2002 - WAEC Economics Past Questions and Answers - page 4
31
Who among the following will benefit from inflation?
A
pensioners
B
savers
C
debtors
D
creditors
32
inflation can be controlled by increasing
A
aggregate supply
B
government expenditure
C
aggregate demand
D
a deficit budget
33
Which of the following is a function of merchant banks?
A
minting of coins
B
preparation of government budget
C
keeping watch on external reserves of the country
D
acting as acceptance houses
34
personal savings are generally low in West Africa because of
A
the level of income of people
B
the refusal of banks to grant loans
C
overpopulation
D
cheaper foreign currencies
35
Which business organization enjoys tax-free point in est Africa?
A
co-operative societies
B
private limited liability companies
C
joint stock companies
D
partnerships
36
The greatest revenue earning industry in Nigeria is
A
construction
B
agriculture
C
manufacturing
D
mining
37
A market equilibrium exist when
A
no buyer goes home empty-handed
B
demand and supply are increasing
C
demand and supply are equal
D
the price is fluctuating
38
The incidence of an increase in tax on a commodity with perfectly inelastic demand will be on the
A
wholesaler
B
retailer
C
government
D
consumer
39
Budget surplus implies that
A
expenditure equals revenue
B
expenditure is less than revenue
C
expenditure is greater than taxation
D
direct tax is more than indirect tax
40
International trade is based on the law of
A
absolute cost advantage
B
variable proportion
C
comparative cost advantage
D
mutual co-operation
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