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