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WAEC Economics questions

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

AllJAMBWAEC
All topicsAgriculture in Nigeria · 15Business organisations · 14Economic growth and development · 15Economic systems · 13Economics as a science · 15Factors of production · 15Financial institutions · 14Industry and industrialisation · 15International economic organisations · 16International trade · 16Market structures · 15Methods and tools of economic analysis · 14Money and inflation · 17National income · 18Natural resources and the Nigerian economy · 15Population · 15Public finance · 14The labour market · 15Theory of consumer behaviour · 15Theory of costs and revenue · 16Theory of demand · 21Theory of price determination · 14Theory of production · 14Theory of supply · 16

  1. Question 201· National income· WAEC

    National income figures may understate welfare because they exclude

    Explanation and discussion

  2. Question 202· National income· WAEC

    The multiplier is larger when the marginal propensity to consume is

    Explanation and discussion

  3. Question 203· National income· WAEC

    GNP is ₦800 billion and depreciation is ₦50 billion. Find the Net National Product.

    Explanation and discussion

  4. Question 204· National income· WAEC

    GDP at market prices minus indirect taxes plus subsidies equals

    Explanation and discussion

  5. Question 205· National income· WAEC

    Nominal GDP rises by 12% in a year in which prices rise by 8%. Real GDP rises by about

    Explanation and discussion

  6. Question 206· National income· WAEC

    Per capita income is national income divided by the

    Explanation and discussion

  7. Question 207· National income· WAEC

    A problem of measuring national income in Nigeria is

    Explanation and discussion

  8. Question 208· National income· WAEC

    Double counting in national income accounts is avoided by

    Explanation and discussion

  9. Question 209· National income· WAEC

    The circular flow of income shows the flow of money between

    Explanation and discussion

  10. Question 210· National income· WAEC

    Adding net income from abroad to Gross Domestic Product gives

    Explanation and discussion

  11. Question 211· National income· WAEC

    Gross Domestic Product (GDP) is the total value of goods and services produced

    Explanation and discussion

  12. Question 212· National income· WAEC

    Consumption is ₦500 bn, investment ₦200 bn, government spending ₦150 bn, exports ₦120 bn and imports ₦70 bn. Find GDP at market prices.

    Explanation and discussion

  13. Question 213· Natural resources and the Nigerian economy· WAEC

    Gold, iron ore and limestone are examples of

    Explanation and discussion

  14. Question 214· Natural resources and the Nigerian economy· WAEC

    The petroleum industry contributes to Nigeria's economy mainly through

    Explanation and discussion

  15. Question 215· Natural resources and the Nigerian economy· WAEC

    Solid minerals such as limestone in Nigeria are important to the

    Explanation and discussion

  16. Question 216· Natural resources and the Nigerian economy· WAEC

    Crude oil in Nigeria is found mainly in the

    Explanation and discussion

  17. Question 217· Natural resources and the Nigerian economy· WAEC

    Tin has been mined mainly on the

    Explanation and discussion

  18. Question 218· Natural resources and the Nigerian economy· WAEC

    The dominant source of Nigeria's foreign exchange earnings is

    Explanation and discussion

  19. Question 219· Natural resources and the Nigerian economy· WAEC

    Which of these states is a major oil-producing state in Nigeria?

    Explanation and discussion

  20. Question 220· Natural resources and the Nigerian economy· WAEC

    Tin and columbite are mined mainly on the

    Explanation and discussion

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