AIC Exam Economics SS 1 2nd Term 2022/23
  • 1. Land is defined in economics as
A) the human factor
B) the human resources
C) free gift of God
D) the production of human
  • 2. The reward for labour is
A) purchase
B) wages and salary
C) buy
D) interest
  • 3. Economics is regarded as social science because it
A) studies all on earth
B) studies human behaviour
C) studies the animal behaviour
D) studies the global world
  • 4. Economics is also regarded as science because it adopts
A) specific methodology
B) specific method
C) scientific approach
D) methodological approach
  • 5. ___________ are the goods that can be used over and over again
A) Non durable
B) Durable
C) Perishable
D) Capital
  • 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) University production
C) College Production
D) Secondary production
  • 8. There are ____________ factors of production
A) three
B) six
C) four
D) five
  • 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) interest
B) wages and salaries
C) profit
D) rent
  • 11. There are _________ types of goods
A) four
B) five
C) three
D) two
  • 12. Utility means
A) Production
B) Satisfaction a consumer derives goods and services
C) services
D) goods
  • 13. ___________ refer to resources that are combined together to produce goods and services.
A) Capital
B) Land
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) red collar jobs
B) green collar jobs
C) white collar jobs
D) brown collar jobs
  • 16. ___________ is man - made.
A) Capital
B) Labour
C) None of the options
D) Land
  • 17. ____________ promotes division of labour
A) Industry
B) Land
C) Labour
D) Capital
  • 18. Which of the following requires motivation
A) Labour
B) Land
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) tertiary production
D) primary production
  • 20. Which of the following factors serves as sources of minerals
A) Capital
B) Labour
C) Land
D) Entrepreneur
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.