QUESTION ONE
a. Briefly outline six challenges that were inherent in the barter system of exchange. (6mks)
b. Giving appropriate examples describe how government imposition of a “minimum price” affects the market for a commodity. (6mks)
c. Other than credit control, briefly discuss any other six core functions of Bank. (12mks)
d. Briefly discuss the special features of life assurance. (6mks)
QUESTION TWO
a. One of the key functions of the bank is to control money supply in the economy. Describe any five qualitative credit control techniques used by the central bank to perform this function. (15mks)
b. Discuss in details the fourth stage recognized by various writers of the evolution of money. (5mks)
QUESTION THREE
a. Explain the following principles of insurance:
i. Utmost good faith. (3mks)
ii. Indemnity (3mks)
iii. Contribution (3mks)
iv. Risk must attach (3mks)
b. Briefly explain four ways in which payments can be made in an economy. (8mks)
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