WAEC Economics questions

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

1. Question 21· Business organisations· WAEC

   A public company fails owing ₦5 million. A shareholder who invested ₦100,000 can lose at most

   • A₦5 million
   • B₦100,000
   • Cnothing
   • Dall his personal property

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2. Question 22· Business organisations· WAEC

   A sole proprietorship is a business

   • Aowned by shareholders
   • Bowned and controlled by one person
   • Cowned by government
   • Downed by two to twenty partners

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3. Question 23· Business organisations· WAEC

   The Nigerian Ports Authority is an example of

   • Aa partnership
   • Ba sole proprietorship
   • Ca public corporation
   • Da cooperative society

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4. Question 24· Business organisations· WAEC

   A business unit in which one person supplies the capital and takes all the decisions is a

   • Apartnership
   • Bpublic company
   • Csole proprietorship
   • Dcooperative

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5. Question 25· Business organisations· WAEC

   A public limited company raises capital mainly by

   • Aborrowing from friends only
   • Bselling shares to the public
   • Cpartners' contributions
   • Dgovernment grants

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6. Question 26· Business organisations· WAEC

   Cooperative societies operate on the principle of

   • Aone share, one vote
   • Bone member, one vote
   • Cprofit maximisation
   • Dgovernment control

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7. Question 27· Business organisations· WAEC

   Public corporations are set up mainly to

   • Amaximise profit
   • Bsell shares abroad
   • Ccompete with sole traders
   • Dprovide essential services

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8. Question 28· Business organisations· WAEC

   Shareholders of a limited liability company can lose at most

   • Atwice their investment
   • Ball their personal property
   • Cnothing at all
   • Dthe amount they invested

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9. Question 29· Business organisations· WAEC

   A public corporation is owned by

   • Athe government
   • Bshareholders on the stock exchange
   • Cpartners
   • Dcooperative members

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10. Question 30· Economic growth and development· WAEC

    Development planning involves

    • Aremoving government
    • Bignoring the future
    • Cstopping investment
    • Dsetting targets and allocating resources over a period

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11. Question 31· Economic growth and development· WAEC

    An obstacle to economic development in many developing countries is

    • Ainadequate infrastructure
    • Btoo much capital
    • Cvery high savings
    • Dtoo few people needing goods

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12. Question 32· Economic growth and development· WAEC

    The vicious circle of poverty implies that

    • Ahigh income causes poverty
    • Blow income leads to low savings, low investment and again low income
    • Csavings are always high
    • Dinvestment is unnecessary

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13. Question 33· Economic growth and development· WAEC

    Which indicator measures economic development rather than just economic growth?

    • Atotal exports
    • Bthe GDP growth rate
    • Cthe Human Development Index
    • Dthe money supply

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14. Question 34· Economic growth and development· WAEC

    A country's output rises but most people's health and education do not improve. This shows

    • Adevelopment without growth
    • Bgrowth without development
    • Cinflation
    • Ddeflation

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15. Question 35· Economic growth and development· WAEC

    A major feature of developing countries is

    • Aheavy dependence on primary production
    • Bhigh income per head
    • Cadvanced technology everywhere
    • Dvery low birth rates

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16. Question 36· Economic growth and development· WAEC

    Rostow's stages of economic growth begin with the

    • Atake-off
    • Btraditional society
    • Cdrive to maturity
    • Dage of high mass consumption

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17. Question 37· Economic growth and development· WAEC

    Economic development differs from economic growth because development includes

    • Aonly a rise in output
    • Ba fall in population
    • Cimprovements in living standards and welfare
    • Dhigher taxes

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18. Question 38· Economic growth and development· WAEC

    Which of these is commonly used to measure a country's level of development?

    • Aexchange rate only
    • Bconsumer price index only
    • CHuman Development Index
    • Dnumber of banks

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19. Question 39· Economic growth and development· WAEC

    A characteristic of developing countries is

    • Aa low birth rate
    • Bhigh per capita income
    • Cheavy dependence on primary production
    • Da highly skilled workforce

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20. Question 40· Economic growth and development· WAEC

    Which of these could slow economic development in Nigeria?

    • Aa literate workforce
    • Ba large domestic market
    • Cabundant natural resources
    • Dinadequate infrastructure such as power supply

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    Explanation and discussion