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Economics 2019 WAEC Past Questions

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51

An increase in the prices of factor inputs may result in

  • A. demand-pull inflation
  • B. stagflation
  • C. open inflation
  • D. cost-push inflation
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52

Citizens are protected from the government's arbitrariness in taxation by the canon of

  • A. elasticity
  • B. flexibility.
  • C. economy
  • D. certainty
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53

What happens when the central bank increases the bank rate?

  • A. Amount of borrowing increases
  • B. Amount of borrowing decreases
  • C. Supply of money increases
  • D. Commercial banks are not affected
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54

Insurance Companies are similar to commercial banks in that they

  • A. Compensate their customers for losses
  • B. act as lender of last resort
  • C. help in maintaining monetary stability in a nation
  • D. help in mobilizing savings for investment
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55

In most developing countries, a large percentage of the labour force is engaged in

  • A. trading
  • B. mining
  • C. agriculture
  • D. manufacturing
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