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