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Economics 1992 WAEC Past Questions

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31
which of the following is not the function of a commercial bank
  • 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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32
inflation caused by increase in demand is known as
  • A. cost-push inflation
  • B. hyper-inflation
  • C. demand-pull inflation
  • D. creeping inflation
  • E. runaway inflation
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33
indirect tax are taxes which
  • 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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34
The situation where government revenue in a fiscal year is less than its expenditure is referred to as
  • A. budget deficit
  • B. balanced budget
  • C. budget surplus
  • D. budget statement
  • E. unfavourable budget
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35
The situation where government revenue in a fiscal year is less than its expenditure is referred to as
  • A. budget deficit
  • B. balanced budget
  • C. budget surplus
  • D. budget statement
  • E. unfavourable budget
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