- 1. ............ defined Economics as the practical science of production and distribution of wealth.
A) John Stuart Mill
B) Adam Smith
C) A.C. Pigou
D) Alfred Marshal
- 2. Economics is regarded as a social science because it studies
A) Human behaviour
B) Human relation
C) Human interaction
D) Human development
- 3. Economics Is also regarded as a social science because it adopts the .......
A) Production method
B) Supply method
C) Distribution method
D) Scientific method
- 4. Scale of preference is the list of wants arranged in the order of their ......
A) Want
B) Satisfaction
C) Importance
D) Choice
- 5. The importance of scale of preference include the following except
A) Optimum allocation of resources
B) Ranking of needs
C) Satisfaction of wants
D) Identification of highest priority
- 6. Human wants are many and we cannot satisfy all of them because of our ......
A) Limited resources
B) Unlimited resources
C) Unallocated resources
D) Unutilized resources
- 7. Opportunity cost is defined as an expression of cost in terms of......
A) More pressing needs
B) Foregone alternatives
C) Expression of cost
D) Satisfaction of human wants
- 8. Opportunity cost can also be called
A) Supply cost
B) Alternative cost
C) True cost
D) Buying cost
- 9. There are........ branches of Economics
A) 9
B) 7
C) 8
D) 4
- 10. ...........is the most commonly used tool for economic analysis
A) Table
B) Graphs
C) Charts
D) Histogram
- 11. ....... Is defined as a diagram showing a functional relationship between two variables
A) Histogram
B) Graphs
C) Chart
D) Table
- 12. The _____ of a graph shows what it is all about.
A) Title
B) Y-axis
C) Slope
D) X-axis
- 13. ...... Is a graphical representation of frequency distribution
A) Table
B) Graph
C) Histogram
D) Chart
- 14. ..........refers to the arrangement of data or information in tabular form to reflect their frequency
A) Arithmetic mean
B) Measure of central tendency
C) Frequency distribution
D) Frequency score
- 15. ..... .... is the problem people encounter in the society while attempting to satisfy their numerous wants
A) Basic society problems
B) Basic economic problems
C) Basic life problems
D) Basic demand problems
- 16. The following are the problems faced by the producers in the society except
A) For whom to produce
B) When to produce
C) How to produce
D) What to produce
- 17. Consumer's income is one of the factors that determine
A) When to produce
B) What to produce
C) How to produce
D) For whom to produce
- 18. Technique of production is one of the factors that determine
A) For whom to produce
B) When to produce
C) What to produce
D) How to produce
- 19. Satisfaction of wants is one of the factors that determine
A) What to produce
B) How to produce
C) When to produce
D) For whom to produce
- 20. As soon as what to produce is established, another basic economic problem that will arise is
A) How to produce
B) For whom to produce
C) When to produce
D) What to produce
- 21. Macro economics deals with......
A) larger aggregate of the economy
B) units or aggregate of the economy
C) smaller aggregate of the economy
- 22. One advantage of Macro economics Is that....
A) there is unavailability of goods and services
B) there is full employment
C) there is no employment
- 23. One of the disadvantage of Macro economics Is .....
A) negative grouping data
B) monetary policies
C) deficiency in aggregate demand
- 24. Other branches of economics include the following except
A) science economics
B) applied economics
C) pure economics
- 25. Micro economics deals with
A) bigger units of the economy
B) marketing units of the economy
C) smaller units of the economy
- 26. A table is the systematic arrangements of ....
A) economics
B) analysis
C) information
- 27. Rows and columns are used for...
A) data
B) table
C) graph
- 28. The following are characteristics of a table except
A) a table must be very simple
B) a table must have a title
C) a table must be easy to understand
- 29. .....shows functional relationship between two variables
A) table
B) diagram
C) graphs
- 30. The following are examples of graph except
A) line graphs
B) table graph
C) pie graphs
- 31. ...... could be straight or curve.
A) line graph
B) bar graph
C) pie graph
- 32. ..... provide basis for comparing variables provided in the table.
A) diagram
B) graphs
C) table
- 33. ......is a simple circle of any convenient size.
A) graph
B) bar chart
C) pie chart
- 34. ......is made up of bars of rectangle
A) bar chart
B) graph
C) pie chart
- 35. ......is a graphical representation of frequency distribution.
A) pictogram
B) histogram
C) pie chart
- 36. ......is used when the data involved are of two variables.
A) component bar chart
B) simple bar chart
C) multiple bar chart
- 37. The arithmetic mean is also popularly referred to as the
A) mode
B) median
C) mean
- 38. Measure of central tendency is also called
A) measure of distribution
B) measure of evaluation
C) measure of location
- 39. Median is ....of extremes values
A) affected by
B) extremely affected by
C) not affected by
- 40. ......is the middle value.
A) median
B) mode
C) mean
- 41. .....is the quantity of goods and services that the consumer are willing and able to buy
A) want
B) demand
C) supply
- 42. ......is a mere desire for a commodity.
A) demand
B) want
C) supply
- 43. ......states that the higher the price,the lower the quantity of goods that will be demanded
A) the law of need
B) the law of supply
C) the law of demand
- 44. The law of demand hold under the following assumptions except
A) the consumer's income change
B) the consumer's income remains constant
C) the habits of consumers remain unchanged
- 45. There are.... types of demand
A) 3
B) 4
C) 2
- 46. .......is a table showing the relationship between prices and the quantity of that commodity demanded
A) demand supply
B) demand schedule
C) demand curve
- 47. ......is a graphical representation of the information contained in the demand schedule
A) demand schedule
B) demand curve
C) demand supply
- 48. The following are the factors affecting demand except.....
A) income of the consumer
B) price
C) quantity of the commodity
- 49. .....is the quantity of any commodity that the producer are willing to offer for sale
A) supply
B) want
C) demand
- 50. .....is an activity that involves the creation of goods and services which satisfy human wants
A) production
B) creation
C) supply
- 51. ......can also be referred to as the creation of utility
A) demand
B) production
C) supply
- 52. There are.... types of goods
A) 3
B) 4
C) 2
- 53. ......are goods that can satisfy the consumer's immediate needs
A) consumer goods
B) non durable goods
C) durable goods
- 54. Milk and tomatoes are examples of......goods
A) consumer goods
B) producer goods
C) durable goods
- 55. ......are goods that can be used over and over again
A) durable goods
B) non durable
C) consumer goods
- 56. Production is grouped into...... major categories
A) 2
B) 4
C) 3
- 57. ......is the production in which an individual produces goods and services for family use
A) primary production
B) direct production
C) indirect production
- 58. ......is usually very small in size
A) direct production
B) indirect production
C) primary production
- 59. .....is the type of production in which goods and services are produced in large scale
A) tertiary production
B) primary production
C) indirect production
- 60. ..... production refers to the extraction of raw materials provided by nature
A) primary production
B) tertiary production
C) secondary production
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