- 1. ............ defined Economics as the practical science of production and distribution of wealth.
A) John Stuart Mill
B) Adam Smith
C) Alfred Marshal
D) A.C. Pigou
- 2. Economics is regarded as a social science because it studies
A) Human interaction
B) Human behaviour
C) Human development
D) Human relation
- 3. Economics Is also regarded as a social science because it adopts the .......
A) Supply method
B) Distribution method
C) Production method
D) Scientific method
- 4. Scale of preference is the list of wants arranged in the order of their ......
A) Want
B) Choice
C) Satisfaction
D) Importance
- 5. The importance of scale of preference include the following except
A) Ranking of needs
B) Optimum allocation of resources
C) Satisfaction of wants
D) Identification of highest priority
- 6. Human wants are many and we cannot satisfy all of them because of our ......
A) Limited resources
B) Unallocated resources
C) Unlimited resources
D) Unutilized resources
- 7. Opportunity cost is defined as an expression of cost in terms of......
A) Expression of cost
B) Foregone alternatives
C) Satisfaction of human wants
D) More pressing needs
- 8. Opportunity cost can also be called
A) Buying cost
B) Supply cost
C) Alternative cost
D) True cost
- 9. There are........ branches of Economics
A) 9
B) 8
C) 4
D) 7
- 10. ...........is the most commonly used tool for economic analysis
A) Table
B) Histogram
C) Charts
D) Graphs
- 11. ....... Is defined as a diagram showing a functional relationship between two variables
A) Chart
B) Histogram
C) Table
D) Graphs
- 12. The _____ of a graph shows what it is all about.
A) Slope
B) Title
C) X-axis
D) Y-axis
- 13. ...... Is a graphical representation of frequency distribution
A) Graph
B) Chart
C) Table
D) Histogram
- 14. ..........refers to the arrangement of data or information in tabular form to reflect their frequency
A) Arithmetic mean
B) Frequency score
C) Measure of central tendency
D) Frequency distribution
- 15. ..... .... is the problem people encounter in the society while attempting to satisfy their numerous wants
A) Basic life problems
B) Basic society problems
C) Basic demand problems
D) Basic economic problems
- 16. The following are the problems faced by the producers in the society except
A) What to produce
B) How to produce
C) When to produce
D) For whom to produce
- 17. Consumer's income is one of the factors that determine
A) For whom to produce
B) When to produce
C) How to produce
D) What to produce
- 18. Technique of production is one of the factors that determine
A) For whom to produce
B) What to produce
C) How to produce
D) When to produce
- 19. Satisfaction of wants is one of the factors that determine
A) How to produce
B) What to produce
C) For whom to produce
D) When to produce
- 20. As soon as what to produce is established, another basic economic problem that will arise is
A) How to produce
B) For whom to produce
C) When to produce
D) What to produce
- 21. Macro economics deals with......
A) larger aggregate of the economy
B) units or aggregate of the economy
C) smaller aggregate of the economy
- 22. One advantage of Macro economics Is that....
A) there is full employment
B) there is unavailability of goods and services
C) there is no employment
- 23. One of the disadvantage of Macro economics Is .....
A) deficiency in aggregate demand
B) negative grouping data
C) monetary policies
- 24. Other branches of economics include the following except
A) science economics
B) pure economics
C) applied economics
- 25. Micro economics deals with
A) bigger units of the economy
B) smaller units of the economy
C) marketing units of the economy
- 26. A table is the systematic arrangements of ....
A) analysis
B) information
C) economics
- 27. Rows and columns are used for...
A) table
B) data
C) graph
- 28. The following are characteristics of a table except
A) a table must be easy to understand
B) a table must be very simple
C) a table must have a title
- 29. .....shows functional relationship between two variables
A) table
B) graphs
C) diagram
- 30. The following are examples of graph except
A) pie graphs
B) line graphs
C) table graph
- 31. ...... could be straight or curve.
A) line graph
B) pie graph
C) bar graph
- 32. ..... provide basis for comparing variables provided in the table.
A) diagram
B) graphs
C) table
- 33. ......is a simple circle of any convenient size.
A) bar chart
B) pie chart
C) graph
- 34. ......is made up of bars of rectangle
A) pie chart
B) graph
C) bar chart
- 35. ......is a graphical representation of frequency distribution.
A) pie chart
B) pictogram
C) histogram
- 36. ......is used when the data involved are of two variables.
A) multiple bar chart
B) simple bar chart
C) component bar chart
- 37. The arithmetic mean is also popularly referred to as the
A) mode
B) median
C) mean
- 38. Measure of central tendency is also called
A) measure of evaluation
B) measure of location
C) measure of distribution
- 39. Median is ....of extremes values
A) not affected by
B) extremely affected by
C) affected by
- 40. ......is the middle value.
A) mean
B) mode
C) median
- 41. .....is the quantity of goods and services that the consumer are willing and able to buy
A) want
B) supply
C) demand
- 42. ......is a mere desire for a commodity.
A) supply
B) want
C) demand
- 43. ......states that the higher the price,the lower the quantity of goods that will be demanded
A) the law of supply
B) the law of need
C) the law of demand
- 44. The law of demand hold under the following assumptions except
A) the consumer's income remains constant
B) the habits of consumers remain unchanged
C) the consumer's income change
- 45. There are.... types of demand
A) 2
B) 3
C) 4
- 46. .......is a table showing the relationship between prices and the quantity of that commodity demanded
A) demand schedule
B) demand curve
C) demand supply
- 47. ......is a graphical representation of the information contained in the demand schedule
A) demand supply
B) demand schedule
C) demand curve
- 48. The following are the factors affecting demand except.....
A) income of the consumer
B) price
C) quantity of the commodity
- 49. .....is the quantity of any commodity that the producer are willing to offer for sale
A) want
B) supply
C) demand
- 50. .....is an activity that involves the creation of goods and services which satisfy human wants
A) production
B) creation
C) supply
- 51. ......can also be referred to as the creation of utility
A) production
B) supply
C) demand
- 52. There are.... types of goods
A) 3
B) 4
C) 2
- 53. ......are goods that can satisfy the consumer's immediate needs
A) non durable goods
B) durable goods
C) consumer goods
- 54. Milk and tomatoes are examples of......goods
A) producer goods
B) durable goods
C) consumer goods
- 55. ......are goods that can be used over and over again
A) non durable
B) durable goods
C) consumer goods
- 56. Production is grouped into...... major categories
A) 4
B) 3
C) 2
- 57. ......is the production in which an individual produces goods and services for family use
A) direct production
B) indirect production
C) primary production
- 58. ......is usually very small in size
A) direct production
B) indirect production
C) primary production
- 59. .....is the type of production in which goods and services are produced in large scale
A) indirect production
B) tertiary production
C) primary production
- 60. ..... production refers to the extraction of raw materials provided by nature
A) secondary production
B) tertiary production
C) primary production
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