economicsMention if the given statement is true or false.Cheap and affordable credit is important for the development of a country.

Mention if the given statement is true or false.


Cheap and affordable credit is important for the development of a country.


  1. A
    True
  2. B
    False 

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    Solution:

    The given statement is true.
    Cheap and affordable credit is essential for the development of a country. If the credit is expensive, most of the borrower's earnings will be spent on repaying the loan, and they will have less income for themselves. It often happens in the case of expensive credit; the amount repaid is more than the amount borrowed, resulting in excessive debt or a debt trap. Cheap and affordable credit will allow more people to borrow money, resulting in a better flow of money. It would reduce their inhibitions in terms of borrowing resulting in better funding for agriculture, industries and new businesses, promoting the development of a country.   
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