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Economics Past Questions and Answers

Waec Economics Questions

Question 151:
The monetary system that requires a double coincidence of wants is known as the
  • A Gold standard
  • B Barter system
  • C Commodity system
  • D Gold exchange standard
  • E Cheque system
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Question 152:
if over a period of time there is more money in the economy than the available goods and services , the economy is likely to experience
  • A Devaluation
  • B Inflation
  • C Deflation
  • D Demonetization
  • E Over-valuation
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Question 153:
The value of money is determined by the
  • A Rate of interest
  • B General price level
  • C Quantity of money in circulation
  • D Level of economic development
  • E Weight of the currency notes and coins
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Question 154:
open market operation are the process by which
  • A The Central Banks purchases and sells securities
  • B Commercial Banks purchases and sells securities
  • C Business firms buys raw materials freely
  • D Huseholds buys consumer goods openly
  • E The money market takes over the function of the Central Banks
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Question 155:
Devaluation means
  • A A reduction in the value of the National currency
  • B A reduction in the purchasing power of the foreign currency
  • C A reduction in the value of the domestic currency relative to foreign currencies
  • D An increase in the value of the national currency
  • E A decrease in the purchasing power of the foreign currencies
View Answer & Explanation