JAMB and WAEC Economics questions

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

1. Question 221· 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

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   Explanation and discussion

2. Question 222· 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

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3. Question 223· Industry and industrialisation· JAMB

   Import substitution industrialisation means

   • Aexporting raw materials
   • Bimporting more goods
   • Cproducing locally goods that were formerly imported
   • Dbanning all imports

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   Explanation and discussion

4. Question 224· 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

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5. Question 225· Industry and industrialisation· JAMB

   Infant industries may be protected by tariffs so that they can

   • Aclose down
   • Bgrow until they can compete with foreign firms
   • Cexport immediately
   • Davoid paying wages

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6. Question 226· 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

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   Explanation and discussion

7. Question 227· Industry and industrialisation· WAEC

   One benefit of industrialisation to Nigeria is

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

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8. Question 228· Industry and industrialisation· JAMB

   Cement factories in Nigeria are usually located near

   • Asources of limestone
   • Bthe seaports only
   • Cthe federal capital
   • Drivers only

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9. Question 229· Industry and industrialisation· JAMB

   The Nigerian Content Development policy in the oil sector aims to

   • Aincrease local participation and use of Nigerian goods and services
   • Bimport all equipment
   • Csell oil blocks to foreigners only
   • Dclose refineries

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10. Question 230· Industry and industrialisation· WAEC

    A problem facing industries in Nigeria is

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

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11. Question 231· 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

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    Explanation and discussion

12. Question 232· Industry and industrialisation· JAMB

    Industrialisation can reduce unemployment by

    • Areducing output
    • Bcreating jobs in factories and related services
    • Cincreasing imports
    • Dclosing farms

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    Explanation and discussion

13. Question 233· 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

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14. Question 234· 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

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15. Question 235· Industry and industrialisation· JAMB

    Small and medium enterprises are important because they

    • Aemploy no one
    • Bneed huge capital
    • Conly import goods
    • Dcreate jobs and use local resources

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16. Question 236· International economic organisations· JAMB

    The headquarters of the African Development Bank is in

    • ANairobi
    • BLagos
    • CAddis Ababa
    • DAbidjan

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    Explanation and discussion

17. Question 237· International economic organisations· JAMB

    The main aim of the World Trade Organization (WTO) is to

    • Agive loans for balance of payments
    • Bpromote freer trade by reducing trade barriers
    • Cfix oil prices
    • Dprovide peacekeeping

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18. Question 238· 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

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19. Question 239· International economic organisations· JAMB

    The African Development Bank has its headquarters in

    • ALagos
    • BAbidjan
    • CAddis Ababa
    • DAccra

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20. Question 240· International economic organisations· JAMB

    The IMF helps member countries mainly by

    • Arunning schools
    • Bbuilding roads
    • Cfixing oil prices
    • Dproviding short-term loans for balance of payments problems

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    Explanation and discussion