Waec Economics Past Questions and Answers

Question 151:

• WAEC 1991

The monetary system that requires a double coincidence of wants is known as the

A. Gold standard
B. Barter system
C. Commodity system
D. Gold exchange standard
E. Cheque system

Question 152:

• 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 153:

• 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 154:

• 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 155:

• 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