2022 - JAMB Economics Past Questions and Answers - page 5

Option D is the correct answer. 

Commercial banks perform public utility banking services, including accepting deposits and lending money, whereas development banks are multi-purpose financial institutions established to provide financial assistance to the industrial and agricultural sectors in order to promote development.

The key distinction between them is that commercial banks raise funds by accepting deposits from the public, while development banks obtain funding through borrowing, grants, and the sale of securities.

Option B is the correct answer. 

The Central Bank implements monetary policy to control and regulate the money supply in the economy. This policy involves various measures such as Open market operations, Bank rate adjustments, and Cash reserve ratio changes.