NCERT Solutions for Chapter: Money and Credit, Exercise 2: LET’S WORK THESE OUT
NCERT Social Science Solutions for Exercise - NCERT Solutions for Chapter: Money and Credit, Exercise 2: LET’S WORK THESE OUT
Attempt the practice questions on Chapter 3: Money and Credit, Exercise 2: LET’S WORK THESE OUT with hints and solutions to strengthen your understanding. Understanding Economic Development (Social Science) solutions are prepared by Experienced Embibe Experts.
Questions from NCERT Solutions for Chapter: Money and Credit, Exercise 2: LET’S WORK THESE OUT with Hints & Solutions
Mr. Salim wants to withdraw cash for making payments. How would he write a cheque to withdraw money?
A shoe manufacturer, M. Salim has to make a payment to the leather supplier and writes a cheque for a specific amount. This means that the shoe manufacturer instructs his bank to pay this amount to the leather supplier. The leather supplier takes this cheque, and deposits it in his own account in the bank. The money is transferred from one bank account to another bank account in a couple of days. The transaction is complete without any payment of cash.
Choose the correct answer.
Why are demand deposits considered as money?
What do you think would happen if all the depositors went to ask for their money at the same time?
