Edzy
Single Answer MCQ
Q-00002661

Discuss the role of credit in promoting development in a country.

1

Credit helps individuals buy luxury items

2

Credit allows businesses to expand operations and invest in new technologies

3

Credit is only used for personal expenses

4

Credit is not important for economic development

Reviewed & Verified by Edzy Expert

Sandeep Chaturvedi

Sandeep Chaturvedi

CBSE Social Science & Humanities Reviewer

Social science and humanities educator with 14+ years of experience reviewing CBSE SST, economics, commerce, arts, and vocational content.

M.A. HistoryM.A. Political ScienceB.Ed.

Answer and Solution

Answer

B. Credit allows businesses to expand operations and invest in new technologies

Solution:

Credit plays a vital role in promoting development by providing businesses with the necessary funds to expand their operations, invest in new technologies, and stimulate economic growth. It enables entrepreneurs to take risks and innovate, leading to overall progress in the country.

Watch Video Solution

Keep Practising

Students who asked this also explored

Continue with nearby questions to strengthen the same chapter concept while you still have the context fresh in mind.

Q1

How does the production of goods and services contribute to the GDP of a nation?

Single Answer MCQ
View explanation
Q2

Analyze the impact of labor laws on companies and their operations.

Single Answer MCQ
View explanation
Q3

Explain the concept of disguised unemployment with examples from urban and rural areas.

Single Answer MCQ
View explanation
Q4

What are the developmental goals that can be set for a village or town?

Single Answer MCQ
View explanation