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a) Define money and explain its major functions in a modern economy. (5 marks)
b) (i) Define real interest rate indicating its components and importance. (2 marks)
(ii) Explain briefly how interest rates might influence the economic decisions of
individuals, businesses and governments. (6 marks)
c) (i) Define monetary policy and explain four instruments used by the central bank in
its execution. (8 marks)
(ii) What factors might contribute to the lack of effectiveness of monetary policy in a
developing country like Kenya? (4 marks)
d) Explain Fisher’s quantity theory of money clearly indicating its assumptions and
importance in an economy under the monetarist assumptions. (5 marks)





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