Economics and Personal Finance

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What is one way that economics can help you in your personal life?

By giving you knowledge about public policies

By helping you make informed decisions about your financial goals (correct)

By increasing your awareness of cultural trends

By providing a general understanding of global events

Why is it important to understand exchange rates and currency markets when traveling internationally?

To improve your language skills

To understand cultural differences

To navigate financial transactions more effectively (correct)

To learn about local customs

What is one way that economics influences your role as a citizen?

By providing a general understanding of economic concepts

By enabling you to engage in informed discussions about public policy issues (correct)

By giving you knowledge about cultural trends

By helping you make informed investment decisions

What is one benefit of being economically literate?

It allows you to assess the economic implications of policy proposals Signup and view all the answers

How does economics empower you to achieve your goals?

By helping you make informed decisions about your financial goals Signup and view all the answers

Why is economics considered a practical toolkit?

Because it helps you make informed decisions about your financial goals Signup and view all the answers

What is the main consideration in making economic choices?

Weighing potential benefits and costs Signup and view all the answers

What happens when a consumer decides to buy a new car?

They have less money to spend on other things Signup and view all the answers

What is the relationship between supply and demand in a market economy?

Supply and demand interact to determine prices Signup and view all the answers

Who are on the supply side of the financial market?

Savers and investors Signup and view all the answers

What is the role of supply and demand analysis in economics?

To understand the relationship between availability and desire for goods and services Signup and view all the answers

What is a consequence of a government increasing spending on education?

They have to spend less money on other things Signup and view all the answers

What is the primary purpose of the balance of payments?

To understand a country's international financial position Signup and view all the answers

What does a surplus in the current account typically indicate?

A country is exporting more than it is importing Signup and view all the answers

What is the current account component of the balance of payments responsible for?

Accounting for trade in goods, services, income, and transfers Signup and view all the answers

What can occur if a country has a large deficit?

The country may face problems owing lots of money Signup and view all the answers

What is the typical time period for which the balance of payments is recorded?

A quarter Signup and view all the answers

What does having a surplus resemble?

Saving for the future Signup and view all the answers

What is the primary function of the Monetary Policy Rate in an economy?

To determine the rate at which the central bank lends money to commercial banks Signup and view all the answers

How does the Monetary Policy Rate affect the cost of borrowing in an economy?

It increases the cost of borrowing when the rate is high Signup and view all the answers

What is a common challenge facing the Nigerian economy since the COVID-19 pandemic?

High and rising levels of inflation Signup and view all the answers

How can a combination of fiscal and monetary policies address high inflation rates?

By increasing the Monetary Policy Rate and reducing government spending Signup and view all the answers

What is the effect of an increase in the Monetary Policy Rate on the availability of credit in an economy?

It decreases the availability of credit Signup and view all the answers

What is the role of the Monetary Policy Rate in regulating employment in an economy?

It influences employment by regulating the cost of borrowing and credit availability Signup and view all the answers

In Sub-Saharan Africa, how do economic changes influence banking decisions?

They influence strategic choices based on economic forecasts. Signup and view all the answers

Why is understanding economic realities important in customer service?

To provide tailored financial solutions to customers. Signup and view all the answers

In what role is assessing the impact of economic events on loan portfolios crucial?

Risk Management Signup and view all the answers

How do economic insights inform product development at Access Bank?

By aligning products with customer needs and preferences. Signup and view all the answers

In what way does economics play a role in different roles at Access Bank?

It plays a pivotal role in all roles. Signup and view all the answers