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