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