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

Created with That Quiz — where test making and test taking are made easy for math and other subject areas.