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Social Science: Money and Credit: Role of Money in an Economy - Role of Money in an Economy

Which one of the following is the appropriate meaning of collateral?

(A) It is the sum total of money borrowed from banks

(B) The amount borrowed from friends

(C) It is an asset of the borrower used as guarantee to a lender

(D) The amount invested in a business

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Solution

(C) It is an asset of the borrower used as a guarantee to a lender

Concept: Role of Money in an Economy
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