JAMB and WAEC Economics questions

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

1. Question 201· Financial institutions· JAMB

   Raising the cash reserve ratio is used by the Central Bank to

   • Aprint more money
   • Bincrease the money supply
   • Clower interest rates
   • Dreduce banks' ability to lend

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   Explanation and discussion

2. Question 202· Financial institutions· JAMB

   The Nigerian Exchange (stock exchange) is a market where

   • Agoods are imported
   • Bforeign currencies are printed
   • Cshares and other securities are bought and sold
   • Dtaxes are paid

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   Explanation and discussion

3. Question 203· Financial institutions· JAMB

   A function of the Central Bank of Nigeria is to

   • Arun supermarkets
   • Bgrant loans to individuals
   • Ccollect personal income tax
   • Dissue the national currency

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   Explanation and discussion

4. Question 204· Financial institutions· WAEC

   Commercial banks create credit mainly by

   • Alending out part of their deposits
   • Bprinting currency
   • Cbuying shares
   • Dcollecting taxes

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   Explanation and discussion

5. Question 205· 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

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   Explanation and discussion

6. Question 206· Industry and industrialisation· JAMB

   Export promotion strategy encourages

   • Aproduction of goods for foreign markets
   • Bonly imports
   • Cclosing factories
   • Dsubsistence farming

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   Explanation and discussion

7. Question 207· Industry and industrialisation· JAMB

   Industrial estates are set up mainly to

   • Ahouse farmers
   • Bprovide ready infrastructure for industries
   • Cstore crops
   • Dtrain civil servants

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   Explanation and discussion

8. Question 208· 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

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   Explanation and discussion

9. Question 209· Industry and industrialisation· WAEC

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

   • Alocalisation of industry
   • Bnationalisation
   • Cprivatisation
   • Dintegration

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   Explanation and discussion

10. Question 210· Industry and industrialisation· JAMB

    An advantage of the localisation of industry is

    • Athe development of a pool of skilled labour and ancillary services
    • Btraffic congestion
    • Cpollution
    • Dhigher land prices

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    Explanation and discussion

11. Question 211· Industry and industrialisation· WAEC

    Import substitution industrialisation aims to

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

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    Explanation and discussion

12. Question 212· 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

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    Explanation and discussion

13. Question 213· Industry and industrialisation· JAMB

    The indigenisation policy of the 1970s in Nigeria aimed to

    • Aabolish taxes
    • Battract more foreign firms
    • Cclose all factories
    • Dincrease Nigerian ownership and control of businesses

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    Explanation and discussion

14. Question 214· Industry and industrialisation· JAMB

    An industrial estate is

    • Aan area set aside and serviced for factories
    • Ba farm
    • Ca market
    • Da residential area only

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15. Question 215· Industry and industrialisation· JAMB

    A problem facing Nigerian manufacturers is

    • Acheap credit
    • Btoo much electricity
    • Cepileptic power supply
    • Dexcess skilled labour

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    Explanation and discussion

16. Question 216· Industry and industrialisation· JAMB

    A 'footloose' industry is one that

    • Ais always near a port
    • Bhas no workers
    • Cis not tied to the location of raw materials or markets
    • Duses only local labour

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17. Question 217· Industry and industrialisation· WAEC

    A problem facing Nigerian industries is

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

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    Explanation and discussion

18. Question 218· 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

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    Explanation and discussion

19. Question 219· Industry and industrialisation· JAMB

    Export Processing Zones are set up to

    • Aattract investment by offering incentives to export-oriented firms
    • Bstop exports
    • Ccollect import duty
    • Dbuild houses

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20. Question 220· Industry and industrialisation· JAMB

    A major problem facing small-scale industries in Nigeria is

    • Atoo many customers
    • Binadequate access to credit
    • Cexcess government support
    • Dlow cost of power

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    Explanation and discussion