Single Answer MCQ
Q-00045434
Why is it necessary for banks to exist within a modern economy?
1
To provide only savings options
2
To hoard currency
3
To facilitate loans and deposits
4
To eliminate all forms of cash
Answer and Solution
Answer
C. To facilitate loans and deposits
Solution:
Banks are necessary in a modern economy to facilitate loans, accept deposits, and help mediate between savers and borrowers, which supports economic growth.
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