owned, controlled and managed by the government is called _________
A) Private Enterprises
B) Public Enterprises
C) Public domains
D) Entrepreneurial activities
  • 9. 9. One of the features of private enterprise is
A) Ownership belongs to the government
B) None of the above
C) Public enterprise is a legal entity
D) Private individuals provide the capital
  • 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 animal behaviour
B) operate human behaviour
C) studies materialism
D) studies human behaviour
  • 12. 13. ____________ deals with the smaller unit or component of the economy
A) Micro economics
B) Macro economics
C) Mixed economy
D) economy
  • 13. 14. Macro economics deals with the _____________
A) aggregate economy
B) smaller agent
C) agency
D) smaller unit
  • 14. 15. ____________ is a form of business organization whose life span depends on the owner.
A) Sole Proprietorship
B) Company
C) Partnership
D) Corporation
  • 15. 16. In banking industry, ownership is between __________________.
A) 2 to 10
B) 2 to 20
C) 2 to infinity
D) 2 to 50
  • 16. 17. The main objective of partnership is _____________
A) to make wishes
B) to make profit
C) to dole out cash
D) for fun sake
  • 17. 18. PLC means
A) Private limited company
B) None of the above
C) Public limited Company
D) Public-Private limited Company
  • 18. 19. ___________ is a form of company whose articles restricts the right to transfer its shares.
A) Public Corporation
B) Statutory Corporation
C) Private limited liability company
D) Public domain
  • 19. 20. Bluebird Nigeria Limited is an example of
A) Private limited liability company
B) Sole trade
C) Sole Proprietorship
D) Public 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 render social services to the people
B) to make huge profit
C) to create fun
D) to give out cash
  • 22. 23. Nigeria Port Authority, Nigerian Railway Corporation and Nigerian Communication Commission are examples of ______________
A) Public Corporation
B) Private Corporation
C) Cooperative Societies
D) Private Company
  • 23. 24. Public Enterprises are monopolistic in nature.
A) No idea
B) I don't know
C) True
D) False
  • 24. 25. The reward for land is ___________
A) rent
B) interest
C) salary
D) profit
  • 25. 26. The reward for entrepreneur is __________
A) interest
B) Let
C) profir
D) lease
  • 26. 27. Production is not complete until goods produced reach the _____________
A) final retailer
B) final consumer
C) final distributor
D) final seller
  • 27. 28. The most populous continent in the world is _______________
A) Europe
B) Antarctica
C) Asia
D) America
  • 28. 29. The most populous country in the world is _____________
A) Nigeria
B) India
C) North Korea
D) China
  • 29. 30. Nigeria is regarded as the ______________
A) Giant of Africa
B) Giant of South America
C) Ant of Africa
D) Giant of Asia
  • 30. 31. ______________ is defined as the total number of people living in a country.
A) People
B) Population
C) Scale of preference
D) Opportunity Cost
  • 31. 32. _____________ is the head count of all the nationals of a country.
A) Population Census
B) Head count
C) Counting
D) Listing
  • 32. 33. _______________ must be conducted in every ten years.
A) Productive activities
B) Product differentiation
C) Population Census
D) Production Census
  • 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) people
C) person
D) Foreigner
  • 34. 35. One of the reasons for population census is
A) to evenly distribute palliatives
B) to determine the number of vehicular movements on the roads
C) to determine the standard if living
D) to distribute cash
  • 35. 36. _____________ is said to be the father of Economics.
A) Lionel C. Robbins
B) A.C Pigou
C) Adams Smith
D) Alfred Marshal
  • 36. 37. The widely accepted definition of Economics was put forward by
A) John Stuart Mill
B) H.J Davenport
C) Adam Smith
D) Lionel C. Robbins
  • 37. 38. Population census must be conducted by ______________
A) CAC
B) private company
C) Individuals
D) government
  • 38. 39. Natality means
A) Consumption rate
B) Death rate
C) Birth rate
D) Spending rate
  • 39. 40. Mortality means ________________
A) No idea
B) total population
C) birth rate
D) death rate
  • 40. 41. Population census which involves the counting of people who have been permanent residents of an area is called ______________
A) Population number
B) Defacto population census
C) Population density
D) De jure population census
  • 41. 42. ____________ is the movement of people from one geographical area to another
A) Travelling
B) Funfare
C) Migration
D) Voyage
  • 42. 43. There are __________ factors of production.
A) six
B) four
C) five
D) two
  • 43. 44. There are __________ types of migration.
A) five
B) four
C) three
D) two
  • 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) I don't know
C) No idea
D) Immigration
  • 46. 47. The movement of people from rural areas to urban centres is called
A) Rural--rural migration
B) Urban -- urban migration
C) International migration
D) Rural-- urban migration
  • 47. 48. The movement of people from one country into another id called
A) None of the above
B) Seasonal migration
C) International migration
D) Urban -- urban migration
  • 48. 49. In migration, the region where people are leaving is called the __________
A) Region
B) Place region
C) destination region
D) source region
  • 49. 50. In migration, the region where people are entering is called ______________
A) source region
B) regional
C) destination region
D) good region
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