JAMB and WAEC Economics questions

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

1. Question 361· Money and inflation· WAEC

   During inflation, the people who usually gain are

   • Adebtors
   • Bcreditors
   • Cfixed-income earners
   • Dpensioners

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   Explanation and discussion

2. Question 362· Money and inflation· JAMB

   Demand-pull inflation occurs when

   • Aimports rise
   • Bcosts rise
   • Cwages fall
   • Daggregate demand exceeds aggregate supply

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3. Question 363· Money and inflation· JAMB

   Near money includes

   • Acoins only
   • Bsavings deposits and treasury bills
   • Cbarter goods
   • Dcowries

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4. Question 364· Money and inflation· JAMB

   Cost-push inflation is caused by

   • Aa rise in unemployment
   • Btoo much money chasing too few goods
   • Ca fall in demand
   • Drising costs of production such as wages and raw materials

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5. Question 365· Money and inflation· WAEC

   Inflation caused by rising costs of production is

   • Ademand-pull inflation
   • Bcost-push inflation
   • Cdeflation
   • Ddisinflation

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6. Question 366· Money and inflation· JAMB

   Money that has value because government declares it legal tender is

   • Acommodity money
   • Bfiat money
   • Cbarter
   • Dnear money

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7. Question 367· Money and inflation· JAMB

   Keynes's liquidity preference theory states that the rate of interest is determined by

   • Athe stock of gold
   • Bsavings and investment only
   • Cgovernment decree
   • Dthe demand for and supply of money

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8. Question 368· Money and inflation· JAMB

   Inflation hurts which group most?

   • Apeople on fixed incomes, such as pensioners
   • Bdebtors
   • Cowners of property
   • Dproducers of goods

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9. Question 369· Money and inflation· WAEC

   Deflation is

   • Aprinting more money
   • Ba rise in prices
   • Ca persistent fall in the general price level
   • Da rise in exports

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10. Question 370· Money and inflation· WAEC

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

    • Amedium of exchange
    • Bstore of value
    • Cstandard of deferred payment
    • Dunit of account

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    Explanation and discussion

11. Question 371· Money and inflation· WAEC

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

    • Adeflation
    • Bdemand-pull inflation
    • Ccost-push inflation
    • Dstagflation only

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    Explanation and discussion

12. Question 372· Money and inflation· WAEC

    People who are likely to lose during inflation are

    • Adebtors
    • Btraders with stock
    • Cfixed-income earners
    • Dborrowers

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    Explanation and discussion

13. Question 373· Money and inflation· JAMB

    Inflation is

    • Aa fall in the general price level
    • Ba persistent rise in the general price level
    • Ca rise in the price of one good
    • Dan increase in employment

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14. Question 374· Money and inflation· JAMB

    Hyperinflation is

    • Astable prices
    • Ba mild rise in prices
    • Ca fall in prices
    • Dextremely rapid inflation that destroys confidence in money

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15. Question 375· Money and inflation· JAMB

    Demand-pull inflation is caused by

    • Arising costs of raw materials
    • Btoo much money chasing too few goods
    • Ca fall in money supply
    • Dhigh unemployment

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16. Question 376· Money and inflation· JAMB

    Inflation can be controlled by

    • Acutting taxes sharply
    • Bincreasing money supply
    • Creducing money supply and government spending
    • Draising wages

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17. Question 377· Money and inflation· JAMB

    A persistent fall in the general price level is called

    • Adeflation
    • Binflation
    • Cdevaluation
    • Dstagflation

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18. Question 378· Money and inflation· JAMB

    Stagflation is a situation of

    • Arapid growth with no inflation
    • Bfalling prices and growth
    • Cstable prices and full employment
    • Drising prices together with stagnant output and high unemployment

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19. Question 379· Money and inflation· WAEC

    Inflation caused by rising wages and raw-material prices is

    • Ademand-pull inflation
    • Bdeflation
    • Chyperinflation
    • Dcost-push inflation

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20. Question 380· Money and inflation· WAEC

    The most important function of money is as a

    • Astore of value
    • Bstandard of deferred payment
    • Cunit of account
    • Dmedium of exchange

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    Explanation and discussion