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General Economics - Modern Economy Features

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General Economics - Modern Economy Features

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Questions and Answers

What is the maximum portion of national income that comes from the agriculture sector?

10%

40% (correct)

30%

20%

Which of the following is not a salient feature of a modern/industrial economy?

Export is dominated by industrial products

Maximum portion of national income comes from the industrial sector

Maximum proportion of population is engaged in the industrial sector

Export is dominated by agricultural products (correct)

What is the key difference between economic growth and economic development?

Economic growth and economic development are the same thing

Economic growth is a quantitative concept, while economic development is a qualitative concept (correct)

Economic development is a subset of economic growth

Economic growth is a subset of economic development

Which of the following is not a salient feature of a developed economy?

High proportion of the population engaged in agriculture Signup and view all the answers

Which type of economy is characterized by the co-existence of technically advanced and primitive sectors?

Dualistic economy Signup and view all the answers

What is the main difference between the import and export patterns of a modern/industrial economy?

Imports are dominated by industrial products, while exports are dominated by agricultural products Signup and view all the answers

Which country is likely to have a high poverty ratio according to the given text?

Niger Signup and view all the answers

What is a common characteristic of underdeveloped/least-developed countries mentioned in the text?

Low Infant Mortality Rate (IMR) Signup and view all the answers

Which type of economy uses money as a medium of exchange according to the text?

Complex Economy Signup and view all the answers

What is a distinguishing feature of a simple economy as described in the text?

No application of science and technology Signup and view all the answers

Which country from the list provided is an example of a developing economy according to the text?

India Signup and view all the answers

What is a characteristic of a closed economy as stated in the text?

No trade of goods and services takes place Signup and view all the answers