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731
The lender of last resort in the banking system is the
  • A. industrial banks
  • B. mortgage banks
  • C. commercial banks
  • D. central banks
View Answer & Discuss WAEC 2005
732
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
733
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
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734
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
735

Mr. Bala’s income is $800.00 per month while that of Mr. Jatau is $1,200.00. If Messrs. Bala and Jtau pay $80.00 and $120.00 respectively as taxes, the tax system is

  • A. progressive
  • B. regressive
  • C. proportional
  • D. ad-valorem
View Answer & Discuss (4) WAEC 2005
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