Home › UP Board Class 10 › Economics › Money and Credit › Cheap and affordable credit is essential for
Cheap and affordable credit is essential for
Aonly luxury goods purchase
Bcountry's development — supporting investment, consumption and small business
Conly government borrowing
Donly foreign trade
Answer & Solution
Correct answer: B. country's development — supporting investment, consumption and small business
1. Affordable credit allows households and small firms to invest.
2. It enables agriculture, small business and home purchase.
3. Lack of affordable credit hits rural and poor households the hardest.
_Source: NCERT Class 10 Understanding Economic Development, Ch 3 "Money and Credit"_
Related questions
A primary advantage of cheques over cash transactions isBank loans to farmers come under which category of formal lending?Higher rate of interest in informal lending is risky becauseMicrocredit through Self-Help Groups primarily benefitsWhich of these is NOT a function of modern money?Why is the share of formal credit lower for poorer households?Cooperative societies serving as lenders are common in'Debt-trap' refers to a situation where