JAMB and WAEC Economics questions

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

1. Question 141· Economics as a science· WAEC

   Microeconomics studies

   • Anational income
   • Bthe behaviour of individual units such as firms and households
   • Cinflation in the whole economy
   • Dtotal employment

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   Explanation and discussion

2. Question 142· Economics as a science· JAMB

   A production possibility curve is concave to the origin because of

   • Afalling prices
   • Bconstant returns
   • Cunlimited resources
   • Dincreasing opportunity cost

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   Explanation and discussion

3. Question 143· Economics as a science· JAMB

   Which of the following best illustrates scarcity?

   • APrices rise during festive seasons
   • BA shop sells many brands of soap
   • CA state government cannot build all the roads and schools it wants with its budget
   • DA farmer harvests more yam than last year

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   Explanation and discussion

4. Question 144· Economics as a science· WAEC

   Opportunity cost is

   • Athe money price of a good
   • Bthe next best alternative forgone
   • Cthe total cost of production
   • Dthe cost of transport

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5. Question 145· Economics as a science· JAMB

   Economics is described as a social science because it

   • Auses laboratory experiments
   • Bstudies human behaviour in society
   • Cdeals only with money
   • Dstudies plants and animals

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6. Question 146· Economics as a science· JAMB

   Which of the following is a normative statement?

   • AA rise in price reduces quantity demanded
   • BNigeria's population is over 200 million
   • CThe government should reduce the price of fuel
   • DInflation rose last year

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   Explanation and discussion

7. Question 147· Economics as a science· JAMB

   A point inside the production possibility curve indicates

   • Afull employment
   • Bunemployed or inefficiently used resources
   • Cunattainable output
   • Deconomic growth

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   Explanation and discussion

8. Question 148· Factors of production· WAEC

   The mobility of labour refers to the ease with which labour can

   • Amove from one occupation or place to another
   • Bbe replaced by machines
   • Cearn interest
   • Dbecome land

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   Explanation and discussion

9. Question 149· Factors of production· WAEC

   The reward for land as a factor of production is

   • Awages
   • Binterest
   • Crent
   • Dprofit

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   Explanation and discussion

10. Question 150· Factors of production· JAMB

    Geographical immobility of labour can be caused by

    • Agood transport
    • Bhousing costs and family ties
    • Ctraining
    • Dhigh wages elsewhere

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    Explanation and discussion

11. Question 151· Factors of production· WAEC

    Occupational mobility of labour is improved by

    • Afixed wages
    • Btraining and education
    • Chousing shortage
    • Dfamily ties

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    Explanation and discussion

12. Question 152· Factors of production· JAMB

    The reward for capital is

    • Awages
    • Brent
    • Cinterest
    • Dprofit

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    Explanation and discussion

13. Question 153· Factors of production· WAEC

    Which of these is an example of capital as a factor of production?

    • Aa farm worker
    • Ba river
    • Ca grinding machine in a garri factory
    • Dforest land

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    Explanation and discussion

14. Question 154· Factors of production· JAMB

    Efficiency of labour depends on

    • Athe weather only
    • Bage only
    • Ceducation, health and tools
    • Dcolour of uniform

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    Explanation and discussion

15. Question 155· Factors of production· JAMB

    Which factor of production is fixed in supply and has no cost of production?

    • Aentrepreneurship
    • Blabour
    • Ccapital
    • Dland

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    Explanation and discussion

16. Question 156· Factors of production· WAEC

    The supply of land is

    • Afixed in total quantity
    • Bunlimited
    • Cincreased by advertising
    • Dmobile geographically

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    Explanation and discussion

17. Question 157· Factors of production· WAEC

    Ada starts a bakery, hires workers and bears the loss if it fails. In economics she is the

    • Alabour
    • Bentrepreneur
    • Ccapital
    • Dland

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    Explanation and discussion

18. Question 158· Factors of production· WAEC

    Land as a factor of production is said to be fixed in supply because

    • Ait is man-made
    • Bit can be moved easily
    • Cits total quantity cannot be increased
    • Dit earns interest

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19. Question 159· Factors of production· JAMB

    Land as a factor of production includes

    • Amoney
    • Bmachinery
    • Cworkers
    • Dall natural resources such as minerals and forests

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20. Question 160· Factors of production· WAEC

    Mrs Okafor brings together land, labour and capital to run a poultry farm and bears the risk. Her reward is

    • Arent
    • Bprofit
    • Cwages
    • Dinterest

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    Explanation and discussion