Waec Economics 2005 Past Questions and Answers

Question 31:

• WAEC 2005

A persistent and appreciable rise in the general level of price is known as

A. Depreciation
B. Inflation
C. Deflation
D. Production

Question 32:

• WAEC 2005

A commercial banks deposits are

A. Liabilities
B. Assets
C. Capital
D. Cash at hand

Question 33:

• WAEC 2005

The lender of last resort in the banking system is the

A. Industrial banks
B. Mortgage banks
C. Commercial banks
D. Central banks

Question 34:

• WAEC 2005

Discounting a bill of exchange means the bill is

A. Cashed over the counter
B. Sold on the stock exchange
C. Bought for less than its face value
D. Sold to the highest bidder

Question 35:

• WAEC 2005

The central banks control credit in the economy through the use of

A. Legal tender
B. Travellers cheque
C. Foreign exchange instruments
D. Open market operation