JAMB and WAEC Economics questions

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

1. Question 281· International trade· WAEC

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

   • Aa subsidy
   • Ba quota
   • Can embargo
   • Da tariff

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   Explanation and discussion

2. Question 282· International trade· JAMB

   A tariff is

   • Aa loan from abroad
   • Ba subsidy on exports
   • Ca ban on all trade
   • Da tax on imported goods

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   Explanation and discussion

3. Question 283· International trade· JAMB

   A country devalues its currency mainly to

   • Amake its exports cheaper and its imports dearer
   • Bmake imports cheaper
   • Cincrease inflation deliberately
   • Dreduce exports

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4. Question 284· International trade· WAEC

   A country's terms of trade improve when

   • Aits export prices rise relative to its import prices
   • Bits import prices rise relative to its export prices
   • Cits exports fall
   • Dits currency is devalued

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5. Question 285· International trade· WAEC

   The terms of trade measure the

   • Avolume of exports
   • Blevel of tariffs
   • Cbalance of payments
   • Dratio of export prices to import prices

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6. Question 286· International trade· JAMB

   The balance of payments current account includes

   • Aonly loans
   • Btrade in goods and services and income transfers
   • Conly investment
   • Donly gold

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7. Question 287· International trade· JAMB

   The balance of trade is the difference between a country's

   • Atotal income and expenditure
   • Bvisible exports and visible imports
   • Ccapital inflows and outflows
   • Dinvisible exports and imports

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8. Question 288· International trade· WAEC

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

   • A30
   • B125
   • C80
   • D270

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9. Question 289· International trade· JAMB

   The theory of comparative advantage is associated with

   • AThomas Malthus
   • BAdam Smith
   • CDavid Ricardo
   • DJ. M. Keynes

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10. Question 290· International trade· JAMB

    The current account of the balance of payments includes

    • Aforeign direct investment only
    • Bloans from abroad only
    • Cvisible and invisible trade
    • Dchanges in reserves only

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11. Question 291· International trade· WAEC

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

    • Aan embargo
    • Ba quota
    • Ca subsidy
    • Da tariff

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    Explanation and discussion

12. Question 292· International trade· WAEC

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

    • Aa deficit of ₦6 trillion
    • Ba surplus of ₦6 trillion
    • C₦54 trillion
    • Dzero

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13. Question 293· International trade· WAEC

    Devaluation makes a country's exports

    • Adearer abroad
    • Bcheaper abroad
    • Cillegal
    • Dunchanged in price

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    Explanation and discussion

14. Question 294· International trade· WAEC

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

    • Ahigher money cost
    • Blower opportunity cost
    • Chigher tariff
    • Dlower exchange rate

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15. Question 295· International trade· JAMB

    The African Continental Free Trade Area (AfCFTA) aims to

    • Aadopt one currency at once
    • Bban trade outside Africa
    • Ccreate a single market for goods and services across Africa
    • Dfix oil prices

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16. Question 296· International trade· JAMB

    A country's index of export prices is 120 and its index of import prices is 100. Its terms of trade are

    • A120 (favourable)
    • B83 (unfavourable)
    • C100 (neutral)
    • D20

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17. Question 297· Market structures· WAEC

    A market with only one seller is

    • Aan oligopoly
    • Bperfect competition
    • Ca monopoly
    • Da duopoly

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18. Question 298· Market structures· WAEC

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

    • Aperfect competition
    • Bmonopoly
    • Coligopoly
    • Dduopoly

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19. Question 299· Market structures· JAMB

    A cartel is

    • Aa single firm
    • Ba group of firms that agree to fix prices or output
    • Ca government agency
    • Da trade union

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20. Question 300· Market structures· WAEC

    Under perfect competition, each firm is

    • Aa cartel
    • Ba price maker
    • Ca monopolist
    • Da price taker

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