Neco Model Questions Vol1 2024 Economics Question 42
Practice objective / multiple choice question 42 from the 2024 Neco Model Questions Vol1 Economics examination.
Initially the money supply is ₦2,000,000. The public holds currency equal to 30% of bank deposits and the required reserve ratio is 10%. The central bank raises the required reserve ratio to 12% while the currency‑deposit ratio remains unchanged and total reserves stay the same. What is the new money supply (rounded to the nearest naira)?
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About This Question
This is Neco Model Questions Vol1 2024 Economics Question 42. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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