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) Quadruple point
D) quadrant point
  • 2. A firm maximizes profit where MC equals _____
A) MO
B) MR
C) TC
D) AC
  • 3. ____________ is a market where investors can buy and sell existing shares, stocks and debentures
A) Banks
B) Bureau de change
C) Mortgage
D) Stock exchange market
  • 4. One of the conditions necessary for an imperfect market is
A) Free entry and exit
B) There is transport cost
C) Large buyers and sellers
D) Perfect knowledge
  • 5. Portable good is one of the feature necessary for a
A) imperfect market
B) perfect market
C) monopoly
D) monoplane
  • 6. Operation Feed the Nation was set up by
A) Muhammadu Buhari
B) Jonathan
C) Shagari
D) General Olusegun Obasanjo
  • 7. ADP means ___
A) Agro- allied Development plan
B) Agricultural Development Plan
C) Agricultural Development Project
D) Agricultural Devolution Project
  • 8. -------------------- plays important roles in the development of agriculture in Nigeria.
A) Individuals
B) Government
C) Farmers
D) investors
  • 9. 60- 75% of the populace are into
A) warehousing
B) tourism
C) insurance
D) agriculture
  • 10. -------- is one of the functions of marketing boards
A) To construct rural infrastructures
B) Purchase of produce
C) Produce cash crop
D) none of the above
  • 11. The marketing of agriculture produce has been the responsibility of the marketing boards
A) I don't know
B) True
C) False
D) Not clear enough
  • 12. ----------------- is the type of farming where one crop is grown in a large areas of land
A) Plantation
B) Peasant
C) Subsistence
D) Commercial
  • 13. Which of the following is the art of planting, tending and managing forests
A) Cash crop
B) Fish farming
C) Forecast
D) forestry
  • 14. _____________ is the branch of agriculture concerned with cultivation of crops.
A) Farming
B) Cropping
C) Crop Production
D) Crop
  • 15. __________ farming involves the rearing of animals either for consumption or for sale.
A) Food crops
B) Fish farming
C) Livestock
D) Forestry
  • 16. Economics is regarded as science because
A) it adopts social approach
B) it adopts scientific approach
C) It adopts all approaches
D) No idea
  • 17. _____________ is an imperfect market in which there is a single seller of a particular goods or services
A) Monopsony
B) Duopoly
C) Oligopoly
D) Monopoly
  • 18. ___________ is a market in which buyers and sellers cannot influence the prices of goods and services
A) Monopoly
B) Perfect competition
C) Market competition
D) Monopsony
  • 19. FSS means _________________
A) Farm Scheme Settlement
B) Farmer Settlement Scheme
C) Farm Settlement Scheme
D) Farm Settlement Society
  • 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
Students who took this test also took :

Created with That Quiz — a math test site for students of all grade levels.