AIC SS1 Economics 3rd Term Exam 2022/23
  • 1. 1. An independently administered business unit is called ______
A) Factory
B) Farm
C) Administrative
D) Firm
  • 2. 2. A place where a firm carries out its productive activities is referred to as __________
A) Company
B) Factory
C) Firm
D) Office
  • 3. 3. The main aim of engaging in business activities is __________
A) for fun sake
B) to give out goods freely
C) to make profit
D) for charitable purpose
  • 4. 4. Another name for public enterprise is ____________
A) Private establishment
B) Public office
C) Public Corporation
D) Public domain
  • 5. 5. Public enterprises are established by ____________
A) Corporate affiliate Commission
B) Acts of parliament
C) Company Affairs Commission
D) Corporate Affairs Commission
  • 6. 6. There are _________ major types of business organizations.
A) three
B) two
C) twenty
D) four only
  • 7. 7. _____________ are the enterprises owned and managed by private individuals.
A) Public Enterprises
B) Small Enterprises
C) Large Enterprises
D) Private Enterprises
  • 8. 8. Business organizations that are owned, controlled and managed by the government is called _________
A) Public Enterprises
B) Private Enterprises
C) Public domains
D) Entrepreneurial activities
  • 9. 9. One of the features of private enterprise is
A) Public enterprise is a legal entity
B) None of the above
C) Ownership belongs to the government
D) Private individuals provide the capital
  • 10. 10. A form of business owned and managed by one person is called
A) Sole enterprise
B) Sole materials
C) All of the above
D) Sole Proprietorship
  • 11. 12. Economics is a social science because it
A) studies animal behaviour
B) studies materialism
C) studies human behaviour
D) operate human behaviour
  • 12. 13. ____________ deals with the smaller unit or component of the economy
A) Macro economics
B) Micro economics
C) economy
D) Mixed economy
  • 13. 14. Macro economics deals with the _____________
A) agency
B) smaller unit
C) aggregate economy
D) smaller agent
  • 14. 15. ____________ is a form of business organization whose life span depends on the owner.
A) Partnership
B) Corporation
C) Company
D) Sole Proprietorship
  • 15. 16. In banking industry, ownership is between __________________.
A) 2 to 10
B) 2 to 20
C) 2 to 50
D) 2 to infinity
  • 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-Private limited Company
D) Public 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 domain
D) Public Corporation
  • 19. 20. Bluebird Nigeria Limited is an example of
A) Sole Proprietorship
B) Sole trade
C) Public company
D) Private limited liability company
  • 20. 21. Another name for public corporation is _____________
A) Statutory Corporation
B) Private Enterprise
C) Private Corporation
D) Partnership
  • 21. 22. The main objective of public corporation is
A) to create fun
B) to make huge profit
C) to render social services to the people
D) to give out cash
  • 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) False
B) No idea
C) I don't know
D) True
  • 24. 25. The reward for land is ___________
A) rent
B) profit
C) interest
D) salary
  • 25. 26. The reward for entrepreneur is __________
A) interest
B) profir
C) Let
D) lease
  • 26. 27. Production is not complete until goods produced reach the _____________
A) final consumer
B) final distributor
C) final seller
D) final retailer
  • 27. 28. The most populous continent in the world is _______________
A) Europe
B) Asia
C) America
D) Antarctica
  • 28. 29. The most populous country in the world is _____________
A) Nigeria
B) China
C) India
D) North Korea
  • 29. 30. ______________ is defined as the total number of people living in a country.
A) Population
B) People
C) Scale of preference
D) Opportunity Cost
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