AIC Ss1 Economics 3rd test/1st ter 2025/2026
  • 1. Economics can be described as a\an __________
A) philosophy
B) art
C) science
D) All of the above
  • 2. Ends in Economics means ___________
A) resources
B) human want or need or desire
C) end of anything
D) none of the above
  • 3. Scarce means ______
A) limited unavailable resources
B) unlimited unavailable resources
C) unlimited available resources
D) limited available resources
  • 4. _____________ is a basic tool for economic analysis.
A) Chair
B) Stove
C) Table
D) Utensil
  • 5. The father of economics is called _________
A) Vladimir Putin
B) Adams Smith
C) Barak Obama
D) Joe Biden
  • 6. The major branches of economics are ________
A) economics and science
B) art and commercial
C) Micro and macro economics
D) science and social science
  • 7. In Economics, the word 'means' means ________
A) goods
B) services
C) all of the above
D) resources
  • 8. Choice is selecting from alternatives
A) True
B) False
  • 9. Pie charts are measured in ______
A) ratios
B) All of the above
C) percentage and degrees
D) sequences
  • 10. A table must have a _____
A) Both X and Y axes
B) Y axis
C) X axis
D) title or heading
  • 11. There are ________ major types of bar charts.
A) seven
B) four
C) three
D) six
  • 12. _____________ are charts in which pictures or drawings of objects are used.
A) Pictograms
B) Picturesque
C) All of the above
D) Picturegraph
  • 13. ____________ is a graphical representation of frequency distribution.
A) Historical
B) Heroism
C) Histographic
D) Histogram
  • 14. The multiple bar chart is used when there are three or more variables.
A) True
B) None of the above
C) Uncertain
D) False
  • 15. ____________ is used to join or connect the highest and the lowest points of a group of data.
A) bar charts
B) Pie chart
C) Line graph
D) Pie graph
  • 16. The measure of central tendency is also known as ______
A) measure of tendencies
B) measure of average
C) Uncertain
D) measure of location
  • 17. __________ is systematic and orderly arrangement of information using rows and columns for presentation.
A) Table
B) Chair
C) Bars
D) Graphs
  • 18. The reward to land as a factor of production is ____
A) rent
B) Profit
C) wage
D) interest
  • 19. Which of the following is not true about land?
A) The supply is fixed
B) Land is mobile
C) t is subject to diminishing returns
D) Land is heterogeneous
  • 20. The reward which accrues to labour for participating in production is______
A) Bonus
B) wage
C) Profit
D) Interest
  • 21. Labour can be efficient when there are ___
A) limited vacancies
B) high levels of employment
C) adequate tools to work with
D) government restrictions
  • 22. The study of Economics becomes necessary because of the ____
A) opportunity cost of goods and services
B) large population size of the world
C) Scarcity of resources
D) need to satisfy every desire of man
  • 23. The sum of items divided by the number of items is the____
A) frequency
B) median
C) mean
D) Mode Goods
  • 24. Find the median of the following set of scores 8, 9, 6, 5, 10
A) 8
B) 5
C) 9
D) 6
  • 25. The reward to capital is ___
A) Bank rate
B) rent
C) interest
D) commission
  • 26. Land includes all except ____
A) atmosphere
B) forest
C) Motor
D) sea
  • 27. Arrangement of needs in order of priority is ____
A) None
B) choice
C) scale of preference
D) ends
  • 28. One of the following is not a type of bar chart
A) Simple bar chart
B) Compound bar chart
C) Component bar chart
D) Multiple bar chart
  • 29. The total degree of a pie chart is
A) 240°
B) 180°
C) 90°
D) 360°
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