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