SHS Economics · Year 1
Money and Financial Institutions practice questions
The concept and functions of money, the role of financial institutions, and an introduction to public finance.
19 questions in this topic: 9 recall, 6 applying skills and concepts, 3 strategic thinking and 1 extended thinking. Every one carries a written explanation.
Sample questions
3 of 19 questions in this topic. Sign up to answer them and see the explanations.
- Question 1Recall
SSNIT (Social Security and National Insurance Trust) is an example of which type of financial institution?
- aA pension fund, helping people save for retirement
- bA commercial bank accepting everyday deposits
- cA brokerage firm buying and selling stocks
- dA cryptocurrency exchange
- Question 2Skills & concepts
Adam pays GH¢50 for a notebook, the same price every buyer pays. This use of money as a common price is an example of money acting as
- aa measure of value and unit of account
- ba store of value
- ca standard of deferred payment
- da barter exchange
- Question 3Skills & concepts
Why was it often difficult to decide on a "fair exchange" under the barter system?
- aThere was no agreed common measure of value, so people had to negotiate whether, for example, ten yams equalled one goat
- bMoney made every exchange automatically fair
- cGoods under barter never had any value at all
- dBarter was only used for services, never physical goods
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