WAEC Economics 2022 Objective — Question 38
Question 38 of 50 from the West African Examinations Council (WAEC) Economics 2022 Objective paper, with the correct answer and a full explanation.
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Commercial banks are different from development banks in that the latter
- A. lend on short-term basisCorrect
- B. pay interest on current accounts only
- C. are mostly joint-stock companies
- D. do not deal in foreign currencies
Explanation
Development banks provide long-term loans for development projects, while commercial banks primarily lend on a short-term basis.
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