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WAEC Economics 2017 Question 38

Question 38

Financial Institutions

The function that distinguishes commercial banks from the central bank is that the former

  1. A.is a leader of last resort.
  2. B.accepts deposits from the public.
  3. C.services the public debt.
  4. D.regulates foreign exchange.
Show the answer and explanation

Answer: B (accepts deposits from the public.)

Explanation

Commercial banks take deposits from the public; the central bank does not.