WAEC Past Questions and Answers - Page 3347

16,731.

The Central Bank controls money supply through all the following except

A.

Lending to the public

B.

Bank rate

C.

Legal reserve requirements

D.

Open market operation

Correct answer is A

Lending to the public is not a way of controlling money supply by the central bank. This is because the central banks do not lend money directly to the public.

16,732.

The headquarters of the African Development Bank (ADB) was originally located at

A.

Cotonou

B.

Harare

C.

Abidjan

D.

Lagos

Correct answer is D

No explanation has been provided for this answer.

16,733.

Which of the following is a legal tender?

A.

Bank notes

B.

Bank overdrafts

C.

Bills of exchange

D.

Money order

Correct answer is A

Legal tender is the valid money used for payment of the debt and also recognised by the law of the land. It is a negotiable promissory note which one party can use to pay another party a specific amount of money.

16,734.

The five countries that established the Organization of Petroleum Exporting Countries (OPEC) are

A.

Nigeria, Iraq, Venezuela, Kuwait and Ghana

B.

Saudi Arabia, Kuwait, Sierra Leon, Iran and Iraq

C.

Algeria, Kuwait, Venezuela, Iran and The Gambia

D.

Kuwait, Venezuela, Iran Iraq and Saudi Arabia

Correct answer is D

No explanation has been provided for this answer.

16,735.

One major aim of a cartel is to

A.

Increase production

B.

Regulate output through quota system

C.

Have a joint account

D.

Share profits equally

Correct answer is B

No explanation has been provided for this answer.