2001 - WAEC Economics Past Questions and Answers - page 4
31
which of the following is the most liquid asset?
A
Bank notes
B
Silver
C
Bank deposit
D
cheques
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32
The situation in which there is persistent fall in the general price level is referred to as
A
devaluation
B
depreciation
C
deflation
D
inflation
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33
commercial banks settle their daily interbank indebtedness through the
A
money market
B
finance House
C
acceptance house
D
Clearing House
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34
One disadvantage of inflation is that?
A
fixed income earners gain
B
fixed income eaners lose
C
businessmen lose
D
standard of living rises
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35
Short-term loans can be sourced from
A
the central banks
B
development banks
C
Mortgage banks
D
commercial banks
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36
if there is an increase in wages and salaries without corresponding increase in the supply of goods and services, the situation will lead to
A
a reduction in aggregate demand
B
inflation
C
depression
D
budget surplus
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37
public expenditure can be financed from all the following sources except the
A
borrowing
B
grant-in-aid
C
royalties and rent
D
mobilization fees
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38
which of the following is a direct tax
A
import duty
B
export duty
C
capital gain tax
D
sales tax
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39
Tax evasion means
A
postponing paymeny of tax
B
tax payment according to ability to pay
C
making false declaration of taxable income
D
paying little amount of money as tax
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40
A greater burden of tax on a product with high price elasticity of demand rests mainly on the
A
producer
B
teacher
C
civil servant
D
middlemen
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