2003 - WAEC Economics Past Questions and Answers - page 4
31
A continuous fall in the general price level is called
A
recession
B
depression
C
deflation
D
stagflation
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32
Which of the following is the function of a central bank?
A
accepting deposits from the public
B
lending to the commercial banks
C
discounting bills of exchange
D
agent of payment for individuals
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33
Cost-push inflation is likely to raise when
A
there is an increase in government spending
B
there is an increase in direct taxes
C
demand for higher wages is granted
D
there is a decrease in banks lending
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34
The most important function of merchant banks is the
A
issuing of currency
B
provision of short term loans
C
provision of medium and long term loans
D
provision of short and long term loans
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35
Precautionary motive relates to
A
demand for money
B
demands for goods
C
supply of money
D
supply of goods
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36
Invisible trade refers to trade in
A
services
B
goods and services
C
tangible goods
D
crude oil
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37
When the demand for foreign exchange exceeds its supply, the value of the domestic currency
A
appreciates
B
depreciates
C
inflates
D
expands
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38
Which of the following is part of the capital account of the balance of payments?
A
Net investment from abroad
B
import of machinery
C
insurance
D
transportation cost
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39
The most common index for measuring developments is
A
the level of illiteracy
B
the per capita income
C
nutritional level
D
population growth rate
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40
Government of West African countries levy taxes to
A
prevent prices from falling
B
make people richer
C
limit the number of banks
D
finance government projects
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