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