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10th Class Social Science Money and Credit Question Bank HOTS Question - Money and Credit

  • question_answer
    According to data of the year 2003, rich urban households took 90% of their loans from formal sources, whereas 10% from informal sources. Poor households in the urban areas took 85% of their loans from informal sources. What do these facts indicate?

    Answer:

    The rich households are availing of cheap credit from formal lenders, whereas the poor households have to pay a heavy price for borrowing.


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