Correct Answer: C. $10.00

Correct Answer: D. after-sales services

Correct Answer: A) issuing new bond to finance public sector borrowing requirements

Explanation

The question is asking about the responsibilities of the Central Bank of Nigeria. The Central Bank of Nigeria is the apex financial institution in Nigeria and is responsible for managing the country's monetary policy. One of its main responsibilities is to issue new bonds to finance public sector borrowing requirements. This means that the Central Bank of Nigeria can issue government bonds to raise funds to finance the government's projects and activities.

Option B, auditing the various agencies and departments of government, is not one of the responsibilities of the Central Bank of Nigeria. Auditing is usually carried out by the Office of the Auditor-General of the Federation.

Option C, loaning money to other countries that transact business with Nigeria, is not one of the responsibilities of the Central Bank of Nigeria. This responsibility falls under the purview of the Ministry of Finance.

Option D, assisting banks that are in financial position, is not one of the primary responsibilities of the Central Bank of Nigeria. However, the Central Bank of Nigeria can provide financial assistance to struggling banks if it deems it necessary to stabilize the financial sector.

In summary, the correct option is option A, which states that one of the responsibilities of the Central Bank of Nigeria is to issue new bonds to finance public sector borrowing requirements.

Correct Answer: B. high productivity

Correct Answer: A. cause increase in the price of commodities

Correct Answer: C. input is transformed into output

Correct Answer: D. there is inflation

Explanation

(a)(i) A mortgage bank is a financial institution that specializes in granting loans to individual and corporate bodies for building purposes. Such loans are repaid by installments and can be spread over several years. On the other hand, a merchant bank is a financial institution that provides specialized services like acceptance of bills of exchange, corporate finance; portfolio management, equipment leasing and acceptance of deposits.

(ii) Commercial banks are financial institutions that per-form the services of holding people's money and ac-counts and using such money to make loans and other financial services available to customers. The loans are usually for short and medium terms. Also, Development bank is a financial institution set up to pro-vide long term loans to groups of individuals and governments for development projects. They provide financial assistance in high risk, low profit and long gestation period investments which are unattractive to commercial banks.

(b) The functions of commercial banks include:

(i) Acceptance of deposit: Customers money can be kept in any of the three different types of commercial bank accounts-savings, current or demand deposit and time or fixed deposit accounts.

(ii) Lending of money:Commercial banks make avail-able loans, overdraft and discount bills of exchange for their customers.

(iii) Commercial banks provide: facilities for domestic and foreign remittances. Such transfers can be done telegraphically or by cable, or by ordinary sail or through traveller's cheques.

(iv) Commercial banks provide:facilities for the safe keeping of valuables

(v) Trust services for individuals and organizations. Trust services include the management of trust funds.

(vi) Agency services:The banks act as agents for their customers in the purchase and sale of securities.

(vii) Money creating function: Deposits received can be given out as credit to customers which in turn create further deposits.

(viii) Commercial banks offer advisory services to customers.

Correct Answer: A. growth

Correct Answer: A. it failed to incorporate lessons gained from earlier plans to enhance its efficiency