JAMB and WAEC Economics questions

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

All JAMB WAEC

Question 421· National income· JAMB
Double counting in national income is avoided by
Show answer
Answer: B. counting only final goods or value added
Explanation and discussion
Question 422· National income· JAMB
Net National Product (NNP) is equal to
Show answer
Answer: D. GNP minus depreciation
Explanation and discussion
Question 423· National income· WAEC
The circular flow of income shows the flow of money between
Show answer
Answer: A. households and firms
Explanation and discussion
Question 424· National income· WAEC
Adding net income from abroad to Gross Domestic Product gives
Show answer
Answer: B. Gross National Product
Explanation and discussion
Question 425· National income· WAEC
Gross Domestic Product (GDP) is the total value of goods and services produced
Show answer
Answer: C. within a country in a year
Explanation and discussion
Question 426· National income· WAEC
Consumption is ₦500 bn, investment ₦200 bn, government spending ₦150 bn, exports ₦120 bn and imports ₦70 bn. Find GDP at market prices.
Show answer
Answer: C. ₦900 bn
Explanation and discussion
Question 427· Natural resources and the Nigerian economy· WAEC
Gold, iron ore and limestone are examples of
Show answer
Answer: C. non-renewable natural resources
Explanation and discussion
Question 428· Natural resources and the Nigerian economy· WAEC
The petroleum industry contributes to Nigeria's economy mainly through
Show answer
Answer: D. government revenue and foreign exchange
Explanation and discussion
Question 429· Natural resources and the Nigerian economy· JAMB
Natural resources are
Show answer
Answer: B. gifts of nature used in production
Explanation and discussion
Question 430· Natural resources and the Nigerian economy· JAMB
Bitumen deposits in Nigeria are found mainly in
Show answer
Answer: A. Ondo State
Explanation and discussion
Question 431· Natural resources and the Nigerian economy· WAEC
Solid minerals such as limestone in Nigeria are important to the
Show answer
Answer: B. cement industry
Explanation and discussion
Question 432· Natural resources and the Nigerian economy· JAMB
Nigeria is a member of OPEC, which it joined in
Show answer
Answer: D. 1971
Explanation and discussion
Question 433· Natural resources and the Nigerian economy· WAEC
Crude oil in Nigeria is found mainly in the
Show answer
Answer: C. Niger Delta
Explanation and discussion
Question 434· Natural resources and the Nigerian economy· JAMB
The Petroleum Industry Act was signed in
Show answer
Answer: C. 2021
Explanation and discussion
Question 435· Natural resources and the Nigerian economy· WAEC
Tin has been mined mainly on the
Show answer
Answer: C. Jos Plateau
Explanation and discussion
Question 436· Natural resources and the Nigerian economy· WAEC
The dominant source of Nigeria's foreign exchange earnings is
Show answer
Answer: C. crude oil
Explanation and discussion
Question 437· Natural resources and the Nigerian economy· JAMB
The Petroleum Industry Act signed in 2021 aims mainly to
Show answer
Answer: B. reform the governance and regulation of Nigeria's oil and gas industry
Explanation and discussion
Question 438· Natural resources and the Nigerian economy· WAEC
Which of these states is a major oil-producing state in Nigeria?
Show answer
Answer: C. Delta
Explanation and discussion
Question 439· Natural resources and the Nigerian economy· JAMB
The downstream sector of the petroleum industry covers
Show answer
Answer: B. refining and marketing of petroleum products
Explanation and discussion
Question 440· Natural resources and the Nigerian economy· JAMB
Nigeria became a member of the Organisation of Petroleum Exporting Countries (OPEC) in
Show answer
Answer: A. 1971
Explanation and discussion

Practise Economics like the real exam. A timed CBT, your score, and the topics to fix.

Start a Economics test

JAMB and WAEC Economics questions

Double counting in national income is avoided by

Net National Product (NNP) is equal to

The circular flow of income shows the flow of money between

Adding net income from abroad to Gross Domestic Product gives

Gross Domestic Product (GDP) is the total value of goods and services produced

Consumption is ₦500 bn, investment ₦200 bn, government spending ₦150 bn, exports ₦120 bn and imports ₦70 bn. Find GDP at market prices.

Gold, iron ore and limestone are examples of

The petroleum industry contributes to Nigeria's economy mainly through

Natural resources are

Bitumen deposits in Nigeria are found mainly in

Solid minerals such as limestone in Nigeria are important to the

Nigeria is a member of OPEC, which it joined in

Crude oil in Nigeria is found mainly in the

The Petroleum Industry Act was signed in

Tin has been mined mainly on the

The dominant source of Nigeria's foreign exchange earnings is

The Petroleum Industry Act signed in 2021 aims mainly to

Which of these states is a major oil-producing state in Nigeria?

The downstream sector of the petroleum industry covers

Nigeria became a member of the Organisation of Petroleum Exporting Countries (OPEC) in