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