JAMB and WAEC Economics questions

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

1. Question 161· Factors of production· WAEC

   Mr. Okon lets his farmland to a cassava farmer for ₦50,000 a year. This payment is

   • Awages
   • Brent
   • Cinterest
   • Dprofit

   Show answer

   Explanation and discussion

2. Question 162· Factors of production· WAEC

   The efficiency of labour can be increased by

   • Aremoving all machines
   • Breducing wages
   • Clonger hours without rest
   • Dtraining and good working conditions

   Show answer

   Explanation and discussion

3. Question 163· Factors of production· JAMB

   The reward for entrepreneurship is

   • Arent
   • Bprofit
   • Cinterest
   • Dwages

   Show answer

   Explanation and discussion

4. Question 164· Factors of production· WAEC

   Which of these is an example of capital goods used by a bakery?

   • Athe baker's skill
   • Ba loaf sold to customers
   • Can oven
   • Dthe land under the shop

   Show answer

   Explanation and discussion

5. Question 165· Factors of production· WAEC

   The factor of production that bears the risk of a business is the

   • Alabourer
   • Bentrepreneur
   • Clandlord
   • Dcapitalist

   Show answer

   Explanation and discussion

6. Question 166· Factors of production· JAMB

   The efficiency of labour depends greatly on

   • Athe size of the country
   • Beducation and training
   • Cthe price of land
   • Dthe exchange rate

   Show answer

   Explanation and discussion

7. Question 167· Factors of production· JAMB

   The geographical mobility of labour is often reduced by

   • Afamily and social ties
   • Btraining
   • Chigh wages elsewhere
   • Dgood transport

   Show answer

   Explanation and discussion

8. Question 168· Factors of production· JAMB

   The entrepreneur's main role is to

   • Aprovide land
   • Borganise the other factors and bear the risk of the business
   • Csupply labour only
   • Dlend money to the bank

   Show answer

   Explanation and discussion

9. Question 169· Factors of production· JAMB

   Capital as a factor of production refers to

   • Aman-made goods used to produce other goods
   • Bmoney kept in a bank
   • Cnatural resources
   • Dhuman effort

   Show answer

   Explanation and discussion

10. Question 170· Factors of production· JAMB

    Occupational mobility of labour refers to the ease with which workers

    • Achange employers in the same job
    • Bmove from one place to another
    • Ctravel abroad
    • Dmove from one job to another

    Show answer

    Explanation and discussion

11. Question 171· Factors of production· WAEC

    The four factors of production are

    • Aworkers, owners, buyers and sellers
    • Bmoney, land, machines and buildings
    • Cland, labour, capital and entrepreneur
    • Dfarms, factories, banks and markets

    Show answer

    Explanation and discussion

12. Question 172· Factors of production· JAMB

    Entrepreneurship involves

    • Aonly supplying labour
    • Bonly providing land
    • Conly lending money
    • Dorganising other factors and bearing risk

    Show answer

    Explanation and discussion

13. Question 173· Factors of production· WAEC

    Which of these is an example of capital?

    • Aa baker's skill
    • Ba plot of farmland
    • Ca bakery's oven
    • Drainfall

    Show answer

    Explanation and discussion

14. Question 174· Factors of production· JAMB

    The supply of labour in a country depends on

    • Athe size and age structure of the population
    • Bthe price of land
    • Cthe rate of interest
    • Dthe exchange rate

    Show answer

    Explanation and discussion

15. Question 175· Factors of production· WAEC

    The total supply of land as a factor of production is

    • Aperfectly elastic
    • Bfixed
    • Cunlimited
    • Dconstantly increasing

    Show answer

    Explanation and discussion

16. Question 176· Financial institutions· JAMB

    When the Central Bank raises the monetary policy rate, it usually

    • Aincreases money supply
    • Bmakes borrowing cheaper
    • Cmakes borrowing dearer and reduces money supply
    • Dhas no effect on banks

    Show answer

    Explanation and discussion

17. Question 177· Financial institutions· WAEC

    A commercial bank creates credit mainly through

    • Aprinting currency
    • Bcollecting taxes
    • Cselling shares
    • Dgranting loans and overdrafts

    Show answer

    Explanation and discussion

18. Question 178· Financial institutions· JAMB

    The capital market differs from the money market because the capital market deals in

    • Acoins and notes
    • Bshort-term funds only
    • Cforeign currency only
    • Dlong-term funds

    Show answer

    Explanation and discussion

19. Question 179· Financial institutions· WAEC

    The market for long-term loanable funds is the

    • Acapital market
    • Bmoney market
    • Ccommodity market
    • Dforeign exchange market

    Show answer

    Explanation and discussion

20. Question 180· Financial institutions· WAEC

    The Central Bank of Nigeria controls the money supply by

    • Aaccepting deposits from the public
    • Bopen market operations
    • Cgranting overdrafts to individuals
    • Dselling insurance

    Show answer

    Explanation and discussion