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