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Economics 2005 WAEC Past Questions

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31
A commercial banks deposits are
  • A. liabilities
  • B. assets
  • C. capital
  • D. cash at hand
View Answer & Discuss (1) WAEC 2005
32
The lender of last resort in the banking system is the
  • A. industrial banks
  • B. mortgage banks
  • C. commercial banks
  • D. central banks
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33
Discounting a bill of exchange means the bill is
  • 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
View Answer & Discuss WAEC 2005
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34
The central banks control credit in the economy through the use of
  • A. legal tender
  • B. travellers cheque
  • C. foreign exchange instruments
  • D. open market operation
View Answer & Discuss WAEC 2005
35
Among the principles of taxation propounded by Adam Smith was that
  • 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
View Answer & Discuss WAEC 2005
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