AIC Exam Economics SS 1 2nd Term 2022/23
  • 1. Land is defined in economics as
A) free gift of God
B) the production of human
C) the human factor
D) the human resources
  • 2. The reward for labour is
A) wages and salary
B) purchase
C) interest
D) buy
  • 3. Economics is regarded as social science because it
A) studies the animal behaviour
B) studies the global world
C) studies all on earth
D) studies human behaviour
  • 4. Economics is also regarded as science because it adopts
A) scientific approach
B) methodological approach
C) specific methodology
D) specific method
  • 5. ___________ are the goods that can be used over and over again
A) Capital
B) Perishable
C) Non durable
D) Durable
  • 6. ___________ is an activity that involves the creation of goods and services.
A) Induction
B) Diction
C) Reproduction
D) Production
  • 7. ___________ refers to the extraction of raw materials from the soil.
A) Secondary production
B) College Production
C) Primary production
D) University production
  • 8. There are ____________ factors of production
A) three
B) five
C) four
D) six
  • 9. The reward for capital is called
A) rent
B) profit
C) purchase
D) interest
  • 10. The reward for the fourth factor of production is called
A) wages and salaries
B) interest
C) profit
D) rent
  • 11. There are _________ types of goods
A) two
B) five
C) four
D) three
  • 12. Utility means
A) Satisfaction a consumer derives goods and services
B) goods
C) services
D) Production
  • 13. ___________ refer to resources that are combined together to produce goods and services.
A) Capital
B) Factors of production
C) Labour
D) Land
  • 14. One of the following is an importance of labour.
A) Provision of personnel
B) Labour has feelings
C) Labour is skilful
D) Labour is not fixed
  • 15. Another word for skilled labour is
A) green collar jobs
B) red collar jobs
C) white collar jobs
D) brown collar jobs
  • 16. ___________ is man - made.
A) Labour
B) Land
C) None of the options
D) Capital
  • 17. ____________ promotes division of labour
A) Land
B) Labour
C) Industry
D) Capital
  • 18. Which of the following requires motivation
A) Entrepreneur
B) Land
C) Labour
D) Capital
  • 19. Which of the production involves the transformation of raw materials into finished goods
A) capital production
B) secondary production
C) primary production
D) tertiary production
  • 20. Which of the following factors serves as sources of minerals
A) Entrepreneur
B) Capital
C) Land
D) Labour
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