Waec Economics Past Questions and Answers

Question 216:

• WAEC 1992

when price of a commodity is fixed by the law either below or above the equilibrium, the mechanism is known as

A. Price discrimination
B. Price control
C. Perfect market
D. Equilibrium price
E. Market structure

Question 217:

• WAEC 1992

Money supply is the

A. Currency available in the banks
B. Currency in circulation and time deposits
C. Currency in circulation and saving deposits
D. Currency in circulation and demand deposits
E. Money scarcity

Question 218:

• WAEC 1992

which of the following is not the function of a commercial bank

A. Accepting deposits from the publicv
B. Serving as banker to the government
C. Lending to the public
D. Safekeeping of valuables
E. Undertaking foreign exchange transaction of customers

Question 219:

• WAEC 1992

inflation caused by increase in demand is known as

A. Cost-push inflation
B. Hyper-inflation
C. Demand-pull inflation
D. Creeping inflation
E. Runaway inflation

Question 220:

• WAEC 1992

indirect tax are taxes which

A. Are levied on the income and profit of the individuals and firms
B. Always affects the producer only
C. Are bassed on the progressive principles
D. Are based on the regressive principles
E. Are levied on goods and services purchased by individuals and firms