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Question 1 of 72
1. Question
Economics can be best defined as the study of
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Question 2 of 72
2. Question
Which of the following constitutes the basic economic problems of the society?
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Question 3 of 72
3. Question
The orderly arrangement of information, data or facts in rows and columns is referred to as
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Question 4 of 72
4. Question
The diagram above is an example of a
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Question 5 of 72
5. Question
The basic economic problems arise in the society due to
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Question 6 of 72
6. Question
The entrepreneur performs the following functions EXCEPT
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Question 7 of 72
7. Question
The money set aside for the replacement of capital used up in the process of production is known as
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Question 8 of 72
8. Question
A sole proprietorship raises his/her capital mostly through
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Question 9 of 72
9. Question
The following are sources of fund to a joint stock company EXCEPT
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Question 10 of 72
10. Question
Which of the following events proved Malthus’s theory on population wrong?
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Question 11 of 72
11. Question
In the diagram above the area labeled II represents ________ population.
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Question 12 of 72
12. Question
Population data is difficult to collect in Nigeria due to
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Question 13 of 72
13. Question
A worker may find it difficult to be occupationally or geographically mobile due to
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Question 14 of 72
14. Question
Which of the following is NOT a problem of distribution in Nigeria?
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Question 15 of 72
15. Question
Which of the following pairs can be referred to as a middleman?
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Question 16 of 72
16. Question
Paper money which is NOT backed up by gold or any other valuable metal is known as a
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Question 17 of 72
17. Question
Which of the following is the most liquid asset to a commercial bank?
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Question 18 of 72
18. Question
The function of money which enables it to be used in determining the worth of goods and services is known as
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Question 19 of 72
19. Question
The component of agriculture that has to do with the preservation and maintenance of economic trees known as
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Question 20 of 72
20. Question
Use the table below to answer the questions
The modal score in the distribution is
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Question 21 of 72
21. Question
The median score in the distribution
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Question 22 of 72
22. Question
What happens to optimum marginal product, when more units of a variable factor are added to a fixed factor? It ____________
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Question 23 of 72
23. Question
Capital good which either changes its form or is used up in the process of production is known as _______ capital
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Question 24 of 72
24. Question
Efficiency of labour can be measured through
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Question 25 of 72
25. Question
The ability of labour to move from one industry to another and still performs the same task and occupies the same rank is called ________ mobility
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Question 26 of 72
26. Question
Which of the following is NOT a policy measure adopted by the government to improve the productivity of agriculture in Nigeria?
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Question 27 of 72
27. Question
The motive behind the demand for money for day to day expenses is called _______ motive
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Question 28 of 72
28. Question
Which of the following forms of money is NOTa near money?
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Question 29 of 72
29. Question
Which of the following measures can be used to control inflation?
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Question 30 of 72
30. Question
The following are causes of deflation EXCEPT
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Question 31 of 72
31. Question
The cost-saving advantages enjoyed by a firm as a result of improvement in its internal operations is called
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Question 32 of 72
32. Question
The following are the disadvantages of concentrating firms in an area EXCEPT that it
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Question 33 of 72
33. Question
The following are the features of free enterprise economy EXCEPT
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Question 34 of 72
34. Question
An economic system where individuals are allowed a free hand in the ownership of factors of production is known as _________
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Question 35 of 72
35. Question
Given that fixed cost = 150, variable cost 350 and quantity = 20units. What is the average cost?
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Question 36 of 72
36. Question
As output increases, the average fixed cost (AFC) curve
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Question 37 of 72
37. Question
Second hand security is sold and bought in
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Question 38 of 72
38. Question
Use the diagram below to answer the questions
The diagram above describes
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Question 39 of 72
39. Question
A movement from D0D0 to D1D1 indicates
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Question 40 of 72
40. Question
A shift in the supply curve to the right will result in
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Question 41 of 72
41. Question
The government policy that involves the use of taxation and expenditure instrument in regulate the economy is known as _____ policy
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Question 42 of 72
42. Question
Incidence of indirect tax when demand is perfectly inelastic is mainly borne by the
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Question 43 of 72
43. Question
Which of these is NOT among the assets of a commercial bank?
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Question 44 of 72
44. Question
The major reason for the location of the petroleum refinery in Kaduna is the
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Question 45 of 72
45. Question
Indigenization policy in Nigeria was promulgated mainly to
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Question 46 of 72
46. Question
The process of selling a particular commodity at different prices is called
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Question 47 of 72
47. Question
At what price will a trader be ready to sell 6 oranges using the equation P ½q + 2; where P is price and q is quantity
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Question 48 of 72
48. Question
When the demand for a commodity is inelastic, total revenue will fall if
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Question 49 of 72
49. Question
The long-run is a period during which
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Question 50 of 72
50. Question
In the diagram above the shaded part ABCD indicates
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Question 51 of 72
51. Question
A surplus in the combined current and capital accounts can be used up by
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Question 52 of 72
52. Question
Balance of trade shows the relationship between total values of
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Question 53 of 72
53. Question
The difference between Gross Domestic Product (GDP) and Gross National Product (GNP) is
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Question 54 of 72
54. Question
The national income of a certain country is N9000, 000.00 while its population is 450, 000. Calculate the country’s income per capital
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Question 55 of 72
55. Question
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Question 56 of 72
56. Question
The formular for calculating price index is
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Question 57 of 72
57. Question
The treaty establishing the ECOWAS was signed in Lagos on
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Question 58 of 72
58. Question
The following factors account for slow pace of economic development EXCEPT
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Question 59 of 72
59. Question
As an international cartel the OPEC influences world oil price by
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Question 60 of 72
60. Question
The most important contribution of the petroleum industry to the overall economic development of Nigeria is the area of
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Question 61 of 72
61. Question
Below is a frequency showing the distribution of salaries in a firm
Table of the firm’s monthly wages
a. Calculate the wages paid to each group of workers
b. What is the monthly salary wage bill of the company?
c. Find the mean income of the workers
d. Find the range of the worker’s income
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.Hint
(a).
Group Income/ Group N
A N20,000 x 10 200,000
B N23,000 x 5 115,000
C N25,000 x 5 125,000
D N30,000 x 3 90,000
E N50,000 x 2 100,000
(b).
Monthly salary bill = Group A + B + C + D + E
= 200,000 + 15,000 + 125,000 + 90,000 + 100,000
=N640,000
(c).
(d.)
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Question 62 of 72
62. Question
Given the supply curve Qs = 2P + 15
a. Calculate the quantity supplied when price is i. N5 ii. 10 iii. 15 iv 20 and v. 25
b. Use your answer in (a) to draw the supply schedule
c. Use the table obtained in (b) to draw the supply curve
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.Hint
(a)
Qs=2p+15
Price (a)#5,#10,#15,#20,#25.
P(a)#5
QS= 2×5+15=5unit
P(a)#10
Qs=(2×10)+15 =35unit
P(a)#15
Qs= )2×15) + 15 =45unit
P(a)#20
Qs= (2×20) + 15 = 55unit.
P(a)#25
Qs= (2×25) + 15 = 65 unit.
(b)
(c)
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Question 63 of 72
63. Question
(a) What is efficiency of labour?
(b) Highlight the factors which influence the efficiency of labour
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.Hint
(a).
efficiency of labour is the ability of labour to attain a higher level of output without a reduction in the quality of output. it is referred to as an increase in productivity per labour employed. It is enhanced by the level of education and training
(b).
Factors determining efficiency of labour :
(i). Education and training: the higher the level of education and training, the more efficient labour will be. Regular training in the form of seminars and workshops will enhance labour efficiency.
(ii). Provision of welfare services: provision of motivational services in form of welfare will boost the efficiency of labour Welfare services like transport and housing will improve labour productivity. This will encourage the workers to work more.
(iii). Improved working conditions: The environment for carrying out work must be pleasant and conducive. Noisy environment reduces efficiency.
(iv). Technology improvement: when the level of technology improves, it will have a positive effect on efficiency. For example, the introduction of computer and accounting software will improve the work of an accountant.
(v). Promotion: when employees are promoted as at when due. It will encourage them to be more dedicated to their duties. This will enhance efficiency and productivity.
(vi). Climate condition: a harsh and unfriendly climate condition is likely to affect labour efficiency negatively. This is because a lot of energy will be consumed during production. On the other hand, a moderate climate condition is likely to affect labour efficiency positively. The environment will be conducive.
(vii). Job security: when labour is sure that his job is secure, he will want to perform efficiently. A worker may put in his best only when he is sure of the security of his job.
(viii). High wages and salaries: efficiency of labour can be improved if they are well remunerated. Improvement in wages and salaries will increase the level of motivation e.g. bank workers are more efficient than civil servants.
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Question 64 of 72
64. Question
Give FIVE reasons why middlemen are important in the distribution of goods and services
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.Hint
Reasons why middlemen are important in the distribution of goods and services :
(i). Bulk breaking: the wholesaler makes it possible for small quantities to be available to the retailers and consumers as they breakbulk.
(ii). Financing: they finance production by ensuring prompt payment to the manufacturer and this will facilitate production processes.
(iii). Information dissemination: they provide the necessary information to the manufacturer regarding the retailer’s and consumers’ views about the products.
(iv). Warehousing: they provide warehousing facilities to get rid of stockpiling at the production point. Goods are stored here until they are bought, hence it spurs the manufacturers to keep on producing.
(v). Provision of transport: the wholesalers often provide transport needed in distribution. They send their vehicles to collect the goods from the manufacturers.
(vi). Giving advice to manufacturers: they can advise the manufacturers on the market situations e.g. on the brand of goods needed by consumers.
(vii). Credit facilities: The wholesaler can give credit facilities to the manufacturer, sometimes by paying upfront for the products.
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Question 65 of 72
65. Question
(a) What is Fiscal Policy?
(b) Enumerate and discuss FOUR main sources of government revenue
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.Hint
Fiscal policy: this is a deliberate action on the part of the government to use tax and expenditure to regulate economic activities. It is the adjustment of government revenue and expenditure instruments in order to affect aggregate demand and to regulate the economy as a whole.
Sources of government revenue ;
(i). Taxation: This is the major source of government revenue. Taxation can be direct or indirect tax. Direct tax is levied directly on the income or properties of individuals or organization e.g. personal income tax. indirect tax is levied on goods and services. e.g sales, tax, excise, duties, import, and export duty.
(2) Fees, fines, charges, and licenses: these are visa fees, passport fees, court fees, vehicle license, and hospital fees.
(3). Grant and aids: these are funds from foreign countries or international financial institutions e.g. World Bank, IMF, etc.
(4) Loans: government can borrow internally or externally to finance project e.g. loans club, IMF, and World Bank.
(5) Royalties and rent: revenue can be generated from rent and royalties. Royalties are paid by the mining sector and rent from government properties.
(6) Interest, dividend, and profit from government direct investment: profit of public corporations is a major source of revenue for the government e.g dividend from investment.
(7) Other sources are rates, levies, penalties, disposal of assets, donations.
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Question 66 of 72
66. Question
(a) Explain the term opportunity cost
(b) Of what relevance is the concept of opportunity cost to the individuals, firms, and government?
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.Hint
(a)
Opportunity cost: This is the sacrifice made in making a choice among competing wants. The opportunity cost is the alternative forgone or sacrificed. It is otherwise called REAL COST, and it arises because human wants are unlimited and resources are limited.
(b).
Relevance of opportunity cost :
(i). Individual: it helps in the efficient and effective allocation of scarce resources to the most important needs.it also helps in the judicious use of scarce resources to the most important needs .it also helps in the judicious use of scarce resources through prioritization of needs.
(ii). It helps the firm in decision making on how best to allocate scarce resources as well as the best method of production to adopt given the available resources. it also guides the firm in policy formulation and implementation.
(iii). Opportunity cost helps the government in resource allocation, which sector to allocate the highest resources or which service to provide e.g. education or defense. It helps on the choice of project over a period as well as guides in the preparation of budget.
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Question 67 of 72
67. Question
List and explain FIVE major aims of economic planning in Nigeria
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.Hint
Major aims of economic planning :
(i). Accelerating the rate of growth.
(ii). Elimination of trade cycles.
(iii). Taking decisions relating to production and consumption in an economy.
(iv). Fiscal, monetary, and physical controls to guide and give directions
(v). Production, consumption, and distribution.
(vi). Even distribution and allocation of resources.
(vii). Eliminating wastages, maximizing social welfare, coordinating inter-sector and international plans into a single unified unit which, in turn, promotes economic development in an econ
(viii) Feasible goals and Policies.
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Question 68 of 72
68. Question
Mention and explain FIVE ways in which the government can attract investors in the industrialization process of Nigeria
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.Hint
(i). Provision of power: as power is central to industrialization, the government needs to provide sustainable power needed for the industrial sectors.
(ii). Provision of infrastructure: the government needs to provide infrastructure such as land, roads, etc this is to facilitate smoothness of the operation and lower the cost of production
(iii). Provision of subsidies /tax rebates: the government can attract invention on the industrialization process of Nigeria by granting tax rebates or holidays for a certain period of years in order to ensure a smooth take-off of the business.
(iv). Reduction on tariffs: The government can reduce tariff on component brought in to aid industrialization and hike tariff on finished goods.
(v). Waver: The government can as well grant a waiver to certain sectors of the economy in the area of importation of raw materials.
(vi) De-regulation: The market should be deregulated this is to allow the forces of demand and supply to determine the price of goods and services.
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Question 69 of 72
69. Question
Mention and explain FIVE ways in which Nigeria can benefit from international trade
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.Hint
Ways in which Nigeria can benefit from international trade ;
- The total world output of goods and services is increased; each country can, therefore, enjoy a wide variety of goods. This is a benefit for my country Nigeria.
- My Nigerian will make huge revenue from imports and exports of goods and services
- Nigerians will enjoy employment opportunities which comes from the large market of international trade
- Nigeria will benefit from the transfer of technology through international trade
- Nigeria will enjoy co-operation and peace with other nations
- It will lead to specialization and skill will be improved on.
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Question 70 of 72
70. Question
Define ageing population and explain its effects on an economy
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.Hint
Ageing population is a situation in which the number of old people is greater than the young people.
Its Effects:
- Shortage of Labour: there will be scarcity of labour, which will free wages up.
- Pattern of production will change: The demand for goods used by old people will rise. There will be a reduction in the production of goods used by children and young people.
- Increase in Government Expenditure: A large portion of the country’s national income will be used to pay old people’s pensions and gratuity etc.
- Sluggishness to change: As a result of a large number of old people in the country; the economy will find it difficult to adopt new methods of production and distribution.
- Demand will fall: Most industries will reduce their output while many will close down when there is no demand for their products.
- High dependency ratio: Ageing population has many old people. This results in high dependency ratio.
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Question 71 of 72
71. Question
Compare and contrast perfect competition and monopoly
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.Hint
Perfect competition is characterized by many buyers and sellers, while monopoly is only one seller or producer.
Perfect competition has a difference between the firm and industry but monopoly the firm is also the industry.
Perfect competitive firms are price takers. The monopolist is a price maker.
In perfect competition, perfect knowledge of the market is known, in monopoly, the perfect knowledge of the market situation is not known.
There is free entry and exit in perfect competition whereas there is no free entry and exit for monopoly market.
The demand curve is perfectly elastic i.e. horizontal in perfect competition while in monopoly the demand curve slopes downward from left to right hand.
In perfect competition, price discrimination is not possible but price discrimination is practiced.
The two markets are extreme of each other, price it operates is the industry price in both markets. Though in perfect competition, normal profit is earned in the long run but abnormal profit is made in the long run in monopoly.
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Question 72 of 72
72. Question
Explain FIVE ways by which the Central Bank helps to carry out the monetary policy of government in Nigeria.
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.Hint
- Bank rate: The bank rate is the minimum rate at which the central bank discounts or re-discounts bills. Commercial banks’ interest depends on the bank rate.
- ii. Open Market Operation: This involves the sale of securities and treasury bills according to the state of the economy at a particular time. When it is found that there is too much money in circulation leading to inflation, the central bank sells treasury bills to the commercial banks, and by receiving money from the commercial banks in payment for the bill sold, the central banks thus withdraw part of the excess and vice-versa.
- Liquidity ratio: Commercial banks are expected to meet customer’s demands. If the central bank asks the commercial banks to keep a higher ratio, commercial banks’ ability to create money will be limited.
- Directives: There are direct instructions from the central bank to the commercial banks to restrict their lending.
- Special Deposits: This instrument is normally used in the period of inflation. The central bank will direct commercial banks to deposit a certain percentage of their deposit.
- Moral Sanction or Suggestion: The central bank can a times appeal or suggest to the commercial banks to check their lending habit especially in the time of inflation.
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