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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 141· International trade· WAEC

    Nigeria places a 35% duty on imported finished textiles. This duty is

    Explanation and discussion

  2. Question 142· International trade· WAEC

    A country's terms of trade improve when

    Explanation and discussion

  3. Question 143· International trade· WAEC

    The terms of trade measure the

    Explanation and discussion

  4. Question 144· International trade· WAEC

    If the export price index is 120 and the import price index is 150, the terms of trade are

    Explanation and discussion

  5. Question 145· International trade· WAEC

    Nigeria places a tax on every imported bag of rice. This tax is

    Explanation and discussion

  6. Question 146· International trade· WAEC

    In a year, Nigeria's visible exports are worth ₦30 trillion and visible imports ₦24 trillion. The balance of trade is

    Explanation and discussion

  7. Question 147· International trade· WAEC

    Devaluation makes a country's exports

    Explanation and discussion

  8. Question 148· International trade· WAEC

    A country has a comparative advantage in a good when it can produce it at a

    Explanation and discussion

  9. Question 149· Market structures· WAEC

    A market with only one seller is

    Explanation and discussion

  10. Question 150· Market structures· WAEC

    A market with a single seller of a product without close substitutes is

    Explanation and discussion

  11. Question 151· Market structures· WAEC

    Under perfect competition, each firm is

    Explanation and discussion

  12. Question 152· Market structures· WAEC

    A cinema charging students less than other adults for the same film is practising

    Explanation and discussion

  13. Question 153· Market structures· WAEC

    A market dominated by a few large sellers is

    Explanation and discussion

  14. Question 154· Market structures· WAEC

    A monopolist maximises profit where

    Explanation and discussion

  15. Question 155· Market structures· WAEC

    Product differentiation through brand names is a feature of

    Explanation and discussion

  16. Question 156· Market structures· WAEC

    An oligopoly is a market with

    Explanation and discussion

  17. Question 157· Market structures· WAEC

    A market dominated by a few large firms, such as Nigeria's mobile telephone networks, is

    Explanation and discussion

  18. Question 158· Market structures· WAEC

    A market with only one seller of a product that has no close substitute is

    Explanation and discussion

  19. Question 159· Market structures· WAEC

    Many tomato sellers in a market sell identical tomatoes, and none can change the market price. This market is close to

    Explanation and discussion

  20. Question 160· Market structures· WAEC

    Product differentiation is a feature of

    Explanation and discussion

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