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Economics Past Questions and Answers

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Waec Economics Questions

Question 216:

when price of a commodity is fixed by the law either below or above the equilibrium, the mechanism is known as

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A Price discrimination
B Price control
C Perfect market
D Equilibrium price
E Market structure

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Question 217:

Money supply is the

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A Currency available in the banks
B Currency in circulation and time deposits
C Currency in circulation and saving deposits
D Currency in circulation and demand deposits
E Money scarcity

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Question 218:

which of the following is not the function of a commercial bank

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A Accepting deposits from the publicv
B Serving as banker to the government
C Lending to the public
D Safekeeping of valuables
E Undertaking foreign exchange transaction of customers

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Question 219:

inflation caused by increase in demand is known as

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A Cost-push inflation
B Hyper-inflation
C Demand-pull inflation
D Creeping inflation
E Runaway inflation

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Question 220:

indirect tax are taxes which

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A Are levied on the income and profit of the individuals and firms
B Always affects the producer only
C Are bassed on the progressive principles
D Are based on the regressive principles
E Are levied on goods and services purchased by individuals and firms

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