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WAEC Economics questions: Money and inflation

17 questions with answers and explanations. Tap an option to check yourself.

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All topicsAgriculture in Nigeria · 15Business organisations · 14Economic growth and development · 15Economic systems · 13Economics as a science · 15Factors of production · 15Financial institutions · 14Industry and industrialisation · 15International economic organisations · 16International trade · 16Market structures · 15Methods and tools of economic analysis · 14Money and inflation · 17National income · 18Natural resources and the Nigerian economy · 15Population · 15Public finance · 14The labour market · 15Theory of consumer behaviour · 15Theory of costs and revenue · 16Theory of demand · 21Theory of price determination · 14Theory of production · 14Theory of supply · 16

  1. Question 1· Money and inflation· WAEC

    When prices of most goods keep rising over a long period, people on fixed incomes

    Explanation and discussion

  2. Question 2· Money and inflation· WAEC

    Which function of money allows the worth of a goat and a bag of rice to be compared?

    Explanation and discussion

  3. Question 3· Money and inflation· WAEC

    The value of money is

    Explanation and discussion

  4. Question 4· Money and inflation· WAEC

    During inflation, the people who usually gain are

    Explanation and discussion

  5. Question 5· Money and inflation· WAEC

    Inflation caused by rising costs of production is

    Explanation and discussion

  6. Question 6· Money and inflation· WAEC

    Deflation is

    Explanation and discussion

  7. Question 7· Money and inflation· WAEC

    Which function of money allows goods to be valued in a common unit?

    Explanation and discussion

  8. Question 8· Money and inflation· WAEC

    A sharp rise in the price of diesel raises the cost of running factories and pushes up prices. This is

    Explanation and discussion

  9. Question 9· Money and inflation· WAEC

    People who are likely to lose during inflation are

    Explanation and discussion

  10. Question 10· Money and inflation· WAEC

    Inflation caused by rising wages and raw-material prices is

    Explanation and discussion

  11. Question 11· Money and inflation· WAEC

    The most important function of money is as a

    Explanation and discussion

  12. Question 12· Money and inflation· WAEC

    The quantity theory of money states that MV = PT. If V and T are constant, an increase in M raises

    Explanation and discussion

  13. Question 13· Money and inflation· WAEC

    A persistent fall in the general price level is

    Explanation and discussion

  14. Question 14· Money and inflation· WAEC

    A price index rises from 120 to 150. Find the rate of inflation.

    Explanation and discussion

  15. Question 15· Money and inflation· WAEC

    Money held to meet unforeseen emergencies is demanded for the

    Explanation and discussion

  16. Question 16· Money and inflation· WAEC

    People on fixed incomes suffer during inflation because

    Explanation and discussion

  17. Question 17· Money and inflation· WAEC

    Cost-push inflation results from

    Explanation and discussion

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