SS 1 ECONOMICS FIRST TERM EXAM

The reward for land as a factor of production is ———

• interest

• rent

• dividends

• wages

The three broad categories of productions are ———

• direct, secondary and extractive

• Primary, tertiary and direct

• Primary, secondary and tertiary

• Secondary, primary and direct

Mining is an example of ———

• tertiary production

• primary production

• secondary production

• advanced production

Human wants are unlimited because ___

• production is inadequate

• resources have alternative uses

• new wants always rises

• resources are limited

A basic economic problem of any society is __

• high level of illiteracy

• irregular power supply

• population growth

• resources allocation

Which of the following best describes the mode

• observation with the highest frequency

• average of two middle numbers

• items that occupies the middle position

• difference of two extreme values

An arrangement of data in rows and columns is referred to as a __

• graph

• bar chart

• pie chart

• table

Which of the following is not true about land

• the supply is fixed

• land is mobile

• it is subject to diminishing returns

• land is heterogeneous

The reward which accrues to labour for participating in production is ___

• interest

• wage

• bonus

• profit

One of the characteristics of labour is that it is ___

• the supply of labour is fixed

• labour is mobile

• it is subject to diminishing returns

• labour is immobile