WAEC Economics questions

367 questions with answers and explanations. Tap an option to check yourself.

1. Question 1· Agriculture in Nigeria· WAEC

   The Anchor Borrowers' Programme was designed to

   • Aimport food
   • Bprovide credit to smallholder farmers
   • Cbuild roads
   • Dfund universities

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   Explanation and discussion

2. Question 2· Agriculture in Nigeria· WAEC

   Commodity boards in Nigeria were set up mainly to

   • Abuild schools
   • Bmarket export crops and stabilise farmers' prices
   • Cmanufacture goods
   • Drun banks

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3. Question 3· Agriculture in Nigeria· WAEC

   The Central Bank of Nigeria's Anchor Borrowers' Programme was introduced to

   • Aexport crude oil
   • Bbuild federal roads
   • Cregulate commercial banks
   • Dgive credit to smallholder farmers

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4. Question 4· Agriculture in Nigeria· WAEC

   A major problem facing agriculture in Nigeria is

   • Aoverproduction of all crops
   • Btoo much mechanisation
   • Cexcess credit to farmers
   • Dpoor storage and processing facilities

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5. Question 5· Agriculture in Nigeria· WAEC

   Which measure would most help Nigerian farmers reduce post-harvest losses?

   • Araising duty on imported tractors
   • Bbanning fertiliser
   • Cproviding storage and processing facilities
   • Dclosing rural roads

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6. Question 6· Agriculture in Nigeria· WAEC

   Agriculture contributes to Nigeria's economy by

   • Aproviding food and raw materials for industry
   • Bproducing crude oil
   • Cprinting money
   • Dbuilding roads

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   Explanation and discussion

7. Question 7· Agriculture in Nigeria· WAEC

   Groundnut and cotton are grown mainly in

   • Asouth-eastern Nigeria
   • Bthe Niger Delta
   • Cnorthern Nigeria
   • Dthe rainforest belt

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8. Question 8· Agriculture in Nigeria· WAEC

   Which of the following hinders the growth of farming in Nigeria?

   • Atoo much mechanisation
   • Bshortage of land everywhere
   • Cexcess credit
   • Dpoor storage facilities

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9. Question 9· Agriculture in Nigeria· WAEC

   Which crop is grown mainly for export in south-western Nigeria?

   • Agroundnut
   • Bcocoa
   • Ccotton
   • Dmillet

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10. Question 10· Agriculture in Nigeria· WAEC

    Agriculture supports the Nigerian economy by

    • Aproviding banking services
    • Bproducing crude oil
    • Cprinting currency
    • Dproviding food, employment and raw materials

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    Explanation and discussion

11. Question 11· Agriculture in Nigeria· WAEC

    Nigeria's dependence on crude oil since the 1970s led to

    • Amore farm workers
    • Bgrowth of cocoa exports
    • Cfall in food imports
    • Dneglect of agriculture

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12. Question 12· Agriculture in Nigeria· WAEC

    A problem of agriculture in Nigeria is

    • Afew farmers
    • Btoo much mechanisation
    • Cexcess credit
    • Dpoor storage and processing facilities

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    Explanation and discussion

13. Question 13· Agriculture in Nigeria· WAEC

    Subsistence farming means producing

    • Aonly cash crops
    • Bmainly for export
    • Cmainly for the family's own consumption
    • Dwith heavy machinery

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14. Question 14· Agriculture in Nigeria· WAEC

    Agriculture contributes to economic development by

    • Aproviding raw materials for industries
    • Breducing food supply
    • Cincreasing imports of food
    • Dlowering employment

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15. Question 15· Agriculture in Nigeria· WAEC

    Which of these is a major cash crop grown in northern Nigeria?

    • Acocoa
    • Bgroundnut
    • Crubber
    • Doil palm

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16. Question 16· Business organisations· WAEC

    A sole proprietorship is common in Nigeria because

    • Ait has limited liability
    • Bit has unlimited capital
    • Cit is owned by government
    • Dit needs small capital and is easy to start

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17. Question 17· Business organisations· WAEC

    Limited liability means shareholders

    • Acannot vote
    • Bare liable for all debts
    • Ccan lose only the amount they invested
    • Dshare no profits

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18. Question 18· Business organisations· WAEC

    Chinedu provides all the capital for his provision shop, takes all decisions and keeps all the profit. His business is a

    • Asole proprietorship
    • Bpartnership
    • Cprivate limited company
    • Dcooperative society

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19. Question 19· Business organisations· WAEC

    A major advantage of a public limited company is that it

    • Ahas unlimited liability
    • Bcan raise capital from the public by selling shares
    • Cis owned by government
    • Dkeeps its accounts secret

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20. Question 20· Business organisations· WAEC

    The usual maximum number of partners in an ordinary trading partnership is

    • A10
    • B50
    • C7
    • D20

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