JAMB and WAEC Economics questions

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

1. Question 81· Economic growth and development· WAEC

   A characteristic of developing countries is

   • Aa low birth rate
   • Bhigh per capita income
   • Cheavy dependence on primary production
   • Da highly skilled workforce

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   Explanation and discussion

2. Question 82· Economic growth and development· WAEC

   Which of these could slow economic development in Nigeria?

   • Aa literate workforce
   • Ba large domestic market
   • Cabundant natural resources
   • Dinadequate infrastructure such as power supply

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3. Question 83· Economic growth and development· JAMB

   Human capital development refers to investment in

   • Aforeign reserves
   • Bmachinery
   • Croads and bridges
   • Deducation and health

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   Explanation and discussion

4. Question 84· Economic growth and development· WAEC

   Per capita income is obtained by dividing national income by the

   • Arate of inflation
   • Bnumber of workers only
   • Cnumber of firms
   • Dtotal population

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   Explanation and discussion

5. Question 85· Economic growth and development· WAEC

   Economic development differs from economic growth in that development includes

   • Aimprovements in welfare, health and education
   • Bonly rising GDP
   • Conly population growth
   • Donly exports

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6. Question 86· Economic growth and development· WAEC

   Development planning in Nigeria aims mainly to

   • Aabolish the private sector
   • Bfix all prices
   • Cstop foreign trade
   • Dachieve set economic goals within a period

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   Explanation and discussion

7. Question 87· Economic growth and development· JAMB

   A rolling plan is a development plan that

   • Ais never written down
   • Blasts for twenty years unchanged
   • Cis revised and extended every year
   • Dcovers one month

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   Explanation and discussion

8. Question 88· Economic growth and development· WAEC

   A characteristic of underdevelopment is

   • Ahigh savings
   • Bhigh life expectancy
   • Cadvanced technology
   • Dlow per capita income

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   Explanation and discussion

9. Question 89· Economic growth and development· JAMB

   Nigeria's NEEDS programme of 2004 stood for

   • ANational Economic Empowerment and Development Strategy
   • BNational Education and Employment Development Scheme
   • CNew Economic Export Development System
   • DNational Energy and Electricity Development Strategy

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   Explanation and discussion

10. Question 90· Economic systems· WAEC

    In a planned economy, what to produce is decided by the

    • Aprice mechanism
    • Bconsumers alone
    • Ccentral planning authority
    • Dmiddlemen

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    Explanation and discussion

11. Question 91· Economic systems· JAMB

    A traditional economy relies mainly on

    • Acentral planning
    • Bcustom and tradition
    • Cstock markets
    • Dcomputers

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    Explanation and discussion

12. Question 92· Economic systems· JAMB

    In a capitalist economy, resources are allocated mainly through

    • Areligious leaders
    • Bgovernment directives
    • Ctradition
    • Dthe price mechanism

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    Explanation and discussion

13. Question 93· Economic systems· WAEC

    Resources are allocated mainly by the price mechanism in a

    • Afree-market economy
    • Bcommand economy
    • Ctraditional economy
    • Dbarter economy

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    Explanation and discussion

14. Question 94· Economic systems· JAMB

    Commercialisation of public enterprises means they

    • Aare sold to private owners
    • Bare run on business lines to cover costs
    • Care closed
    • Dare made free

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    Explanation and discussion

15. Question 95· Economic systems· JAMB

    Privatisation means

    • Anationalising private firms
    • Btransferring ownership of public enterprises to private investors
    • Cfixing prices of goods
    • Dbanning foreign firms

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16. Question 96· Economic systems· WAEC

    In a capitalist economy, the means of production are owned mainly by

    • Athe state
    • Btrade unions
    • Cforeign governments
    • Dprivate individuals

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    Explanation and discussion

17. Question 97· Economic systems· JAMB

    A feature of a capitalist economy is

    • Acentral planning of all output
    • Bthe profit motive and private enterprise
    • Cstate ownership of all land
    • Dabsence of competition

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18. Question 98· Economic systems· JAMB

    Under socialism, the major means of production are owned by

    • Aforeign companies
    • Bprivate individuals
    • Cthe state
    • Dtraditional rulers

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    Explanation and discussion

19. Question 99· Economic systems· JAMB

    The questions 'what to produce, how to produce and for whom to produce' are

    • Aquestions about foreign trade only
    • Bproblems found only in socialist economies
    • Cquestions answered only by the central bank
    • Dthe basic questions every economy must answer

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20. Question 100· Economic systems· JAMB

    A production possibility curve that shifts outwards shows

    • Aunemployment
    • Beconomic growth
    • Cinflation
    • Da fall in resources

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    Explanation and discussion