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