ThatQuiz Test Library Take this test now
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 production of human
D) the human factor
  • 2. The reward for labour is
A) interest
B) purchase
C) buy
D) wages and salary
  • 3. Economics is regarded as social science because it
A) studies the animal behaviour
B) studies human behaviour
C) studies the global world
D) studies all on earth
  • 4. Economics is also regarded as science because it adopts
A) specific method
B) specific methodology
C) methodological approach
D) scientific approach
  • 5. ___________ are the goods that can be used over and over again
A) Durable
B) Perishable
C) Non durable
D) Capital
  • 6. ___________ is an activity that involves the creation of goods and services.
A) Reproduction
B) Induction
C) Production
D) Diction
  • 7. ___________ refers to the extraction of raw materials from the soil.
A) College Production
B) Secondary production
C) Primary 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) interest
B) rent
C) profit
D) purchase
  • 10. The reward for the fourth factor of production is called
A) rent
B) profit
C) wages and salaries
D) interest
  • 11. There are _________ types of goods
A) four
B) three
C) two
D) five
  • 12. Utility means
A) Satisfaction a consumer derives goods and services
B) Production
C) goods
D) services
  • 13. ___________ refer to resources that are combined together to produce goods and services.
A) Factors of production
B) Capital
C) Labour
D) Land
  • 14. One of the following is an importance of labour.
A) Labour is not fixed
B) Labour is skilful
C) Provision of personnel
D) Labour has feelings
  • 15. Another word for skilled labour is
A) red collar jobs
B) white collar jobs
C) green collar jobs
D) brown collar jobs
  • 16. ___________ is man - made.
A) Land
B) Capital
C) None of the options
D) Labour
  • 17. ____________ promotes division of labour
A) Land
B) Labour
C) Capital
D) Industry
  • 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) primary production
B) capital production
C) tertiary production
D) secondary production
  • 20. Which of the following factors serves as sources of minerals
A) Land
B) Capital
C) Labour
D) Entrepreneur
Students who took this test also took :

Created with That Quiz — where test making and test taking are made easy for math and other subject areas.