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