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Question
Read the following sources of loan carefully and choose the correct option related to formal sources of credit.
- Commercial Bank
- Landlords
- Government
- Money Lender
Options
(i) and (iii) are correct.
(ii) and (iv) are correct.
(i) and (ii) are correct.
(ii) and (iii) are correct.
MCQ
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Solution
(i) and (iii) are correct.
Explanation:
Formal sources of credit are those regulated by the government and follow legal procedures. Commercial banks and the government provide loans under fixed rules and interest rates. Landlords and moneylenders are informal sources of credit.
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