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