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