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Allocation of Scarce Resources

Ramakant, a f...

Question

Ramakant, a farmer, owns a large portion of cultivated land. He sells the surplus wheat in the nearby market and profits from it. He lends this money to the poor and landless farmers in need at a very high interest rate. Identify the correct statement about Ramakant.

A

Ramakant is a banker.

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B

Ramakant is a moneylender.

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C

Ramakant is a financial advisor.

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D

Ramakant is a helping hand to farmers.

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Solution

The correct option is B Ramakant is a moneylender.
Moneylenders are the last resort for small farmers seeking loans. Wealthy farmers and zamindars act as moneylenders and exploit people by charging high interest rates.

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