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AIC Exam Economics SS 1 2nd Term 2022/23
Contributed by: College
  • 1. Land is defined in economics as
A) the human resources
B) free gift of God
C) the human factor
D) the production of human
  • 2. The reward for labour is
A) wages and salary
B) buy
C) purchase
D) interest
  • 3. Economics is regarded as social science because it
A) studies human behaviour
B) studies the global world
C) studies all on earth
D) studies the animal behaviour
  • 4. Economics is also regarded as science because it adopts
A) specific method
B) scientific approach
C) methodological approach
D) specific methodology
  • 5. ___________ are the goods that can be used over and over again
A) Capital
B) Durable
C) Non durable
D) Perishable
  • 6. ___________ is an activity that involves the creation of goods and services.
A) Production
B) Induction
C) Reproduction
D) Diction
  • 7. ___________ refers to the extraction of raw materials from the soil.
A) College Production
B) University production
C) Primary production
D) Secondary production
  • 8. There are ____________ factors of production
A) six
B) five
C) three
D) four
  • 9. The reward for capital is called
A) purchase
B) rent
C) profit
D) interest
  • 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) three
B) four
C) five
D) two
  • 12. Utility means
A) services
B) Production
C) goods
D) Satisfaction a consumer derives goods and services
  • 13. ___________ refer to resources that are combined together to produce goods and services.
A) Labour
B) Land
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) red collar jobs
C) white collar jobs
D) brown collar jobs
  • 16. ___________ is man - made.
A) Land
B) Labour
C) None of the options
D) Capital
  • 17. ____________ promotes division of labour
A) Industry
B) Labour
C) Capital
D) Land
  • 18. Which of the following requires motivation
A) Land
B) Capital
C) Entrepreneur
D) Labour
  • 19. Which of the production involves the transformation of raw materials into finished goods
A) primary production
B) tertiary production
C) secondary production
D) capital production
  • 20. Which of the following factors serves as sources of minerals
A) Land
B) Capital
C) Entrepreneur
D) Labour
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