WAEC Economics questions

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

1. Question 41· Economic growth and development· WAEC

   Per capita income is obtained by dividing national income by the

   • Arate of inflation
   • Bnumber of workers only
   • Cnumber of firms
   • Dtotal population

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2. Question 42· Economic growth and development· WAEC

   Economic development differs from economic growth in that development includes

   • Aimprovements in welfare, health and education
   • Bonly rising GDP
   • Conly population growth
   • Donly exports

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3. Question 43· Economic growth and development· WAEC

   Development planning in Nigeria aims mainly to

   • Aabolish the private sector
   • Bfix all prices
   • Cstop foreign trade
   • Dachieve set economic goals within a period

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4. Question 44· Economic growth and development· WAEC

   A characteristic of underdevelopment is

   • Ahigh savings
   • Bhigh life expectancy
   • Cadvanced technology
   • Dlow per capita income

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5. Question 45· Economic systems· WAEC

   In a planned economy, what to produce is decided by the

   • Aprice mechanism
   • Bconsumers alone
   • Ccentral planning authority
   • Dmiddlemen

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6. Question 46· Economic systems· WAEC

   Resources are allocated mainly by the price mechanism in a

   • Afree-market economy
   • Bcommand economy
   • Ctraditional economy
   • Dbarter economy

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7. Question 47· Economic systems· WAEC

   In a capitalist economy, the means of production are owned mainly by

   • Athe state
   • Btrade unions
   • Cforeign governments
   • Dprivate individuals

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8. Question 48· Economic systems· WAEC

   A major disadvantage of a command economy is

   • Atoo much advertising
   • Btoo much competition
   • Clittle consumer choice and weak incentives
   • Dexcessive private profit

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9. Question 49· Economic systems· WAEC

   In a capitalist economy, the main decisions on what to produce are taken through

   • Acentral planning
   • Bthe price mechanism
   • Creligious leaders
   • Dthe military

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10. Question 50· Economic systems· WAEC

    A disadvantage of a planned economy is

    • Aexcessive advertising
    • Btoo much competition
    • Clack of consumer choice and incentives
    • Dno government role

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11. Question 51· Economic systems· WAEC

    Nigeria is described as a mixed economy because

    • Aboth government and private firms produce goods and services
    • Bonly private firms exist
    • Call firms are owned by the state
    • Dtrade is carried out by barter

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12. Question 52· Economic systems· WAEC

    An economy in which both the government and private individuals take economic decisions is a

    • Acommand economy
    • Bsubsistence economy
    • Cmixed economy
    • Dtraditional economy

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13. Question 53· Economic systems· WAEC

    The price mechanism is the main feature of

    • Aa military economy
    • Ba planned economy
    • Ca traditional economy only
    • Da free market economy

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14. Question 54· Economic systems· WAEC

    In a mixed economy

    • Aonly private individuals own resources
    • Bonly the government owns resources
    • Cboth the government and private individuals own and control resources
    • Dthere is no government

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15. Question 55· Economic systems· WAEC

    Nigeria's economy is best described as

    • Aa mixed economy
    • Ba pure command economy
    • Ca pure market economy
    • Da subsistence economy only

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16. Question 56· Economic systems· WAEC

    Which feature is typical of a capitalist economy?

    • Acentral planning of all output
    • Bprivate ownership of most businesses
    • Cstate ownership of all land
    • Dabsence of the profit motive

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17. Question 57· Economic systems· WAEC

    An argument for privatising public enterprises in Nigeria is that private owners

    • Aalways charge lower prices
    • Btend to run them more efficiently for profit
    • Cemploy more workers in every case
    • Dneed no regulation

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18. Question 58· Economics as a science· WAEC

    Mrs. Bello has ₦10,000 but wants food, clothes and school books costing ₦25,000. Her problem illustrates

    • Aunemployment
    • Binflation
    • Cscarcity and choice
    • Dsurplus

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19. Question 59· Economics as a science· WAEC

    Economics is mainly concerned with how people

    • Arun governments
    • Bmake money quickly
    • Callocate scarce resources among competing wants
    • Dtrade with other countries

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20. Question 60· Economics as a science· WAEC

    A student who chooses to buy a textbook instead of a pair of shoes faces the problem of

    • Aunlimited resources
    • Bchoice arising from scarcity
    • Cfree goods
    • Dsurplus income

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    Explanation and discussion