12 Questions
What is the maximum portion of national income that comes from the agriculture sector?
40%
Which of the following is not a salient feature of a modern/industrial economy?
Export is dominated by agricultural products
What is the key difference between economic growth and economic development?
Economic growth is a quantitative concept, while economic development is a qualitative concept
Which of the following is not a salient feature of a developed economy?
High proportion of the population engaged in agriculture
Which type of economy is characterized by the co-existence of technically advanced and primitive sectors?
Dualistic economy
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
Which country is likely to have a high poverty ratio according to the given text?
Niger
What is a common characteristic of underdeveloped/least-developed countries mentioned in the text?
Low Infant Mortality Rate (IMR)
Which type of economy uses money as a medium of exchange according to the text?
Complex Economy
What is a distinguishing feature of a simple economy as described in the text?
No application of science and technology
Which country from the list provided is an example of a developing economy according to the text?
India
What is a characteristic of a closed economy as stated in the text?
No trade of goods and services takes place
Test your knowledge on salient features of the modern economy including the proportion of population and national income in the Industrial Sector, and dominant imports and exports. Explore concepts like the role of agriculture in the national income.
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