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Q.

Choose the given statement as true/false:

Banks are an efficient medium of exchange.

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a

True

b

False

answer is A.

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Detailed Solution

The above statement is true.
A bank is a financial institution that generates demand deposits and accepts public deposits. For demand deposits, banks offer various services, such as the ability to pay using checks rather than cash. Demand deposits are another popular method of payment. We can use the demand deposits we have with banks to pay for various things. This is how banks effectively function as a medium of trade. Banks are organisations that assist the general public in managing their finances; the public puts their savings with banks with the guarantee that they can withdraw funds as needed.

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