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AIC Exam Economics SS 1 2nd Term 2022/23
Contributed by: College
  • 1. Land is defined in economics as
A) the human factor
B) the production of human
C) the human resources
D) free gift of God
  • 2. The reward for labour is
A) wages and salary
B) purchase
C) interest
D) buy
  • 3. Economics is regarded as social science because it
A) studies the global world
B) studies all on earth
C) studies human behaviour
D) studies the animal behaviour
  • 4. Economics is also regarded as science because it adopts
A) specific methodology
B) specific method
C) methodological approach
D) scientific approach
  • 5. ___________ are the goods that can be used over and over again
A) Durable
B) Perishable
C) Non durable
D) Capital
  • 6. ___________ is an activity that involves the creation of goods and services.
A) Induction
B) Reproduction
C) Diction
D) Production
  • 7. ___________ refers to the extraction of raw materials from the soil.
A) College Production
B) University production
C) Primary production
D) Secondary production
  • 8. There are ____________ factors of production
A) five
B) six
C) three
D) four
  • 9. The reward for capital is called
A) purchase
B) interest
C) rent
D) profit
  • 10. The reward for the fourth factor of production is called
A) interest
B) wages and salaries
C) rent
D) profit
  • 11. There are _________ types of goods
A) four
B) three
C) five
D) two
  • 12. Utility means
A) goods
B) services
C) Satisfaction a consumer derives goods and services
D) Production
  • 13. ___________ refer to resources that are combined together to produce goods and services.
A) Labour
B) Capital
C) Land
D) Factors of production
  • 14. One of the following is an importance of labour.
A) Labour is not fixed
B) Provision of personnel
C) Labour is skilful
D) Labour has feelings
  • 15. Another word for skilled labour is
A) white collar jobs
B) brown collar jobs
C) red collar jobs
D) green collar jobs
  • 16. ___________ is man - made.
A) Labour
B) Capital
C) None of the options
D) Land
  • 17. ____________ promotes division of labour
A) Labour
B) Industry
C) Land
D) Capital
  • 18. Which of the following requires motivation
A) Capital
B) Entrepreneur
C) Land
D) Labour
  • 19. Which of the production involves the transformation of raw materials into finished goods
A) capital production
B) tertiary production
C) primary production
D) secondary production
  • 20. Which of the following factors serves as sources of minerals
A) Labour
B) Land
C) Capital
D) Entrepreneur
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