The Lewis model of economic development is based on: MCQ with Answer and Explanation

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The Lewis model of economic development is based on:

A. labour transfer from agriculture to industry

B. foreign aid

C. import substitution

D. export-led growth

Answer: Option A

Solution (By JKSSB Mock Tests)

The Lewis model explains development through transfer of surplus labour from traditional agriculture to modern industry.

This question belongs to: Economy GK Economy Set 1

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Question #1

In the context of elasticity, if the price elasticity of demand is greater than one, demand is said to be:

A. Perfectly inelastic

B. Elastic

C. Inelastic

D. Unitary elastic

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Correct Answer: Option B

Explanation:
When |Ed| > 1, demand is elastic, meaning quantity demanded changes more than proportionately to a change in price.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a feature of the 'Care Economy' agenda?

A. Only the privatisation of all care services

B. Recognition of the economic and social value of paid and unpaid care work and policies to support its provision and quality

C. Only the reduction of public support for care

D. Only the neglect of care work as non-economic

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Correct Answer: Option B

Explanation:
The care-economy agenda highlights the central role of care work—both paid and unpaid—in sustaining societies and economies, and advocates policies that recognise, reduce and redistribute care responsibilities more equitably.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'National Pension System' in India is regulated by:

A. SEBI

B. RBI

C. PFRDA

D. IRDAI

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Correct Answer: Option C

Explanation:
The National Pension System is regulated by the Pension Fund Regulatory and Development Authority.

This question belongs to: Economy GK Economy Set 1

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