Economics 1991 Waec Past Questions and Answers

Question 6 :

• WAEC 1991

if over a period of time there is more money in the economy than the available goods and services , the economy is likely to experience

A. Devaluation
B. Inflation
C. Deflation
D. Demonetization
E. Over-valuation

Question 7 :

• WAEC 1991

The value of money is determined by the

A. Rate of interest
B. General price level
C. Quantity of money in circulation
D. Level of economic development
E. Weight of the currency notes and coins

Question 8 :

• WAEC 1991

open market operation are the process by which

A. The Central Banks purchases and sells securities
B. Commercial Banks purchases and sells securities
C. Business firms buys raw materials freely
D. Huseholds buys consumer goods openly
E. The money market takes over the function of the Central Banks

Question 9 :

• WAEC 1991

Devaluation means

A. A reduction in the value of the National currency
B. A reduction in the purchasing power of the foreign currency
C. A reduction in the value of the domestic currency relative to foreign currencies
D. An increase in the value of the national currency
E. A decrease in the purchasing power of the foreign currencies

Question 10 :

• WAEC 1991

Which of the following functions do retailers perform in an economy?

A. Production
B. Exchange
C. Hoarding
D. Distribution
E. Investment