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WAEC Economics 2011 Question 42

Question 42

Financial Institutions

One profitable form of business undertaken by the commercial banks is

  1. A.the issuing of cheques.
  2. B.the payment of standing order.
  3. C.lending money to borrowers.
  4. D.accepting cheques from customers.
Show the answer and explanation

Answer: C (lending money to borrowers.)

Explanation

Banks earn interest by lending; this is their main source of profit.