WAEC Economics questions

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

1. Question 101· Financial institutions· WAEC

   When the Central Bank raises its policy interest rate, it is mainly trying to

   • Aencourage more borrowing
   • Bincrease the supply of money
   • Creduce inflation by making borrowing dearer
   • Dprint more naira

   Show answer

   Explanation and discussion

2. Question 102· Industry and industrialisation· WAEC

   The location of an industry near its source of raw materials is common when the raw materials are

   • Abulky and lose weight in processing
   • Blight and cheap to carry
   • Cimported
   • Dperishable only when processed

   Show answer

   Explanation and discussion

3. Question 103· Industry and industrialisation· WAEC

   The tendency of firms in the same industry to concentrate in one area is

   • Alocalisation of industry
   • Bnationalisation
   • Cprivatisation
   • Dintegration

   Show answer

   Explanation and discussion

4. Question 104· Industry and industrialisation· WAEC

   Import substitution industrialisation aims to

   • Aproduce locally goods that were imported
   • Bexport raw materials
   • Cclose all factories
   • Dimport more machinery

   Show answer

   Explanation and discussion

5. Question 105· Industry and industrialisation· WAEC

   Indigenisation decrees in Nigeria (1972, 1977) aimed to

   • Aclose banks
   • Bsell firms to foreigners
   • Cincrease Nigerian ownership of businesses
   • Dstop trade

   Show answer

   Explanation and discussion

6. Question 106· Industry and industrialisation· WAEC

   A problem facing Nigerian industries is

   • Aexcess infrastructure
   • Btoo much electricity
   • Cerratic power supply
   • Dcheap credit

   Show answer

   Explanation and discussion

7. Question 107· Industry and industrialisation· WAEC

   A country that sets up factories to make locally the textiles it used to import is following a policy of

   • Aimport substitution
   • Bexport promotion
   • Ctrade liberalisation
   • Ddumping

   Show answer

   Explanation and discussion

8. Question 108· Industry and industrialisation· WAEC

   Localisation of industry refers to

   • Athe closure of firms
   • Bthe spreading of firms all over the country
   • Cthe concentration of firms of an industry in one area
   • Dthe import of machines

   Show answer

   Explanation and discussion

9. Question 109· Industry and industrialisation· WAEC

   A factor that influences the location of an industry is

   • Athe colour of the product
   • Bnearness to raw materials and markets
   • Cthe owner's age
   • Dthe national flag

   Show answer

   Explanation and discussion

10. Question 110· Industry and industrialisation· WAEC

    A weakness of import substitution in Nigeria was that many factories

    • Adepended on imported raw materials and parts
    • Bexported all output
    • Cused only local inputs
    • Dneeded no capital

    Show answer

    Explanation and discussion

11. Question 111· Industry and industrialisation· WAEC

    Industrialisation means

    • Athe growth of manufacturing industries in an economy
    • Bthe growth of farming
    • Cthe export of raw materials
    • Dthe closure of factories

    Show answer

    Explanation and discussion

12. Question 112· Industry and industrialisation· WAEC

    One benefit of industrialisation to Nigeria is

    • Alower output
    • Bmore importation
    • Cless use of local raw materials
    • Dcreation of employment

    Show answer

    Explanation and discussion

13. Question 113· Industry and industrialisation· WAEC

    A problem facing industries in Nigeria is

    • Avery cheap credit
    • Btoo much electricity
    • Cexcess skilled labour
    • Dinadequate power supply

    Show answer

    Explanation and discussion

14. Question 114· Industry and industrialisation· WAEC

    A cement factory is sited near limestone deposits mainly because of

    • Athe trade unions
    • Bnearness to the sea
    • Cthe climate
    • Dnearness to raw materials

    Show answer

    Explanation and discussion

15. Question 115· Industry and industrialisation· WAEC

    A country starts making cars locally instead of buying them abroad. This policy is

    • Adevaluation
    • Bexport promotion only
    • Cdumping
    • Dimport substitution

    Show answer

    Explanation and discussion

16. Question 116· Industry and industrialisation· WAEC

    Localisation of industry means

    • Aspreading firms across the country
    • Bthe concentration of firms in a particular area
    • Cnationalisation of firms
    • Dsmall-scale production

    Show answer

    Explanation and discussion

17. Question 117· International economic organisations· WAEC

    The World Bank (IBRD) was established mainly to

    • Aregulate world trade rules
    • Bprovide long-term loans for reconstruction and development
    • Ccontrol oil production
    • Dsettle wars

    Show answer

    Explanation and discussion

18. Question 118· International economic organisations· WAEC

    A trader can move goods from Nigeria to Ghana with fewer barriers because both countries belong to

    • AECOWAS
    • BOPEC
    • Cthe IMF
    • Dthe World Bank

    Show answer

    Explanation and discussion

19. Question 119· International economic organisations· WAEC

    The IMF mainly helps member countries with

    • Abalance of payments difficulties
    • Bbuilding schools
    • Cfarming
    • Delections

    Show answer

    Explanation and discussion

20. Question 120· International economic organisations· WAEC

    The organisation that helps member countries with balance of payments difficulties is the

    • AInternational Monetary Fund
    • BWorld Bank
    • CECOWAS
    • DOPEC

    Show answer

    Explanation and discussion