AIC Exam Economics SS 2 2nd Term 2022/23
  • 1. The point where the demand curve equates or meets the supply curve is ______
A) equilibrium point
B) saturation point
C) quadrant point
D) Quadruple point
  • 2. A firm maximizes profit where MC equals _____
A) AC
B) MR
C) MO
D) TC
  • 3. ____________ is a market where investors can buy and sell existing shares, stocks and debentures
A) Mortgage
B) Bureau de change
C) Stock exchange market
D) Banks
  • 4. One of the conditions necessary for an imperfect market is
A) Free entry and exit
B) Perfect knowledge
C) There is transport cost
D) Large buyers and sellers
  • 5. Portable good is one of the feature necessary for a
A) monoplane
B) perfect market
C) monopoly
D) imperfect market
  • 6. Operation Feed the Nation was set up by
A) Jonathan
B) Muhammadu Buhari
C) General Olusegun Obasanjo
D) Shagari
  • 7. ADP means ___
A) Agricultural Development Plan
B) Agro- allied Development plan
C) Agricultural Development Project
D) Agricultural Devolution Project
  • 8. -------------------- plays important roles in the development of agriculture in Nigeria.
A) Farmers
B) investors
C) Government
D) Individuals
  • 9. 60- 75% of the populace are into
A) agriculture
B) insurance
C) tourism
D) warehousing
  • 10. -------- is one of the functions of marketing boards
A) Purchase of produce
B) Produce cash crop
C) none of the above
D) To construct rural infrastructures
  • 11. The marketing of agriculture produce has been the responsibility of the marketing boards
A) I don't know
B) Not clear enough
C) False
D) True
  • 12. ----------------- is the type of farming where one crop is grown in a large areas of land
A) Plantation
B) Peasant
C) Commercial
D) Subsistence
  • 13. Which of the following is the art of planting, tending and managing forests
A) forestry
B) Fish farming
C) Forecast
D) Cash crop
  • 14. _____________ is the branch of agriculture concerned with cultivation of crops.
A) Cropping
B) Crop
C) Farming
D) Crop Production
  • 15. __________ farming involves the rearing of animals either for consumption or for sale.
A) Forestry
B) Food crops
C) Livestock
D) Fish farming
  • 16. Economics is regarded as science because
A) it adopts scientific approach
B) It adopts all approaches
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) Duopoly
B) Monopoly
C) Monopsony
D) Oligopoly
  • 18. ___________ is a market in which buyers and sellers cannot influence the prices of goods and services
A) Monopsony
B) Monopoly
C) Market competition
D) Perfect competition
  • 19. FSS means _________________
A) Farm Settlement Scheme
B) Farmer Settlement Scheme
C) Farm Settlement Society
D) Farm Scheme Settlement
  • 20. Which of the following is a type of market in which finished goods are sold and bought.
A) Capital market
B) Labour market
C) Factor market
D) Consumer goods market
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