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Q.

Choose if the given statement is True/False.

The credit helps in the development of an economy.

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a

True

b

False

answer is A.

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Detailed Solution

The given statement is True.
Credit is an arrangement wherein lenders provide money, products, and services to borrowers in exchange for the promise of future payment. Credit plays an important role in the growth of an economy. When credit is accessible and inexpensive, earnings increase and more people can afford to borrow money for a variety of purposes. People may establish small-scale companies, conduct commerce, and raise crops with the help of finance. People might also start new businesses or trades. All of these activities help the economy to develop.

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