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) interest
C) buy
D) purchase
  • 3. Economics is regarded as social science because it
A) studies all on earth
B) studies human behaviour
C) studies the global world
D) studies the animal 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) Perishable
C) Durable
D) Non durable
  • 6. ___________ is an activity that involves the creation of goods and services.
A) Diction
B) Induction
C) Reproduction
D) Production
  • 7. ___________ refers to the extraction of raw materials from the soil.
A) College Production
B) Secondary production
C) Primary production
D) University production
  • 8. There are ____________ factors of production
A) four
B) three
C) six
D) five
  • 9. The reward for capital is called
A) profit
B) interest
C) purchase
D) rent
  • 10. The reward for the fourth factor of production is called
A) wages and salaries
B) interest
C) rent
D) profit
  • 11. There are _________ types of goods
A) four
B) five
C) three
D) two
  • 12. Utility means
A) Satisfaction a consumer derives goods and services
B) Production
C) goods
D) services
  • 13. ___________ refer to resources that are combined together to produce goods and services.
A) Capital
B) Labour
C) Factors of production
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) brown collar jobs
D) white collar jobs
  • 16. ___________ is man - made.
A) None of the options
B) Land
C) Labour
D) Capital
  • 17. ____________ promotes division of labour
A) Labour
B) Industry
C) Capital
D) Land
  • 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) primary production
C) tertiary production
D) capital production
  • 20. Which of the following factors serves as sources of minerals
A) Entrepreneur
B) Land
C) Labour
D) Capital
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