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AIC Ss1 Economics 3rd test/1st ter 2025/2026
Contributed by: College
  • 1. Economics can be described as a\an __________
A) science
B) All of the above
C) art
D) philosophy
  • 2. Ends in Economics means ___________
A) human want or need or desire
B) end of anything
C) none of the above
D) resources
  • 3. Scarce means ______
A) limited unavailable resources
B) unlimited available resources
C) unlimited unavailable resources
D) limited available resources
  • 4. _____________ is a basic tool for economic analysis.
A) Utensil
B) Stove
C) Table
D) Chair
  • 5. The father of economics is called _________
A) Adams Smith
B) Joe Biden
C) Barak Obama
D) Vladimir Putin
  • 6. The major branches of economics are ________
A) Micro and macro economics
B) science and social science
C) economics and science
D) art and commercial
  • 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) All of the above
B) ratios
C) percentage and degrees
D) sequences
  • 10. A table must have a _____
A) X axis
B) title or heading
C) Y axis
D) Both X and Y axes
  • 11. There are ________ major types of bar charts.
A) seven
B) six
C) four
D) three
  • 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) Historical
B) Histographic
C) Heroism
D) Histogram
  • 14. The multiple bar chart is used when there are three or more variables.
A) None of the above
B) False
C) True
D) Uncertain
  • 15. ____________ is used to join or connect the highest and the lowest points of a group of data.
A) Line graph
B) bar charts
C) Pie graph
D) Pie chart
  • 16. The measure of central tendency is also known as ______
A) measure of location
B) measure of average
C) Uncertain
D) measure of tendencies
  • 17. __________ is systematic and orderly arrangement of information using rows and columns for presentation.
A) Chair
B) Bars
C) Graphs
D) Table
  • 18. The reward to land as a factor of production is ____
A) wage
B) rent
C) interest
D) Profit
  • 19. Which of the following is not true about land?
A) Land is heterogeneous
B) t is subject to diminishing returns
C) Land is mobile
D) The supply is fixed
  • 20. The reward which accrues to labour for participating in production is______
A) Bonus
B) Interest
C) wage
D) Profit
  • 21. Labour can be efficient when there are ___
A) adequate tools to work with
B) limited vacancies
C) high levels of employment
D) government restrictions
  • 22. The study of Economics becomes necessary because of the ____
A) Scarcity of resources
B) opportunity cost of goods and services
C) need to satisfy every desire of man
D) large population size of the world
  • 23. The sum of items divided by the number of items is the____
A) mean
B) frequency
C) Mode Goods
D) median
  • 24. Find the median of the following set of scores 8, 9, 6, 5, 10
A) 9
B) 5
C) 8
D) 6
  • 25. The reward to capital is ___
A) commission
B) rent
C) interest
D) Bank rate
  • 26. Land includes all except ____
A) sea
B) Motor
C) atmosphere
D) forest
  • 27. Arrangement of needs in order of priority is ____
A) ends
B) choice
C) None
D) scale of preference
  • 28. One of the following is not a type of bar chart
A) Component bar chart
B) Simple bar chart
C) Multiple bar chart
D) Compound bar chart
  • 29. The total degree of a pie chart is
A) 180°
B) 90°
C) 240°
D) 360°
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