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Economics 2013 WAEC Past Questions

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26

The introduction of tariffs and quotas

  • A. reduce th prices of imports
  • B. increase the demand for locally made goods
  • C. discourage domestic industries from becoming more efficient
  • D. reduce the prices of locally made goods
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27

A government that wants to get more revenue will increase the tax on commodities with a

  • A. high price elasticity of demand
  • B. low price elasticity of demand
  • C. high income elasticity of demand
  • D. low income elasticity of demand
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28

Which of the following is involved in the money market?

  • A. Building society
  • B. Development banks
  • C. Commercial banks
  • D. Stock exchange
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29

Demand pull inflation can aptly be described as

  • A. inflation induced by rising costs of production
  • B. reduction in government expenditure
  • C. persistent rise in prices due to increase in expenditure
  • D. massive importation of goods from a country with hyper inflation
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30

In order to develop the banking habit of rural dwellers, the traditional money lenders should be

  • A. proscribed
  • B. legalized
  • C. subsidized
  • D. heavily taxed
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