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