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