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5 marksMoney and the Banking System

CSEC Economics · May/June 2016 · Paper 2 · Question 8(e)

Using examples, explain how the use of credit cards has improved the function of money as a medium of exchange.

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Other parts of this question

  1. 8(a)Define the term 'barter'.[2 marks]
  2. 8(b)List THREE disadvantages of bartering.[3 marks]
  3. 8(c)State TWO functions of the financial sector in an economy.[2 marks]
  4. 8(d)(i)Explain how the central bank would use discount rates to increase the money supply.[4 marks]
  5. 8(d)(ii)Explain how the central bank would use reserve requirement ratios to increase the money supply.[4 marks]

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