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Economics Past Questions and Answers

Waec Economics Questions

Question 866:

A commercial banks deposits are

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A Liabilities
B Assets
C Capital
D Cash at hand

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Question 867:

The lender of last resort in the banking system is the

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A Industrial banks
B Mortgage banks
C Commercial banks
D Central banks

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Question 868:

Discounting a bill of exchange means the bill is

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A Cashed over the counter
B Sold on the stock exchange
C Bought for less than its face value
D Sold to the highest bidder

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Question 869:

The central banks control credit in the economy through the use of

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A Legal tender
B Travellers cheque
C Foreign exchange instruments
D Open market operation

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Question 870:

Among the principles of taxation propounded by Adam Smith was that

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A A tax should be impossible to evade
B A tax should be convenient to pay
C No tax should be levied on food
D There should be no taxation without representation

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