JAMB and WAEC Economics questions

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

1. Question 101· Economic systems· WAEC

   A major disadvantage of a command economy is

   • Atoo much advertising
   • Btoo much competition
   • Clittle consumer choice and weak incentives
   • Dexcessive private profit

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   Explanation and discussion

2. Question 102· Economic systems· WAEC

   In a capitalist economy, the main decisions on what to produce are taken through

   • Acentral planning
   • Bthe price mechanism
   • Creligious leaders
   • Dthe military

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3. Question 103· Economic systems· WAEC

   A disadvantage of a planned economy is

   • Aexcessive advertising
   • Btoo much competition
   • Clack of consumer choice and incentives
   • Dno government role

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   Explanation and discussion

4. Question 104· Economic systems· JAMB

   A mixed economy is one in which

   • Aonly the government owns resources
   • Bboth the private sector and the government own and control resources
   • Conly individuals own resources
   • Dthere is no money

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5. Question 105· Economic systems· WAEC

   Nigeria is described as a mixed economy because

   • Aboth government and private firms produce goods and services
   • Bonly private firms exist
   • Call firms are owned by the state
   • Dtrade is carried out by barter

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6. Question 106· Economic systems· WAEC

   An economy in which both the government and private individuals take economic decisions is a

   • Acommand economy
   • Bsubsistence economy
   • Cmixed economy
   • Dtraditional economy

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7. Question 107· Economic systems· WAEC

   The price mechanism is the main feature of

   • Aa military economy
   • Ba planned economy
   • Ca traditional economy only
   • Da free market economy

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8. Question 108· Economic systems· JAMB

   Consumer sovereignty is a feature of

   • Aa command economy
   • Ba market economy
   • Ca traditional economy only
   • Dfeudalism

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9. Question 109· Economic systems· JAMB

   In a traditional economy, what to produce is decided mainly by

   • Acentral planners
   • Bthe price mechanism
   • Ccustom and tradition
   • Dforeign investors

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10. Question 110· Economic systems· WAEC

    In a mixed economy

    • Aonly private individuals own resources
    • Bonly the government owns resources
    • Cboth the government and private individuals own and control resources
    • Dthere is no government

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11. Question 111· Economic systems· JAMB

    Consumer sovereignty in a free market economy means that

    • Aprices are fixed by law
    • Bthe government decides what consumers buy
    • Cconsumers own all factories
    • Dconsumers decide what is produced through their spending

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12. Question 112· Economic systems· JAMB

    In a command economy, prices are set mainly by

    • Athe government
    • Bmarket forces
    • Cconsumers' votes
    • Dtrade unions

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13. Question 113· Economic systems· WAEC

    Nigeria's economy is best described as

    • Aa mixed economy
    • Ba pure command economy
    • Ca pure market economy
    • Da subsistence economy only

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14. Question 114· Economic systems· WAEC

    Which feature is typical of a capitalist economy?

    • Acentral planning of all output
    • Bprivate ownership of most businesses
    • Cstate ownership of all land
    • Dabsence of the profit motive

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15. Question 115· Economic systems· WAEC

    An argument for privatising public enterprises in Nigeria is that private owners

    • Aalways charge lower prices
    • Btend to run them more efficiently for profit
    • Cemploy more workers in every case
    • Dneed no regulation

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16. Question 116· Economic systems· JAMB

    A major disadvantage of a command (planned) economy is

    • Atoo much competition
    • Blimited consumer choice
    • Cexcessive advertising
    • Dhigh profits for individuals

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17. Question 117· Economic systems· JAMB

    In a command economy, resources are allocated mainly by

    • Agovernment planning
    • Bconsumer demand
    • Cprices
    • Dtradition

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18. Question 118· Economics as a science· JAMB

    A student with ₦2,000 decides to buy a textbook instead of a pair of sandals. The opportunity cost of the textbook is the

    • A₦2,000
    • Bpair of sandals
    • Ctextbook
    • Dtime spent shopping

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19. Question 119· Economics as a science· JAMB

    The basic economic questions include

    • Awhat to produce, how to produce and for whom
    • Bwhen to vote
    • Cwhere to pray
    • Dwho to marry

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20. Question 120· Economics as a science· WAEC

    Mrs. Bello has ₦10,000 but wants food, clothes and school books costing ₦25,000. Her problem illustrates

    • Aunemployment
    • Binflation
    • Cscarcity and choice
    • Dsurplus

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    Explanation and discussion