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